With this economy, it would not be unusual to feel that your world has been turned upside down and your sunny disposition transformed into that of a neurotic alley cat. You’re no longer waiting for an economic rebound; you just want to hit the bottom so you can plant your feet somewhere. I suspect that the last thing you are thinking about is your own professional development . . . .and maybe you should be! Consider:
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What am I doing to be regarded as a thought leader in my field?
When times were hectic the busyness of business trumped everything, but this may be the perfect time for you to invest in some long delayed, self-development. Are there some courses that you’ve been putting off registering for, a book that you haven’t had the time to read?
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What am I doing to raise my visibility?
And I guess that prompts some related questions: What am I doing to ensure that I get asked to appear at conferences and gatherings of the top people in my chosen field or industry? And, what am I doing to stand out from the common herd?
For example, I would submit that it is easy to stand out since most blogs are pathetic and IF you offer originality, worthwhile content, and boldness, you get noticed. I’m always surprised to see that many blogs are merely reprints from other people, and how many articles from supposed experts do not offer a new idea or concept that is usable. Neither of these strike me as particularly useful or compelling for enhancing the author’s credibility with clients.
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What am I doing to create new intellectual property that will be of value to clients?
One needs to always do a critical assessment of how much of your fee revenue emanates from services that you did not provide five years ago. In other words, are you building your marketable skills or simply doing the same shtick for your clients and expecting them to pay higher fees for the privilege. This downturn may contribute to you having some down time. Why not use that down time to begin some projects you’ve been procrastinating about: design that new client workshop you’ve been thinking about for the last year.
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What am I doing to provide new ways for clients to retain and apply my value?
Turn your rough notes into a speech, your speech into a booklet, your booklet into a workshop. Offer to facilitate one of your client’s meetings. Make yourself so valuable that you’re irresistible.
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What am I doing to expand my client base?
Find three ways to do something that will contribute to your client’s business – help them reduce their costs, perform more efficiently or improve their revenues. That changes the question from “Should we do business?” to “How should we do business?”
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What I am doing to contribute time to helping others?
The more you help others, the more you’re helped. Now is a great time to offer pro bono services, contribute to charities, and provide others with counsel and support. You may just find yourself better off as a result.
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What am I doing differently with my practice and my life?
Do one thing different every week. Find something that's "always been done that way" and see if you can find a new way to do it. You might not succeed, but this is how innovations happen and you might discover a much better way -- and a more productive way -- to do your work.
Now is not the time to bury your head in the sand and hope it all just goes away. Because then everything will go away, and you’ll be left with nothing! Tough economic times exacerbate strengths and weaknesses, meaning that slight competitive edges can become significant advantages, and troubling deficiencies can prove fatal.
Patrick J. McKenna is an internationally recognized authority on law practice management and the author of two e-books important to law firm leaders: First 100 Days: Transitioning A New Managing Partner (NXTBooks, 2006) available for download from his website and the sequel, Passing The Baton: The Last 100 Days (Ark,2008) – available from Ark Publishing or Amazon.com. The above article, from Patrick McKenna's blog, is reproduced here with permission.