The past week or two has featured several reports of declining filings for divorce over the past year. One can surmise that revenues are decreasing along with filings.
Does that mean your revenues must go down because there are fewer filings?
No. As filings go down, your revenues can go up if you take on a greater share of your market.
You can’t let the general malaise about the economic climate drag you down. There may be less business overall, but that doesn’t have to mean there’s less business for you.
Clearly, things are challenging right now. I’m seeing lawyers lowering their fees and, in recent weeks, I’ve seen a few small family law practices close.
That simply means it’s time to double down on your efforts to grow your business. Let someone else suffer the slowdown. It doesn’t have to be you.
Be careful not to be impacted by Parkinson’s Law – “Work expands to fill the time available for its completion.”
It’s awfully easy to find reasons to skip out on the marketing activities even as your business slows down. If you find yourself skipping referral source lunches, or even avoiding calling people for lunch, as your revenues decline you’ll know what’s happening.
If you won’t make the calls then you’ll only have one person to blame as you take fewer and fewer dollars home with you.
Now is the time to amp it up. Pick up the phone and schedule a lunch, then schedule another one. Remind people that you exist.
While you’re at it check on your website. Make sure it’s up to date. Maybe it’s time to meet with someone about updating the look and feel.
What about starting a blog? If you have more time than money (and some writing talent) then go ahead and jump in.
How about writing an article for a legal publication? Maybe you can use it on your blog and website as well?
Are you involved in any civic groups? This would be a great time to join a Rotary club or some other group and get your name out.
This is not a good time to do what everybody else is doing. Don’t just sit back and watch your revenues go down. Take some action and see your revenues go up.