Recently, we had the chance to reflect on some common situations we’ve seen firms encounter—moments where it’s unclear whether to push through with a strategy or pause to reassess. As we prepare for our upcoming Practice Management Talk on 11/20/24, we wanted to share a few insights from the field about finding that balance.
“Stay the course” is often a useful mantra, but stubbornly clinging to a plan can sometimes lead to burnout or missed opportunities. So, how do you determine when to persevere and when it’s wise to pivot?
The Cost of Pushing Through Too Long
One of the biggest challenges we see firms face is the inclination to persist with a strategy even when it no longer aligns with their overall vision. For example, we worked with one firm whose leadership remained dedicated to a long-standing “way of doing things” despite clear indications that their market was changing.
They continued their traditional methods, believing that sticking it out would eventually yield the same results they had always seen (SALY anyone?). Unfortunately, they found their team morale slipping, client satisfaction waning, and were left questioning if they’d made the right decision.
The lesson here? Sticking it out should always align with your firm’s core values, mission, and the broader market dynamics. If a strategy doesn’t support these foundations, it’s likely time to evaluate other approaches. Perseverance without alignment can make even the best-laid plans fall short.
When Perseverance Pays Off
While it’s important to recognize when to change course, there are also times when pushing through can yield substantial rewards. In another case, a small, family-owned firm was feeling pressure to expand their services and grow their team because “everyone else was doing it.” They had a waitlist of prospective clients, so there was plenty of opportunity. When we talked about their goals as a firm, they immediately jumped to their goal of maintaining a close-knit team/client environment and delivering high-quality, personalized service.
Stepping back, the firm’s owner realized that expanding too quickly wasn’t aligned with their core mission or their lifestyle goals as owners. They opted to streamline internal processes, improve efficiency through technology, and refine their client experience rather than hiring more people.
Staying true to their original goals helped them stay grounded, and they avoided the common pitfall of expanding simply because it seemed like the obvious choice.
Establishing Boundaries Through Core Values
One of the most valuable assets in the decision-making process is a firm’s core values. When core values are clearly defined, they serve as boundaries that can guide tough decisions. If a new strategy idea crosses those boundaries, it’s often a sign that a deeper reassessment is needed. Staying within these defined boundaries can allow for flexible adaptation while keeping the firm’s identity intact.
Without these boundaries, leaders often chase ideas without fully evaluating their impact. This can lead to what we like to call “squirrel syndrome,” where the focus shifts every time something new and shiny appears on the horizon. We’ve found that using core values as guideposts can keep a firm from drifting too far afield, even as they explore new opportunities.
Minor adjustments—like introducing a new communication tool or refining how you engage clients—can produce significant results while preserving your firm’s character.
Recognizing Life’s Impact on Strategy
In some cases, external factors force a firm’s leadership to adjust their strategy. We’ve both worked with leaders who’ve gone through personal challenges and had to take a step back to prioritize balance and sustainability. In these cases, shifting the firm’s approach was not a failure but a strategic move to realign their work with their capacity and personal priorities.
Whether the shift leads to culling your client base, rethinking your firm’s service offerings, or adding offshore or virtual resources, there are times when strategic change is necessary to preserve lifestyle or changing needs.
This kind of life-induced strategy shift is a natural part of leading a practice and allows for growth that respects both personal and professional values.
Join Us to Learn More
Balancing perseverance and strategic adjustment is never a simple choice, but getting it right can strengthen your firm’s resilience and impact. Join us on 11/20/24 at 11:30 am ET for our Practice Management Talk, where we’ll be getting deeper into the topic of “Push Through or Re-Evaluate.”
If you haven’t already registered, click here to register today. We’re excited to share more insights and strategies to help your firm find success at these crossroads.