Trust decanting is an underused strategy for estate planning that can add value to your practice. While very few clients are aware of this option, practices that offer it can have an advantage. Not only is this a great way to offer an important service to your clients, but it also distinguishes you as a practice among competitors.
Though you might not have thought about it yet or don't believe you need to — the look, or the design, of how you present your practice is critical to building your business. It is an important business investment. But it’s hard to know when new design is needed for your law firm when you’re the one running the business every day. That’s why thoughtful, proactive planning and appropriate resources can pay long-lasting dividends. In fact, it’s an important element to business success.
You’ve mapped out an ambitious, yet attainable plan for your business and know precisely where you want to be in the next year. Now the question is “What should I be doing this afternoon to get there?”
Actions, we know, speak louder than words. While it’s valuable, of course, to consider the big picture, when it comes to marketing our business and reaching our goals, the question we continually face is how to translate thoughtful planning into successful execution?
Start by building back your plan. That means breaking down that one-year goal into bite-size chunks: quarterly goals, then monthly, weekly and daily goals. For example, if you’ve set a revenue goal of $300K for 2015, a reasonable quarterly goal would be $75K, or $6K per week (50 weeks/year). That could translate into the weekly goal of two clients per week, each with an average fee of $3K. With your financial goal now broken down into immediate, intermediate and long-term goals, write out a work plan with activities to ensure you’re consistently moving forward and working toward that goal. Activities would include meeting one new advisor each week, adding a new entry to your blog each month, building two referral relationships each quarter, etc.