law firms – Great Opportunities For Solo Lawyers and Small Law Firms in the Current Recession
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This is a scary time for solo and small businesses and firms throughout the country, who, with the rest of our business communities, are experiencing the longest and harshest economic decline since the Great Depression. Businesses big and small have been forced to shut their doors, leaving millions of people out of work, many wondering how they can feed themselves and their families.
The downturn so severe because it is not just national, but worldwide. The world has never been so interconnected. Our country can no longer look down on other countries and crow about self-sufficiency. In the global community in which we now live, America no longer charts it own course and achieves its own destiny. Americans are just now coming to grips with the fact that we no longer rule the world, simply because we are not totally independent from the rest of the planet, and at some point in the next few years, China, and eventually India will outsize the U.S. economy..
But while business in your locale is drying up and the prospects for the immediate future look bleak, now is not the time to roll over, wither away and close up shop. Nor is it time to be looking desperately for a government job. Now is also not the time to accept a future of belt-tightening to the point of constriction. For this recession, offers great opportunities for those willing to roll up their sleeves and really get to work.
Previous recessions have been short, some less than one year. The Great Depression, by contrast, continued for forty-three months. This recession, while less severe, will be longer than many people have ever seen a recession last. It will separate the women and men from the girls and boys. Many businesses will close, narrowing the competition, and ensuring that only the strong will survive. If you survive, you will come out strong, literally tempered by fire.
To survive this recession you, as the owner of your solo or small business will have to think harder than you ever have and be more creative than you’ve ever been. There are still thousands of creative ways to attract business, through different means of bringing it in the door, and even different kinds of business. You can make adjustments to how you do business, from your marketing approach to how you sell. You have to admit that there is always a better way.
Think about it. Perhaps there was a better way to do things, but in years past you’ve done so well that you haven’t had to make any adjustments, even if you wanted to. Maybe you’ve been complacent, and were just too lazy to make changes, even those that might help increase sales and revenue. Or its possible that you haven’t wanted to make changes because of probable conflicts with employees that you just didn’t want to face when times were good.
Well now that times aren’t as good, is the time to make the changes you’ve thought about doing and maybe even wanted to do, but just didn’t, for whatever reason. Now may be the time to cut costs. I’m not suggesting across-the-board measures, that often don’t truly address real areas where savings can be accomplished without sacrificing profitability, but changes like getting a handle on managing printing and photocopying costs, through hiring a firm that will install and maintain appropriate tracking software, which will enable precise measurements and even order products for you. These kinds of change result in positive savings.
In any case, now is the time. You have nothing to lose. Because as the old saying goes, if you keep doing the same thing every day, you won’t change anything tomorrow. If you want to stay ahead of the game in this recession, you must change the way you do business, in a positive, and creative way.
Mark S. Kawata is a lawyer, author, speaker and trainer. In addition to running a busy law practice, he offers education and training for solo and small business professionals in the areas of business development and change management. The company Business Exeleration, LLC, offers publications, on-line courses and training. His most recent e-book is for solo and small law firms, The Ten Things Every Solo and Small Firm Must Know to Create the Million Dollar Law Practice: Never Lose Another Battle for the Clients You Want was recently released and is available for purchase at www.milliondollarlawpractice.com.
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