You likely have ideas and things you know you “should” do but haven’t implemented. Evaluate if you’re following the pack because of fear. How do you convince your team to do what others aren’t doing or even discussing? If everyone’s doing it – it must be right. If we do what others are doing, then you can safely point to others if it fails. “That’s what other firms are doing” isn’t a justification or a plan. It’s a reaction. Your practice, your firm, your situation is unique and calls for a tailored approach to help you succeed (not just cut costs).

What do you need to do to be positioned to thrive? Do you need to develop a new practice area, reposition your strategic plan, expand your network, strengthen current relationships, or reestablish old relationships? Do you need a stronger presence on social media (that’s where many of your clients are right now)? The answers to these questions and more are critical. Don’t just analyze how to cut costs to preserve resources. When morale and revenue are down, that’s the time to refocus your efforts on developing business and building a great firm culture. Strategically invest in the things that will drive revenue and optimize your budget.