APR 2022 (800) 406-7229 SpotlightBranding.com
EVEN OUT YOUR CASH FLOW YEAR-ROUND 6 Steps to Less Money Stress Most people don’t think of law as a seasonal business, but every lawyer I know has a busy season and a slow season. This varies a lot depending on the type of law in question, but it always has the same result: Uneven revenue that makes you want to tear your hair out! Other small businesses have this problem too. In busy times you’re flush with cash, and in slow times you have to tighten your belt. But what if I told you that you don’t have to live that way? You can even out the peaks and valleys of your cash flow with these six steps. They’ve worked for Spotlight Branding and dozens of law firms we market for. 1. Clean up your accounts receivable (AR). If your clients aren’t paying you the money you’re owed, of course you’ll have revenue struggles! You can invoice tens of thousands of dollars a month, but it won’t do your business any good if you aren’t collecting it. To get your AR in order, create a follow-up system that keeps your clients’ bills top of mind for them and consider bringing in an outside vendor to help enforce deadlines. If you regularly have clients who avoid paying for months, you can even build out a system that will send them to collections and get you the cash you need. 2. Plan ahead. You know when your slow season is — so plan for it! Make a full-year financial plan rather than budgeting by quarter, then stretch your savings to where it’s needed. If you’re a family law attorney, put money aside during the bumper months of January and February to cover costs during November
and December. Pay bills early if you can, and if you can’t, divvy up your extra revenue by month. 3. Negotiate with your vendors. The rates you pay your vendors are not set in stone, and sometimes all it takes to negotiate a better deal is a phone call. For example, you can try reaching out to your credit card merchant and negotiating a lower processing fee. That small change can save you thousands of dollars over the course of the year! You could also do the same with your cybersecurity company or even negotiate service swaps with other vendors. 4. Hack your cash flow. Many vendors like accountants or software providers will give you a discount if you pay annually instead of monthly. You can pay that lump sum every year and apply it to your balance sheet, and then set aside the monthly amount on your profit and loss report every month. This will keep you organized and ensure you don’t overspend because you think you saved money when really, you just paid in advance (or you’re recouping an advance payment). 5. Create new revenue streams. If your lean months are still lean after those first four steps, get creative to fill the gaps! Maybe you can offer a one-off service, like a low-cost estate plan review or a business audit, to generate fresh revenue. During your slow months, double down on improving and marketing this extra offering.
6. Stop taking ‘marketing breaks.’ All too often, we see law firms take “marketing breaks” during their busy months. On the surface this seems logical: Business is booming, so why look for more clients? But it’s actually one of the worst mistakes you can make! If you don’t market while you’re busy, you won’t have any new cases coming in when you finish your current docket. This will make your lean times even leaner. To even out your cash flow, you need a consistent, ongoing marketing strategy that will fill your case pipeline year round. When you’re ready to create one, visit us at SpotlightBranding.com/NL. If you follow these six steps starting right now, 2022 and 2023 will be your most consistent cash flow years yet!
–John Hinson EDITORIAL DIRECTOR
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SUCCESS STORY Brett Trembly is a business attorney from Miami, Florida. If you’ve followed Spotlight Branding for some time, you’ve likely seen his name or even heard from him. That’s because Brett is one of our greatest success stories, and we want him to share his experience any chance he gets. When Brett first set out to build his firm in Miami, he was a true solo starting from scratch. He had no network, no resources, and was trying to do everything himself. He worked tirelessly to network and build a list of contacts to generate solid referral sources. When he started working with Spotlight Branding, Brett didn’t just sit back and wait around for things to happen — he kept pushing forward, networking and building his contact list. He then used his blogs, videos, social media, e-newsletter, and the website we created for him to create several touchpoints each month to remind business owners throughout the Miami area that Brett was out there and that he could help them. Today, Trembly Law Firm is a major player in the Miami legal world. Their revenue has increased 50% each year. Their case value has quadrupled in the past three years, and their cost of acquisition has decreased by 50% over the last two years. Lastly, Brett has gone from a true solo operation to having eight associate attorneys and nine support staff members in his firm. This can be your firm’s reality, too!
How to Deal With Being Understaffed 3 TIPS TO HELP YOUR WORK ENVIRONMENT Whether it’s due to the pandemic or the Great Resignation, businesses being understaffed is becoming a widespread issue. A lack of workers can be incredibly stressful for both you and your remaining employees, as it can cause all of you to feel burnt out, unmotivated, and resentful. If you’re facing this situation, here are three tips to follow to cope while you search for new employees. MAINTAIN OPEN COMMUNICATION. The first step is to address your staff and tell them that being understaffed is not the ideal work environment. Let them know what you plan to do to alleviate their increased workloads. Laying everything on the table allows your employees to know you understand how stressful this time is and that you’re doing your
best. It can also make them feel more comfortable talking to you about their concerns moving forward. ASK HOW YOU CAN HELP. Figure out the areas your employees are having trouble with and help them create solutions. Don’t expect your team to do everything by themselves — you will need everyone on board and all hands on deck. Teamwork is always important, but when you’re understaffed, it’s crucial that everyone is aiming for the same goals. HAVE DAILY OR WEEKLY CHECK-INS. General check-ins can be beneficial to ensure no one feels burnt out or overwhelmed. You can go in-depth about what they’re working on for that day or week and see if they need anything from you. By having these check-ins, you will be aware of what everyone is doing and can offer resources if needed. Handling a shortage of staff can be stressful for you and your colleagues. But with open communication, teamwork, and check-ins, you can ensure your team is supported to the best of your abilities. Being honest with one another about what’s going on is essential because this is an uncomfortable situation for everyone. With some time, things can get better.
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More Referrals. Better Clients. Higher ROI.
7 Foolproof Ways to Create Engaging Content
Part 5: The ‘Cool’ Strategy Buckle up, because it’s time to level up your content game! This month, we’re going over a fifth way to quickly and easily create content that will hook your leads and prospects. So far, we’ve covered the “Top 3” method, the “One Thing” strategy, the “Success Story” hack, and the “Inspiration” method — which brings us to one of our favorites, the “Cool” strategy. This is similar to the “Inspiration” method. With that tip, the idea was to find something that inspired you and share it with your audience. In this case, you’re sharing something cool! It could be anything: a crazy legal fact, a podcast, a class about your favorite hobby, or a local coffee shop you love. As you choose your topics, just remember that your cool thing should connect to either your work or you personally. Don’t go wildly off topic and share a fun fact about whales — unless you’re an environmental lawyer. Your goal should be to both engage readers and keep yourself and your firm top of mind. The “Cool” strategy works because like the “Inspiration” method, it showcases your passion and makes you seem more relatable. Plus, there’s no denying that cool things are infinitely more clickable than boring things. That makes this a great content strategy for social media. This is only part five of our seven-part series, so more wisdom is on the way! Keep an eye out for future newsletters with strategies six and seven. In the meantime, put this one to work and enjoy the buzz you generate. RESOURCE OF THE MONTH
FACEBOOK PORTAL
HAVE YOUR REMOTE EMPLOYEES FEEL LIKE THEY’RE WITH YOU IN THE OFFICE! If you employ virtual assistants or you have some positions in your firm that are fully remote, it can be difficult to make everyone feel as though they’re right there in the office with you. We have a solution for that! A couple of years ago, Facebook came out with the Portal, a portable video device that allows you to connect with people via Facebook Messenger and provides a constant video stream to communicate. Because we have both virtual assistants and remote employees on our staff, we’ve outfitted them with a Portal device and have them call the office each day. Now, rather than trying to set up video chats, they exist right in our office in real time, allowing us to interact with them as if they were right there in the office with us! Prices for the device range from $80–$350 depending on the size and features you need, but they’re worth every penny! Want more tools for your law firm? Visit SpotlightBranding.com/rotm.
FEATURED EPISODE From Our Newest Podcast, Center Stage If you’re looking for more great resources to drive your business forward, take a look at this episode from our newest podcast, Center Stage. Episode 055 – Uncovering the E-Myth With Michael Gerber Michael Gerber, author of The E-Myth series of books, joins us this week to take a deep dive into the entrepreneurial mindset. Regardless of where you are in your business development, Michael’s insight is a great reminder of the incredible growth potential your firm possesses. If you want more referrals, better clients, and higher return on investment (ROI) on all your marketing, call us today at (800) 406-7229 to schedule a consultation! Listen to this episode and find even more at SpotlightBranding.com/centerstage and subscribe on Apple Podcasts, Pandora, Spotify, or over a dozen other platforms!
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INSIDE
THIS ISSUE 1
6 Steps to Even Out Your Cash Flow
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Success Story: Brett Trembly
oney Less m s! stres
Communication Is Key
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Foolproof Strategies for Creating Content: Part 5 Resource of the Month: Facebook Portal An Episode From Center Stage
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3 Ways to Boost Your LinkedIn Presence
Get Results From Your LinkedIn Profile 3 TIPS TO TRY TODAY If there’s one perk of the Great Resignation for business owners, it’s this: Engagement on LinkedIn is booming. According to its parent company, Microsoft, the platform got so popular last year that its overall revenue jumped 36% in the fourth quarter alone. This is great news for you, because more people using the platform to connect professionally and nurture business relationships means more potential eyeballs on your content — which will generate leads, referrals, and ultimately revenue. To cash in on this wave of popularity, you need to level up your LinkedIn game. Here are three tips to help you go that extra mile on your personal and business pages.
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1. Maximize your connections. LinkedIn shares your content to all of your connections on the platform, so the more you have the better! To beef up your list, try exporting your contacts from your email. LinkedIn will automatically search out accounts with those email addresses and make growing your contact list easy. 2. Take advantage of the LinkedIn Publishing Platform. Did you know you can write and publish blogs directly on LinkedIn using the article publishing tool on your home page? You can even use images and hashtags. This is a great secondary spot to store your content and get more visibility with your network. Your blogs will appear on your profile, further positioning you as the expert.
More Referrals. Better Clients. Higher ROI.
3. Host events on LinkedIn Live. Yes, that’s right — you can host events and webinars with live streamed video right on LinkedIn. It’s even easier than setting up a Zoom meeting, and it’s another great way to show off your expertise, nurture your connections, and add value for leads and clients following you on the platform. Visit Business.LinkedIn. com/marketing-solutions/linkedin-live for all of the details. We haven’t mentioned it yet, but LinkedIn is also a great way to find and attract talent. According to Business Insider, about six people are hired through LinkedIn every minute. Whether you want to strengthen your network, convert leads, or grow your team, this is a tool you can’t afford to overlook.