There are many benefits to running your own business or having a small team around you, especially in the realm of practice growth.
These can include greater reward, increased job satisfaction and sometimes the increased hour flexibility and control that comes with being your own boss.
With smaller businesses, it also allows for better management with fewer employees and different personality types.
Unsurprisingly, a study by the law society revealed that the number of sole practitioners and small firms (those with two to four partners) increased by 37 per cent and 74 per cent, respectively, in the five years to 2016. Reports are also telling us that “the time of the small law firm has arrived”.
With technology driving efficiency alongside an ability to move fast, sole practitioners and start-up firms can deliver a more personalised approach for their clients, and often received a consistent flow of referrals as a result.
Being an entrepreneur of a small or sole practice requires an entirely different way of thinking to working as an employee, and business growth often depends on how well you master the right mindset.
Here are five tips to help you focus on practice growth while running your business.
1. Take on new challenges
It’s easy to stay within your comfort zone when working for an employer. But if you’re running your own practice, shying away from every new challenge and ‘playing it safe’ is only likely to stifle your growth potential.
By embracing the challenges as they arise, you’ll continue to learn new skills and gain confidence in a way that makes you a stronger leader with great entrepreneurial intuition. That includes learning from the mistakes you make along the way.
2. Be agile
The status quo is probably one of your worst enemies when running your own business; conducing conveyancing the same way you’ve always done without the willingness to learn modern methods can quickly leave you returning contracts slower where your competitors with a top technology solution won’t be.
Openness to continually assessing and adapting your operational processes or business strategies is key to keeping ahead of the game in a fast-moving environment.
For example, implementing an integrated conveyancing solution like triConvey, for an end-to-end solution which can give you an immediate edge over the competition.
It would also come at a fraction of the cost of other automated Search solutions, so you’re not breaking the bank trying to keep up.
Blaming others or ‘passing the buck’, when problems arise is not an effective way to overcome difficulties as an entrepreneur in the conveyancing industry.
Instead, you must always adopt a constructive approach to solving problems which usually starts by taking complete ownership of your actions and the consequences they bring.
Taking responsibility could mean engaging in the process of anticipating threats, mitigating risks, and capitalising on opportunities when they arise. The conscious decision to command your business rather than follow where it leads can make you an effective businessperson.
4. Show resilience
When you have responsibility for running a business, you’ll experience plenty of ups and downs. From the highs of winning new clients to the lows of struggling with cashflow, it can sometimes be hard to push through.
But there’s no doubt resilience and perseverance will make the difference between failure and ultimate success.
While getting bogged down with negativity is likely to see you slip further behind, having the ability to bounce back and move on will allow you to quickly learn from mistakes and become more innovative in your approach to business.
A solution, ensure you’re equipped to handle increased workloads, while also having a plan for keeping your business moving forward during slower periods.
5. Be confident and sell yourself
It’s fair to say that promoting your successes, strengths and abilities at every opportunity is not something that comes naturally to everyone – especially if you’re more introvert than extrovert.
But taking every opportunity to sell yourself and your business will be crucial to growth.
Whether you’re networking with potential clients or casually speaking with business connections, friends and family, have the confidence to share positive stories about your business while demonstrating your credentials.
This can also be achieved through marketing your business effectively. After all, you never know when new opportunities or referrals might arise.
The conveyancing industry is filled with opportunity to succeed, despite growing concerns of rising interest rates.
To ensure the industry is supported for ensured practice growth, conveyancing tech firms like triSearch are investing more in its solution, triConvey, to provide more efficiency and electronic conveyancing needs.