5 Questions That Reveal Whether Your Firm Is Built To Grow

If you’re reading this you’ve likely paid your dues and done your time in the educational system, and you’ve faced the reality of “If past Abe had done the reading and finished this homework, I wouldn’t have to worry about it right now and I could instead be doing something far more exciting.”

Looking at the last 60 days and acknowledging the reality of what’s changed, and what’s hasn’t, probably had a similar feeling. But sunk costs are sunk and we’re here now. Let’s keep our gaze firmly fixed on the future and figure out where we should focus our efforts. Yes, that’s a lot of F’s. No, it wasn’t just a happy accident.

Today, I want to run through a quick self-assessment. Over the last few months you’ve seen the various stages of business evolution, and as you were reading you likely identified with some stages more than others. But it didn’t feel like the time to say “Hey, that’s me!”

But don’t worry, today is that day!

When you think about these questions, what comes up for you?

1. Could your firm run for two weeks if you took an unplanned absence?
2. Do you know profit margin by client, or practice area or can you easily put your fingers on it in the next 1-2 minutes?
3. When was the last time you turned down work that wasn’t a good fit?
4. Could a senior associate or junior partner deliver your core service without you reviewing every detail?
5. Is your profit this quarter actually higher than last year, or are you just busier?

This is far from scientific, but if 3 or more of these gave you pause … you're not alone. And the good news is, each one of these is an opportunity you're already sitting on and aware of.

I’m really interested to hear which one hit the hardest. Hit reply or reach out and let me know.

Even if growth isn’t your ultimate goal, your quality of life is fairly important and equally depends on the answers.