Let's face it—you don't know where your next piece of business will come from. It could be a referral from someone you’ve known for years. It could be a random phone call from that lady you met in line at Starbucks. Your next engagement could come in tomorrow or a month from tomorrow. The good news is that as long as you get out from behind your desk, offer to help when appropriate, and work your business card into the interaction, you will eventually find your next business opportunity.
The bad news comes when you try to predict new revenue. Because your business model is predicated on individual client needs, you have no way of knowing when those needs will flare up. Then there is the broader issue of the marketplace. Will the next quarter trend consistent with this one? Will it be better or worse? (Perhaps Nostradamus could have shed some light on these questions, but he’s dead.)
That’s why most people don’t bother to engage in a strategic planning process. After all, what’s the point of planning in an unpredictable environment? Might as well just put one foot in front of the other and hope for the best, right?
Not quite. Sure, there are variables in the mix, but inevitably you will be more successful when you take a strategic approach to the business results you intend to generate. Use these questions to guide your strategic planning process:
- Over the past three years, who has generated the most referrals to your practice? (Put more energy into those relationships.)
- Which clients generate the most revenue to your practice? (Make sure you keep them happy and seek ways to provide more services to them.)
- Which clients are most profitable? (Figure out how you can secure new clients who fit the same profile.)
- Where is the weak link in your practice? (Put definitive measures in place to bolster the areas that need it most.)
Of course, strategic planning takes time, and it does not guarantee a positive outcome in the short-term. Over time, however, you will discover how to leverage the strengths of your practice and the key relationships in your network for more predictable (and profitable) business results. In the meantime, if you are looking for predictions, here’s one you can count on: doing the same old thing will generate the same old results every time.
