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From IMC of St. Louis, http://www.imcstloius.org Strategy 15 Tips on Implementing Change in Professional Service Firms: Improving Your Firm’s Bottom Line By John W. Olmstead, MBA, Ph.D, CMC Within the next decade, the future of virtually all professional service firms providing services in areas such as law, accounting, consulting, public relations, engineering and virtually every other area in which professional services are provided to clients, will rest on the ability to successfully implement and manage change. As technology continues to evolve and firms are forced to re-evaluate the impact that it could have on their organization, change is imminent whether professional service firms embrace it or turn away. The Internet and e-commerce are driving this change that soon will force almost all businesses to develop new business models or perish. Too often business organizations get in a rut and continue day-to-day operations without taking a moment to look around and evaluate whether or not they are taking advantage of all the opportunities available to help make the organization stronger. Once they look around, it’s obvious that changes are happening on all fronts and they need to react and start implementing some changes of their own to help keep their organization on the cutting edge while remaining lucrative. The following tips are offered as guideposts as you begin your journey down the road to implementing change and reinventing your firm for a successful future: TIP #1: Develop a business mindset. Become an entrepreneur and learn how to think like a businessman. Look at the world from your client’s perspective. Consider your client your business partner. TIP #2: Select your clients carefully. Establish client acceptance criteria. Learn how to say no. Dump undesirable clients. TIP #3: Brand yourself. Look for ways to differentiate yourself from your competitors. TIP #4: Learn how to become “solutions orientated.” Think out-of-the-box and outside of typical frameworks in which you are comfortable. TIP #5: Conduct a firm-wide management and leadership assessment to identify strengths and weaknesses. Enhance management and leadership skills through skill development training and personnel acquisitions. TIP #6: Begin formulating individual and firm-wide goals towards the type of change you’re hoping to achieve. Consider using outside coaches and consultants where feasible. TIP #7: Get out of the office. Visit a client’s office or work location once a week. TIP #8: Make work fun everyday. Try to reduce the intake of work that is not enjoyable, challenging and rewarding. TIP #9: Require all staff and employees to develop personal goals for the year. Incorporate these plans into performance appraisals. TIP #10: Fall in love with the Internet and technology. Look for ways to use them to enhance the ways your firm’s services are delivered. TIP #11: Look outside your local market. Evaluate client opportunities outside your present market boundaries. Consider opportunities throughout your state, nationally and internationally. TIP #12: Break the pattern of making decisions based upon precedent. No one cares who is second. Strive to be first rather than second. Be a winner. Don’t wait to see what the other companies are doing. TIP #13: Consider using a client advisory council. Twice a year hold a client advisory council forum in which the firm solicits feedback from clients. TIP #14: Join a client’s trade association and make contributions in the form of articles, speeches, conference attendance, etc. Learn the client’s business from top to bottom. TIP #15: Develop action plans for reinventing your practice. And most importantly, remember that change is not the enemy. By approaching change in the right way you can use it to enhance your practice and improve your bottom line. John W. Olmstead, MBA, Ph.D, CMC is a Certified Management and president of Olmstead & Associates, Management Consultants, based in St. Louis, Missouri. The firm provides management, marketing, and technology consulting services to law, other professional service firms, and other business firms to help change and improve their organizations. Founded in 1984, Olmstead & Associates serves clients across the United States. Dr. Olmstead is the Editor-in-Chief of “The Lawyers Competitive Edge: The Journal of Law Office Economics and Management,” published by West Group. He is President of the Institute of Management Consultants – St. Louis Chapter. Dr. Olmstead may be contacted via e-mail at jolmstead@olmsteadassoc.com. Additional articles and information is available at the firm’s web site: www.olmsteadassoc.com
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