Penning a piece for My Business sister publication Lawyers Weekly, founder and principal of small law firm Legalite, Marianne Marchesi, spoke about the need for businesses to consider their make-up when embarking on an innovation strategy.
“Innovation does not always require spending enormous amounts of money or investing in high-end tech products,” Ms Marchesi wrote, noting that the beauty of being the owner of a small law firm is the agility that comes along with it.
While speaking directly to law firms, Ms Marchesi’s comments offered up some insight into how SMEs outside of the legal industry can adapt to ensure their business model is the right one.
“If we look at some of the key elements of a business model, such as value proposition and revenue streams, these are areas that are in themselves ripe for disruption. Pricing, for example, is a key area in which small law firms have a significant advantage in being able to innovate compared to more traditional legal firms. Alternative pricing models such as fixed fees and retainers are proving to be an especially effective way of standing out in the market,” she said.
“Innovating your business model is ultimately about changing the way that we think about these key elements, and focusing on maximising value and maximising the services that we’re providing to our clients.”
According to the principal, some questions to consider when innovating your business model include:
1. Is your current business model working, i.e. what client problem does it solve?
2. How does it make money for you?
3. How does it make life easier for you and your clients?