Matthew Brannelly | Ways to Improve Law Firm Profitability

 

According to Matthew Brannelly, there are great opportunities for small law firms to lift profitability, even in this tough economy.

What is the problem?

If the profits of a small law firm are below what the principal’s deem as satisfactory, there are usually two main reasons:

1)     The practice management needs improving, or

2)     The firm doesn’t have enough good quality work

Clearly these reasons aren’t mutually exclusive and both could apply to the practice says Matthew Brannelly.

Practice Management Improvement

While I could write a whole book on legal practice management, due to space restrictions, I will talk about just two issues.

1)    Pricing

As a consultant, when you get a new client, you want to make an immediate impact. That way, the client will see immediate results and hopefully see your value says Matthew Brannelly.

The quickest and easiest way to lift profitability in any business including legal practices, is nearly always to focus on price. Many firms are just too cheap!!.

I have a saying that “Whatever you charge, your client will think you are expensive, so don’t disappoint them”.

Of course I am not talking about doubling fees, or anything that dramatic. Let me give you an example of the impact of lifting prices.

The ALPMA ( Australian Legal Practice Managers Association) published a 2011 study ( which is available from their website) showing that profits ( after principal salaries) were around 8% of revenue for the practices in the study. This was the same for all revenue classifications from less than $5 million to $20 million in revenue.

In other words, for a $1million in fees, the practices were only turning $80,000 of it into profit (after principal salaries). If those firms had lifted prices by just 10%, profit could have lifted by $100,000 or an increase of 125%.

2)    Average Hourly Rate Analysis

While there are lots of discussion about doing away with timesheets and pricing matters in advance, practices in the accounting industry that are going down this track, still generally keep timesheets. Not to charge the client, but to analyse the profitability of the matter, after it is finished.

From a profitability point of view, the challenge is to lift the average hourly rate of the practice. That is, the amount billed divided by the hours it took to do the work.

In order for these figures to be accurate, time needs to be accurately recorded. There are numerous discussions in Linked In and other forums about how poorly time is generally recorded by lawyers.

Many legal practices don’t record or analyse their Average Hourly Rate and as a result, can’t identify with any accuracy, their most profitable and least profitable work and the reasons for that says Matthew Brannelly.

By focusing on just these two areas, practices have been able to achieve significant lifts in profitability. Imagine what would be possible if you could then improve other areas as well.

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Social Media Marketing for Nonprofits to Increase Donations

According to Matthew Brannelly, nonprofits are confronted with an immense financial burden. The demand for services is at an all-time high, putting the burden on their resources as seeking external help is limited.

Nonprofits rely on donations, and during these health crises raising funds poses a significant challenge. The reports of The Salvation Army indicate that as compared to previous years, funding rising stooped to 18 %. But all credit to social media platforms, non-profit setups with strategies have been able to reach their fundraising and selling goals. During the pandemic, people have become relaxed with digital devices captivating the customer base for engagement.

An example that emerges is Orbit NFP Hub founded by Matthew Brannelly provides professional help to non-profit organizations. 

 

Social Media and their Benefits to Nonprofit Organizations

For a Nonprofit organization, it is an effective tool for marketing. The major advantages include

• Social media posts tend to be free
• Social media provides word-of-mouth publicity about the organization's mission.
• Social media posts attract new donors and keep the existing ones engaged.
• By social media marketing, new volunteers register.
• Every post has a link to the donor page of an organization.

Numerous popular nonprofit organizations have working social media marketing methods for operating successful marketing modules says Matthew Brannelly. Their philosophy is to ensure that an organization follows transparent protocols and opts for maximum efficiency. They have a network of professionals that enables an organization to align with its vision and mission statement.

 

The Popular Social Media Platforms for the Nonprofit Organizations

There are numerous social media platforms, but let us explore the popular ones used by them.

1. Facebook

Currently, they have nearly 2.8 billion active users monthly. It happens to be the most popular social media platform. The posts on this platform are short as people lack interest in lengthy paragraphs. At the starting of the post, incorporate the donation link and then follow it with a brief outline.

 

 Also, another way to boost the number of supporters on Facebook is to run ads. There is a lookalike viewers Facebook audience where you can target similar users to the donors or supports to raise engagement. Even you can share live actions on this platform.

2. YouTube

This platform has around 2 billion active users, owned by Google; it is a popular platform. Various marketers, businesses rely on YouTube for marketing their products or services.

As part of your social media marketing component, YouTube is a vital component. If the channel becomes trendy, you can earn money. Fundraises replicate the same as Facebook fundraisers. Adjacent to the live stream or video, there is a donation button.

The feature of the super chat will make the users emphasized during the duration of a live chat. During community fundraisers, they turn out to be a popular advertising tool.

Since Google goes on to cover all the starter fees, the nonprofit organization is going to have a leading source of funds.

Read More: https://matthewbrannellybrisbane.wordpress.com/2021/04/19/boost-donations-using-social-media-marketing/

Matthew Brannelly | Business Growth in Pandemic

 

According to Matthew Brannelly – strategic leader from Brisbane, there are still ways for you to grow your business during the pandemic. When many companies are working remotely, operating at limited capacity or shut down completely, it may seem like there are few, if any, opportunities to achieve business growth. Despite these setbacks, there are ways to make the most of the current circumstances and continue growing your business during the COVID-19 pandemic.

Here are some tips given by Matthew Brannelly, which will keep sales coming in and your customers and employees engaged.

1. Digital Marketing Strategies

Although many digital marketing channels like blogs, email newsletters and social media are free or low-cost, businesses trying to grow right now must be strategic about the time and resources they dedicate to their marketing efforts. Be careful and resourceful with every dollar you invest in marketing, said by Matthew Brannelly.

2. Interact with your Customers using Social Media Channels

Social media channels like Facebook, Instagram, Twitter and LinkedIn have become even more important for brands that want to stay connected to their customer in the age of remote work and store closures.

To make the most of social media right now, identify your target customers and pay close attention to what they're saying and doing online. At a time when everyone is feeling uncertain about their health and the economy, you can stand out by responding to your customers' current needs and concerns.

3. Improve your Virtual Selling Skills

Most companies have shifted their sales processes into the virtual realm, but just because you're pitching over a Zoom call doesn't mean it's any less professional. Treat your virtual sales calls like in-person meetings and prioritize first impressions. Dress professionally, optimize your background and home office environment, and make sure your audio and video are clear for seamless communication, says MatthewBrannelly.

Originally Published: https://matthewbrannellybrisbane.wordpress.com/2021/04/13/grow-business-during-pandemic