Strategies for building your practice

Where to start

Thinking strategically, building a firm should start with identifying revenue goals. This requires a deep look at the practice itself and its competitors to learn and capitalise on a niche, a specific market segment, industry, or service line that your firm specialises in. Understanding from whom, where, and why revenue comes through the door is the first step to amplifying tactics that pull new prospects into the buying cycle. As a practice identifies gaps and implements a focus on revenue goals, it will often result in overall growth for the firm.

Types of growth

When driving to create advancements, there are two types of strategic growth to be aware of – organic and acquired. Organic growth is created by in-house additions and improvements using the firm’s own resources. Organic strategies involve enhancing daily activities, investing in processes, and updating services. Acquired growth is found through mergers, acquisitions, and using outside resources. It requires strategic partnerships, outsourcing, negotiations, and relations. Each of these growth processes propel the firm forward in different ways.

Measuring success

When questioning the value of success in a firm, there are a few metrics to consider. Because of the focus on revenue goals, top-line revenue is the first sign of strategic success. While increased revenue looks good publicly, investments and costs should be considered to determine net profitability. Net profits will expose whether the firm is benefiting from the adjustments and investments. Though top-line revenue shows overall growth, focusing on key services the firm intended to grow will illustrate progress more accurately. When improved services and intentional shifts have a positive impact on revenue and profits, this is a true measure of success. 

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