Price, progress, productivity: three pillars to profitability
There’s an abundance of information out there which examines the best ways to increase profit in business. Often, we find this can be confusing and consuming. We have simplified this information and found three top tips you need to make you practice more profitable in 2020.
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1. Review your current suppliers– This includes your search and software providers. Comfort often comes at a cost. If you have been using a supplier for a while, it’s likely that your costs have gradually grown year on year. Even if that isn’t the case, it’s likely there will be a lower cost alternative that’s entered the market. Take some time to review your current deal and explore the market for a cheaper alternative.
By switching to a low-cost search provider, you can pass the cost saving on to your clients without sacrificing your professional fees. Cost saving isn’t the only benefit either, improve your business efficiency through quicker troubleshooting when using suppliers with better customer service. Overall, with a few simple changes you can make your operations leaner and your business more profitable.
- Publish blogs and articles (like this one!) that are relevant to your clients and encourage them to share this with their networks. E.g. firms specialising in property law should share industry information relating to property and conveyancing that demonstrates they’re experts in their client’s industry
- Make the most of social media – a great cost-effective marketing tool that facilitates two-way communication between your brand and your clients. E.g. Profile cases that are relevant to your areas of practice and provide your insights to demonstrate your knowledge
- Streamline your website to create a user-friendly experience – make the customer’s journey simple. What do they need to know from your website and what’s the quickest way to answer their question?