If you are assuming that because your practice grew from 2005 to 2006 and again in 2007 that it will continue to thrive in 2008—think again. Check the headlines. Turn on the TV. Read your brokerage statement. The Bull market, cheap credit and endless economic optimism are over. And, the malaise is not affecting just the “little people.” Your clients at the top are also feeling the crunch.
Smart practices realize that a “wait and see” attitude could be very expensive. Right now is the time to implement new strategies, revise tactics and maintain your revenue. At the same time, squeezing out overhead leaks, looking at your fixed expenses and having a plan in place are “must do’s.” Read more.
