Tue 08 / 09 / 15
Growing your business – a lawyer’s top 5 tips
As a commercial lawyer, I have supported dozens of clients to launch and grow their businesses. Each was very different but, over time, it has become clear there are five factors you need to succeed. In fact, at Coffin Mew we’re following these tips to grow the Brighton & Hove office we recently set up on Queen’s Road.
1.Get a good accountant and manage your cash flow
Many businesses struggle to fund growth because their money is tied up in unpaid invoices and miscalculated tax payments. A good commercial accountant can make all the difference and many also offer book-keeping support to help you get on top of your invoicing. That first big contract is going to be tempting, so make sure you can afford to perform it until you get paid.
2.Think hard about how you market your business
Delighted customers may well recommend you to others but to really grow, your company needs to grab people’s attention and you can’t do all the marketing yourself. There’s a lot of support available– from telephone canvassing to traditional print advertising to on-line ads and search engine optimisation. But don’t just go for what looks affordable. Think carefully about what would catch your target customers’ attention, then work backwards to what you should be doing.
3.Listen to your customers
It’s very easy to bamboozle your customer about what you do. Better than talking, however, is listening. Ask them what they need from you, pay attention and then show how your company meets that need. And if it turns out you don’t, it’s probably time to upgrade your products and services.
4.Invest in your team
You may have started on your own, you may be on your own now, but eventually your business will have a team of people working with you. The growth phase is exciting and challenging and nothing beats having enthusiastic, motivated people around you. So look at how you reward their efforts, recognise their contributions and be open to listening to what they have to say. Money may be too tight to pay top end salaries so be prepared to be imaginative.
5.Protect your brand, get your T&Cs right etc – the legal stuff
Brand recognition is essential these days. If you have a great name for your company or product, check that it’s available for use and consider applying for a trademark as soon as possible. When you win new business, you don’t want to spend weeks negotiating contract terms so ensure you have appropriate T&Cs that most customers will accept. There’s a lot of support available in these and other areas, like employment law, so take advantage of it.
At the Brighton Chamber of Commerce’s Brighton Summit on 16th October 2015, Coffin Mew will launch our new service for start-ups and small businesses, F1rst Call, providing affordable legal support in real-time with the costs spread over the year. We hope to see you there. Book your tickets here.
023 9236 4959
07850 231842
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