Even if you enjoyed a great 2016, you can make 2017 more successful for yourself and your firm. At this time of year, architects, engineers, accountants, attorneys and other professional service businesses plan for 2017. You are busy – you are trying to get projects completed on time, buy holiday presents for your family, and attend parties and events. It is really easy to take the 2016 budget and update it based upon current expenses. You can also get out your business development plan for this year and add a few updates. That probably will not get you where you want to go.
Instead, take a little time out and examine whether your plans will bring about the 2017 success that you actually want. Before you can start planning in earnest, you and your firm need to examine your definition of success. Success will vary from firm to firm; what is important to some is likely less important to others. Ask yourself and your colleagues this question: “At the end of next year, what things would have happened for us to consider the year a resounding success?” Some ideas:
- Increasing firm net profit or net profit distributed to the owners of the firm. There is nothing wrong with profit being part (even a large part) of your definition of success. We are all in business to generate a profit. Probably, no one is going to say that a year with a record profit was not a success.
- Firm growth. Perhaps you want to have sufficient new work to add additional personnel. That growth may be tied to profitability, acquisition of different work, or succession planning. How many people do you want to add?
- Bringing in new type of work. Perhaps your firm really wants to start working on a new type of project or for a different type of client. You might define a successful 2017 as gaining entry into that new market or increasing your firm’s percentage of that type of work if you are already doing some of that work.
- Employee growth. Younger employees need to be prepared to take on more responsibility to free others up to pursue your other goals for success. What changes would you consider to be successful?
- Having work which allows you to use creativity. You may have the opportunity to design 20 new fire stations next year, but if those projects do not allow you to exercise your creativity, you might not consider getting and doing that work a success.
- Working with clients that you enjoy. All professionals work with some clients that are interested, appreciative and engaging and unfortunately with others who drag you down. What are the characteristics of the clients that you really like to work with? If you could increase the percentage of your work for clients that are enjoyable, would you consider 2017 to be a success?
- Having free time to spend doing things you love. There are only 24 hours in a day and so many things to do in that time. How important is creating more free time to enjoy family, friends, hobbies and activities to your firm?
- Performing meaningful work. If, for example, sustainability is important to you and your firm, you might define success as increasing your percentage of sustainable projects or you might desire to have the time and resources to perform pro bono services in your community.
Take time to consider these and other factors that are important to you and your firm before you work on budget and business development plans. Which are the most important? Which are the least important? Write down your firm’s definition of success so that you can monitor your progress toward these goals next year.
If you have any questions, we would be glad to help you. The attorneys of Gibbes Burton are passionate about helping professionals and businesses minimize risk and build success.