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December 2022 The Contractor’s Advantage
HarrisonLawGroup.com (410) 832-0000 jwyatt@harrisonlawgroup.com
FORGET VACATION GUILT!
Making My Life and Career Blend Cohesively
As a demographic, lawyers are hardly known for their ability to relax and have fun. Perhaps the fact that lawyers work some of the most prolonged hours out of any profession may have something to do with it. The staggering caseloads, tons of clients, staffing shortages, and many case duties mean that most of us rarely — if ever — go on vacation. However, this isn’t the way things should be. Just like every other profession, lawyers are entitled to their R and R. Going on vacation is good for your mental and emotional well- being and will make you much more productive once you get back to the office. Enjoying less stress and a guilt-free vacation as a lawyer is possible and even easy, but it requires some planning.
So, I’ve learned that I can get a lot more exciting things in, if I just concentrate on actually doing them — all of this while knowing that it takes work to get there. This is fine because at least I’m still taking the time to get out of the office while also working on things that need to be done. This is vital because it’s important to spend time with family. It’s a good work-life balance and plays out much differently than I expected. This past August, my wife and I took a trip and went out of the country. We traveled to Rome, and it was spectacular. We enjoyed time in one of the world’s most beautiful, breathtaking cities — a place I’d wanted to visit for a while now. And I still found myself working there, but honestly, I can’t complain because it beats working in the office. My wife has a photo of me sitting and working on my laptop, but I’m sitting on a rooftop in Rome, overlooking the city — and who could complain about that?!
“I’m still taking the time to get out of the office while also working on things that need to be done.”
So, this year I’ve made a conscious effort to take more vacations. By the end of this year, I will have taken four weeks out of the office for vacation time. It may not seem like a lot to most people, but it’s astonishing in my line of work. I’ve learned a lot this past year, and something I learned from reading about Richard Branson — the Virgin Group founder and billionaire — is that there is no work leisure; there’s just life. Branson believes you can live life to the fullest and have fun doing it. He often speaks on the importance of taking time to recharge and how it has contributed to his success — not solely to business acumen but because he is happy. You just do what you need to live your life and accomplish what you’re trying to get done. I’ve tried to unplug for years, which is excellent for mental health, but I usually can’t do more than one week out of the year in my career.
I’m grateful to be successful enough that I have work to do, but I still understand how important it is to maintain a healthy work- life balance.
-Jeremy Wyatt
jwyatt@harrisonlawgroup.com | HarrisonLawGroup.com | 1
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GIVE YOUR BUSINESS A NECESSARY BOOST Track These Important KPIs
Churn Churn refers to your attrition rate or the number of customers you lose each month. Your existing customers are the most important clients your business has. When they’re happy, they will tell others about your products and services, which can help drive sales. So, isn’t it essential to keep track of the clients you’re losing each month? After you begin tracking churn, you’ll quickly realize what you aren’t doing enough of to keep the customers you already have. You’ll pinpoint the moment you’re losing pieces of your customer base and make necessary adjustments to keep them. If nothing else, tracking churn will help you realize how valuable your existing customers are, encouraging you to improve your selling strategies for them specifically. Funnel Drop-Off Rate Wouldn’t it be great if you could learn the exact moment a customer decided not to buy your product or service? But that’s exactly what you learn when you track your funnel drop-off rate. If you have a website, the funnel drop-off rate tells you how often people visit your website without making a purchase and when they decide not to buy. You can track this KPI by using Google Analytics. Knowing this KPI will help you determine what adjustments to make to your website. Keep in mind that funnel drop-off rates are usually over 95%, so don’t get too concerned if this number is extraordinarily high. It still yields essential clues about what you can change. Many trackable KPIs will benefit your business in addition to these three. Find the KPIs that matter the most in your industry and start tracking!
To run a successful business, you need to track specific key performance indicators (KPIs). Since we entered the digital age, the number of KPIs businesses can track has exploded. Your business can track so much more than just revenue, leads, and customer satisfaction. When you track the right KPIs, unique details emerge about your business and customer base, which you can adjust to help your business grow. One of business owners’ biggest dilemmas is figuring out which KPIs to track. It’s impossible to measure every single KPI effectively, but some are important for most businesses to track. Here are three KPIs your business should keep track of if you aren’t already. Contact to Customer Conversion Rate Ideally, our sales teams should close sales during their first communication with a customer, but that’s rarely the case. Instead, they spend the initial contact explaining your business’s product or service to the customer and countering their concerns. After that, your salesperson may need to follow up with a potential customer a few times to persuade them to buy. Sometimes, this approach works, allowing you to make a sale. Other times, the customer might choose not to buy from your business at all. It’s imperative to track the number of customer touches your salespeople make. If your salespeople are consistently struggling to make the sale until their fifth contact, you can adjust the sales approach. Additionally, this will help you recognize the salespeople who aren’t hitting their marks. One person may close their sales by the third contact, but another salesperson doesn’t usually close until the eighth — try to discover why. Discuss it and determine a solution. If they don’t start closing sooner, you may need to find a salesperson to replace them.
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LEARN FROM THE BEST Entrepreneurs Every Business Should Listen To
Darren Hardy It’s rare to meet a business owner who has not heard of or read one of Darren Hardy’s books. The author of “The Compound Effect” and “The Entrepreneur Roller Coaster” has been a leader in the personal development industry for over 20 years. Hardy is the developer of award-winning training programs for entrepreneurs and is the founder of SUCCESS magazine. He even prides himself on mentoring new business owners and helping them find success. Simon Sinek To grow your business, you must become a successful leader, but what does that look like? Simon Sinek has written books like “Start With Why” and “Leaders Eat Last” to help train entrepreneurs so they can become successful leaders. Whether
When entrepreneurs prepare to start a business or try to grow their company, they often search for advice from other successful entrepreneurs. So much information about the business world is available though. Regardless of whether you head to the bookstore to buy a new book or navigate to YouTube to find helpful videos, it can be overwhelming. With all of these options available, you may wonder, “Which entrepreneurs or business owners are actually worth listening to?” While recently talking with successful entrepreneurs about which people inspired and taught them important lessons, the same few names came up repeatedly. So, according to leaders across various fields, here are three business owners you should learn from if you want to grow your business.
you watch his online talks, listen to his podcast, or read one of his books, Sinek will inspire you to build a business that you will truly believe in. Mel Robbins Procrastination is one of the greatest obstacles entrepreneurs can face. They might have great ideas in mind, but getting them started can often be a real challenge. That’s where Mel Robbins comes in. She struggled with procrastination for years, racking up hundreds of thousands of dollars in debt before she found the secret to overcoming her problems. Luckily, she shares her thoughts in her book “The 5 Second Rule” and has given helpful information through numerous speeches. Now she’s using her previous hardships to help other business leaders avoid making all-too-common mistakes.
HAVE A Laugh
Besides ’80s hair, it’s hard to imagine what Prince, Dee Snider, and Tipper Gore have in common. But they all contributed to the parental advisory stickers that dotted CDs for decades. The star-studded saga started in 1985 when then-Sen. Al Gore’s wife gave her daughter a copy of Prince’s smash-hit album “Purple Rain.” She was so shocked by its lyrics that she co-founded Parents Music Resource Center (PMRC), which contacted record labels requesting album markers for violence, profane language, and sexually explicit content. The Recording Industry Association of America (RIAA) suggested a generic one-size-fits-all advisory label as an olive branch. But PMRC refused, securing a hearing in Congress instead. Frank Zappa, Daniel “Dee” Snider, and John Denver appeared to oppose the labels. TOO HOT TO HANDLE The Celebrity-Ridden History of Parental Advisory Labels
Ultimately, the RIAA moved forward with generic warning labels that read “Parental Advisory: Explicit Content.” Ironically, the prominent sticker became a badge of honor among music fans.
jwyatt@harrisonlawgroup.com | HarrisonLawGroup.com | 3
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Jeremy Wyatt jwyatt@harrisonlawgroup.com HarrisonLawGroup.com (410) 832-0000
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40 West Chesapeake Avenue, Ste. 600 Towson, MD 21204
Inside This Edition
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There Is No Work Leisure, Just Life
KPIs Your Business Should Be Tracking Great Advice From 3 Entrepreneurs The Strange Story of Parental Advisory Labels
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3 Methods to Boost Existing Customer Sales
IMPROVE YOUR EXISTING CUSTOMER SALES
their friends about your company. You should also send out email marketing to your existing customers to share information about new products, services, or promotions. Start a customer loyalty program. Many companies offer their customers loyalty and reward programs — the more they shop, the more they earn. This is a great way to encourage current clients to continue shopping with you. Why would they go to a competitor for a similar product if they can earn rewards for shopping with you? Just make sure these rewards are worth your existing customers’ time, and you’ll see a boost in return sales before long.
With These 3 Strategies
One of the biggest mistakes businesses can make is focusing too much on new customers or potential leads. While your business needs to attract new customers, you can’t forget your existing ones. These clients have already done business with you. They know what your business and its products can do for them. If they like the business relationship enough, they’ll even refer other people to you. That’s why it’s essential to boost your existing customer sales in addition to pursuing new leads.
Cross-sell and upsell your products. You may offer merchandise considered to be one-time
purchases that leave no reason for a customer to return, but that’s not necessarily the case. Try selling products that relate to their original purchase. Your company might also have products customers would buy, but they just don’t know about yet. Make sure to cover your bases, and be sure to ask if there’s anything else you can help each customer with after completing every sale.
If you want to improve your existing customer relationships and sales, try utilizing one of the following strategies. Engage with current customers often. After successfully completing a sale, reach out to your customer to ensure everything is going well with your product or service. You can address their concerns and provide excellent customer service if they are unhappy. If they are happy, they’re now aware that you care about them as a customer. They’ll be much more likely to buy from you again or even tell
Follow these tips — and you’ll be sure to see an increase in sales from referrals and
previous customers as well.
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