A new year means new opportunities — and, of course, new challenges — especially for business. So what does 2015 have in store? Ben Harris, TM Group Sales & Marketing Director, explores the top 5 challenges that conveyancers face this year.
From adapting to advances in technology and economic changes, to retaining customers and recruiting top talent, conveyancers will have a lot of issues to handle. How business leaders face these challenges might just make or break their businesses. So, in no particular order…
Finding and recruiting top talent
As the economy continues to grow and the unemployment rate continues to fall, the already small pool of applicants with the right skills to work in your business will be further diminished. Many of the largest conveyancing firms have resorted to opening their own training academies in order to develop their own talent, but firms without the deep pockets to embark on such a solution should at least have a clear strategy in place.
To many this is a dry and repetitive subject but, with 163 SRA fraud alerts between January and November 2014 and 90% of identity thefts reported to them being rated ‘red’ or ‘amber’, risk management is a growing issue that shows no sign of disappearing. 70% of PI claims relate to conveyancing so it is crucial for conveyancers to take this seriously in 2015 and have the systems and process in place to protect themselves and their businesses.
Meeting customer expectations
This year’s Home Moving Trends Report showed that consumers value professionalism, proactivity and communication skills and are prepared to pay for it. A combined six out of every ten respondents to the survey also said they were influenced in their decision of conveyancer by a third party, so if you can meet their expectations you will be well on your way to meeting the next challenge facing conveyancers this year…
Attracting new business
Most of a conveyancing firm’s growth is largely dictated by the market and, with most commentators predicting a flat 2015, the only ways firms are going to increase the size of their business is by acquisition of other law firms or by attracting more customers. Winning business on your local high street was top of the agenda in our August 2014 survey with most firms telling us that building relationships with third party introducers, such as estate agents and mortgage brokers, is their biggest priority.
Managing your online reputation
Law firms can no longer ignore the online conversations that are taking place about your brand, because they will continue to happen whether you like it or not. Firms that take the time to identify and respond to negative online feedback about their brand can turn these negative experiences into positives. So far the conveyancing world has escaped the impact that a TripAdvisor-style review site has had on many other professions, but now is the time to get smart about your online reputation before it’s too late.