When I first started my practice, I thought of my practice as my third child. It was born 6 months after my youngest son, Noah and occupied just as much of my time!
Maybe even more.
Just as I met my children's every need; I felt it was MY responsibility to meet every need of the business.
Just as I was there for my children whenever they needed me, I was there for my business, whenever it needed me.
Just as my children took over my life, so did my business.
I even referred to it as my baby.
I didn't think much about this until I was listening to a CD produced by a friend of mine, Rjon Robins, who coaches small law firm lawyers, http://www.howtomakeitrain.com, and he pointed out that this was a major mistake of most small and solo firm lawyers.
Thinking of my business as my baby, made it all about me. And, got me locked into a pattern that meant I had no life at all and my business got the very best of me.
Back then, I would never have been able to take off three days to go to a music festival. My business needed me too much.
Now, I'm in my office AT MOST 8 days per month. And, you can make this shift too.
Here's a 5-step formula you can put in place now to begin the process of making your business a self-sufficient adult that can thrive without you.
Step 1: List Out Everything You Do
For the next week or two (two is better, but one is more doable), keep a list of everything you do. Keep a notepad handy and every time you do ANYTHING at all write it down.
If you make a phone call, write it down. Take a phone call, write it down. Draft a document, write it down. Input client data into your database, write it down. Send a thank you note, write it down. Call to have your lunch ordered, write it down. Go pick up your lunch, write it down.
I really do mean everything!
Step 2: Determine Your Value
Remember, time is the only thing you can't make more of and I guarantee you are giving away yours too cheap!
Determine your highest value service that you really love doing.
For example, my highest value service is coaching, which I charge $1,000 per hour for when I charge hourly, which is almost never. And, I love doing it. So, I'll set my value at $1,000/hour.
For legal services, you should probably be setting your value at not less than $500/hour. You might not be able to bill your clients $500/hour because of market conditions, but that doesn't mean your time isn't worth that!
Using this strategy, you will get paid what your time is worth.
Step 3: Review Your List
At the end of your one or two week period, review your list and put a dollar sign next to each of the items you can charge your highest fee for and requires your specialized skills.
For example, I would put a $ next to all personal coaching calls, writing my weekly emails, and creating new products.
Then, put a smiley face next to all of those items that you absolutely love doing and would do whether you got paid or not.
So, I'd put a :) next to playing with my kids, eating, reading, writing, things like that.
Last, put an exclamation mark next to those things that you must do yourself, such as sleeping, using the bathroom, eating, and exercising.
Step 4: Delegate
Now, delegate everything that does not have either a $, :) or an ! next to it.
Yes, really, everything!
You won't be able to do it all at once, but start slowly and don't get discouraged.
Start with the little things. Hire a house cleaner. Find a personal assistant who can run small errands for you. Train your office staff to do as much as possible from that list.
The only things I do in my office anymore are meetings with new clients, oversee our marketing strategy, review complex plans, answer questions for clients that require legal guidance, and hand-holding for existing clients who need a little more.
I've effectively delegated everything else. In fact, I don't even have an office at my office anymore. I've followed Joe Strazzeri's lead and given up my office.
It took me at least 18 months to do this, so don't expect it all to happen at once.
Start little and work up to where you want it to be over time.
Step 5: Use Your New Found Time Wisely
The key to making this work is to use all of your new found time on those things with $ or :) ONLY.
It's so easy for other stuff to creep in, but don't let it.
Go into your calendar and schedule out all your time, putting your personal time first and one day you'll look up and realize you have a bona fide business that supports itself without your constant attention, care and feeding.
Comments