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How to Evaluate the Health of Your Firm

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During the summer months, firms of all sizes typically step back to see what needs to be changed or altered to ensure greater success in the coming year. Many firm leaders focus mainly on increasing internal efficiency and speed. While these are important, Alison Ball says it's also crucial to focus on the employee and client experiences.

Jul 6th 2022
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The first thing to look at is what is different this year, compared to prior years. Probably the biggest thing is that we are now two full years into COVID, and people want their lives to go back to normal. 

This means more traveling, more eating at restaurants, more shopping, moving back to the office, etc. But we also have a possible recession lurking, which could mean higher prices, possible belt tightening and more stay-cations instead of air travel.  

For practitioners, this all signals opportunity. Business owners will need your help with cash flow projections and to help them maximize their sales. The flip side is also true: If your clients are likely to suffer in a recession then they will need your help to stay afloat. It's therefore important to ensure you are ready to help businesses in the way they want to be served (more on that a little later in this article).

Additionally, the talent war that you’ve had to contend with may finally be easing up. As tech layoffs continue, there may be opportunities for you to pick up staff you wouldn’t have had access to earlier.  You’ll have your pick of interns if that’s a direction your firm chooses to go to attract younger employees. Lastly, you may be able to attract older workers who want stability and predictability in their workdays. Watch this space, and don’t assume that staff are impossible to get anymore.

With This in Mind, How Healthy is Your Firm?

There are several key areas you can explore to help you understand where you should focus in order to meet the challenges and maximize the opportunities ahead.

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