On the need to work smarter with improved preparation and peak performance, US president Abraham Lincoln (1861- 1865) once said: “Give me eight hours to chop down a tree and I will spend the first six of them sharpening my axe”.
Meticulous preparation was central to his message about achieving success at the time. One hundred and sixty years later, Lincoln’s sentiment remains true for any business today.
In an era of rapid change many business owners and practitioners have done whatever it takes to respond quickly and remain competitive. Acting fast in the short term has not always meant acting efficiently in the long term.
But agility and profitability must coexist for business to remain successful and relevant. Conveyancers can get caught up working long days.
The industry is highly competitive, customers and partners rightfully demand lofty standards because the stakes are high. Getting the balance between speed, quality and sustainability is critical. Staying ahead of the curve requires a strategic approach.
Boosting profits
To boost profitability, you must keep track of your business. Using software allows you to track the number and type of matters that come in, so you can make informed decisions on things like whether to increase your fees or take on new staff.
Keeping track of your data and using technology to automate your processes can also save time, enabling you to take on more work.
Increasing prices is perhaps the hardest goal to achieve, especially in a competitive market.
But keeping track of your work can help reinforce the value of what you do and avoid the need to provide client discounts.
Relationships are everything
Your firm’s success depends on the relationships you build with clients and agents. Potential clients rely on recommendations from agents and friends.
Clients will judge you based on their experience during their transaction and communication throughout this process is key.
Agents will also refer business to you if they’re confident you will provide optimum and speedy services to their clients.
Using software allows you to manage your files so client communication is faster and their information is more easily accessible. Software that tracks leads and referrals can also help you build up your business, offering a way to circle back to your referrers and follow up leads.
Using data already stored in the software also makes it easier to assess all parts of your business. It also slashes admin time, leaving more time to improve relationships and chase referrals.
For news and insights from experts around the industry, download edition five of the Australian Conveyancer, today.
