The King County Bar Association collaborated with the Greater Seattle Chamber of Commerce, University of Washington Business and Economic Development Center, Seattle University Albers School of Business and a dozen other government agencies, consultants and lawyers to create and host a two-day intensive Small Business Institute at the end of May.
The concept was based on two common challenges faced by most solo and small-firm lawyers: first, that lawyers in solo or small-firm practice need to run a business while practicing law at the same time; second, lawyers often network with other lawyers, but they don’t often network within their target markets.
Running a business means being your own boss, setting your own schedule and creating the work environment you enjoy most. It also can mean long hours, a sense of isolation and sometimes learning by trial and error.
Dr. Skip Rowland really brought down the house at the SBI with his presentation on relationships. Emphasizing how beneficial a mentoring relationship can be for both the mentee and mentor, he outlined how to build and maintain mentor relationships through one’s professional life — and not just one relationship, but several, with differing areas of focus; not just seeking mentors, but serving as a mentor for others as you build your image as a leader.
The important element is to interact with a variety of other professionals with intention. Identify issues you want to learn more about in your professional life, find out what others have learned and share your insights with others.
Independence is really organized dependence, if you think about it. The idea is to build relationships in your professional life that will guide and sustain you — relationships you can depend on; relationships beyond the legal community.
In any business, the entity formation, the annual paperwork and the daily grind of business organization can be grueling. While the presentations at the SBI were very informative, an exciting dynamic took place within the audience. The exchange of information was incredibly eye opening as participants shared experiences, from getting their business license to retooling their operations after discovering inefficiencies.
The participants’ suggestions for office organization were highly creative and invaluable. Learning from other business owners, even in a seminar setting, made it possible for many attendees to avoid mistakes and improve their bottom line through efficiencies.
Billing is a complex issue in any business. Accounting, collecting receivables and keeping clients happy requires balance and insight. The greatest tools in this arena are solid contracts to avoid surprising your clients, detailed accounting records to support your billing when questioned, and good insurance so you can sleep at night, just in case.
Taking the time up front to review all the ins and outs of your business operations and client base, with trusted contract, accounting and insurance professionals, during start up and on an annual basis, is absolutely crucial. Even better is to have solid, ongoing relationships with these professionals so you can call on them as needed. More often than not, important details are overlooked or put off until there is a dispute, when it’s too late to correct the oversight.
The Internet also has created an infinite number of issues for business owners. One interesting trend emerged as attendees indicated that almost none of them had set up a method of accepting referrals, business inquiries or payments over the Internet. Some did not have a Web site, which is comparable to going without business cards nowadays.
In today’s “flat world,” basic Internet technology is expected, but it can be expensive. Some entities are better served with a simple Web site, rather than complex e-commerce packages. As costs continue to come down and outsourcing becomes more available on a local basis, you might be surprised at how much you can accomplish in organizational efficiencies and market visibility by setting up simple Internet tools for your office. Talk with other business owners to ascertain what elements of technology provide the most bang for your buck and optimize security.
There are so many ways to interact within your target market so that anyone can find a comfortable role. It might be getting involved in collaborative projects, public speaking, writing, Web site design or something else. One way to begin is to join diverse professional associations, not just bar associations, but also chambers of commerce and other business, technology and marketing groups.
The biggest lesson of the SBI was about diversifying your relationships. Success and satisfaction in your work really depend on the relationships you build over time. This is building relationships with intention to form a foundation of knowledge and creating your own independence through ongoing relationships that you can depend on.
