Something about being a business lawyer seems a little unfair- while I charge clients for my advice, I don't pay a nickel for the stuff I learn from them. And believe me, clients teach me plenty. Lately, for example, I've observed certain principles that all successful clients seem to embrace - whether in the context of a single contract, a branding campaign or a global growth strategy.
Across strategic, cultural and transactional initiatives alike, the most successful businesses and entrepreneurs apply these five basic principles.
1. Pace - Setting and maintaining a proper pace is not just essential for Olympic racers.
People who pace themselves properly in business enjoy greater success, as well as lower blood pressure. Many young lawyers learn just two things about business and time: meet your deadlines, and bill 2,000 hours per year. That doesn't help much in business.
So it was a client of mine, about 20 years ago, who taught me about pace, when he explained and showed me how to "massage" a complex deal over time. Pacing oneself in business means using a combination of persistence and patience, sensing the rhythm of processes and factors outside your control, moving steadily (neither too slowly nor too fast) when it comes to new projects and markets. As in the Olympics, thinking about pace is a big part of winning the race.
"A diamond is a piece of coal that stuck to the job."
- Thomas Edison
2. Focus - It's so easy to become distracted these days by market trends, competitive data, social media and new technology. The trick for clients is to use that data to inform decisions without losing focus. Focus is especially important to my clients who sell SaaS solutions. The cost to create and test a cloud-based product has dropped so far that it's hard to resist building anything and everything potentially marketable to one's customer base.
Focus means the company's resources (including its budget for legal services) are dedicated to serving the company's core mission. And focus, of course, does not mean a client lacks flexibility. Staying nimble in today's markets is critical. Again, as Olympic athletes show, flexibility and focus go hand in hand.
3. Repelling Negativity - I don't believe you can conjure up many customers through positive thinking, but I do believe my most successful clients repel negativity. They do not waste time with negative people and are not influenced by negative beliefs, especially beliefs based on fear. These clients understand the difference between avoiding negative influences and ignoring risk - the former breeds happiness, the latter breeds failure.
It's my pleasure to work with clients like this, because they know a good lawyer can offer a critical eye without raining on everyone's parade. A good lawyer knows business is hard enough without being surrounded by pessimists.
"There was never a good Knife made of bad Steel."
- Benjamin Franklin
4. Authenticity - In The Thing Itself, Richard Todd describes how we treasure things we know to be "real" in a world full of phonies. We know authenticity when we see it, hear it and feel it. Most of the time (unless you're enjoying the hotel facades in Las Vegas), we don't value fakes. Clients who value authenticity in business will tend also to value quality, originality and integrity. All of those values spring from a commitment not to fake it. This is a commitment made by each individual, as well as the organization.
I've been fortunate to work with clients who understand that authenticity engenders credibility, trust, loyalty and enormous success. If you favor short term sales and profits over authenticity and would like to know how to stay out of jail, I am sure I can refer you to a lawyer that can help.
5. Mutuality - The fifth important principle I've learned from clients is that success comes from striving to achieve win-win solutions in every business relationship. This is not to be confused with "reciprocity" - the idea that we are naturally inclined to help those who help us, and therefore, when networking, always "give as much as you take". That's a valid concept, but it's fundamentally a psychological tactic.
Mutuality, however, is a core belief that our own success depends on the success of our customers, suppliers, partners and employees. This sets a higher standard of success for everyone involved in the business, including legal counsel.
From my vantage point, clients that incorporate this belief into their growth plans, marketing campaigns and contract negotiations enjoy higher satisfaction and returns on investment.
How important are these principles to your personal success and daily satisfaction?
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