Post #891 – August 11, 2021
Be Dominant Somewhere Rather Than Mediocre Everywhere
From your firm’s perspective: is each practice truly profitable, is the practice worth committing further resources toward developing, or what would the downside be if we were not to provide these services? Indeed, could we somehow fine-tune or reposition this business unit so as to be regarded as the preeminent authorities in some new niche or selective area of client need?
While many firms engage in some form of strategic planning, only a few really come to realize that having three to five truly strong practices is preferable to having a good number of mediocre practices that serve only to consume resources, dilute profits and diffuse strategic focus. Firms and their business units need to clearly articulate what their selective focus is. Imagine having as a compelling challenge and managing your firm consistent with a strategy that states: “We will have as integral to our firm, only those business units that are clearly number one, two, or three in every market we serve.”
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