I met a wonderfully positive New Business Partner in a PR and Communications firm, which has worked through an ambitious strategy over the last 18 months of purchasing a range of complimentary, niche practices to fit in with their original core Financial PR service. This is now going to stand them in good stead, as they too will be able to pick up work from other firms who have either not built a wide skills base, or who might have over priced themselves, so are now vulnerable to bargain / value-hunting clients.
Another example is of an opportunistic major provincial Law Firm which has been prudent in its financial management over the last few years, and is now in a position to look at new ways to find businesses and service throughput. (This is not about doing turn-around re-mortgages at £35 a piece!) They can see that there is scope to partner with a large, say, Top 100 Law Firm, to become their sub-contract house for a range of work particularly in Insolvency, Family and Employment work. The client relationship remains with the larger firm, but this approach allows that firm to offer their existing clients more affordable services – and not because it is being done by junior, less experienced lawyers.
Innovative firms are finding ways to shift the way they are operating, reducing cost, increasing value for clients, continuing to invest in their staff by developing their skills and increasing their flexibility. Maybe your firm isn’t a tanker, it is smaller, more fleet of foot, and maybe you don’t need to do a volte face, so now is the time to go full speed ahead and get ahead of other firms!
The early bird and all that!