Are you a law firm owner who is overworked and needs more support? In this episode of the Maximum Lawyer Podcast, Tyson Mutrux discusses the crucial role of delegation in law firm management.
In this podcast episode, Becca Eberhart, CEO at Maximum Lawyer, explores the "10X is Easier Than 2X" principle for law firms. She discusses insights from a book by Dan Sullivan and Dr. Benjamin Hardy, emphasizing the need for a mindset shift from incremental growth to exponential thinking.
Becca shares that envisioning a tenfold increase in business can lead to innovative strategies and a re-evaluation of challenges. She provides questions to help law firm owners adopt this mindset, encouraging them to set ambitious goals and rethink their approach to growth, ultimately redefining their firm's future.
Speaker 1 (00:00:01) - Run your law firm the right way. The right way. This is the maximum Lawyer podcast. Lawyer podcast. Your hosts, Jim Hacking and Tyson Matrix. Let's partner up and maximize your firm. Welcome to the show.
Becca Eberhart (00:00:23) - Welcome to another episode of the Maximum Lawyer podcast. I'm Becca Eberhardt, CEO at Maximum Lawyer, and today we're going to talk about why thinking of doubling your firm actually keeps you doing more of the same things. Last week, I attended a live podcast recording while we were in Scottsdale for the Guild Mastermind. The main topic of the conversation was based on the book ten X Is Easier Than Two X by Dan Sullivan and Doctor Benjamin Hardy. One of the hosts had read the book and the other had not. I also have not read the book yet, but I want to share some of the things that the host said. First, as someone who hasn't read the book, it was the idea that ten X is not actually the outcome. It's a counterintuitive process that you can apply every time you want exponential growth in your life or business.
Becca Eberhart (00:01:13) - Ten X is better than two. X isn't about going from 200,000 to 2 million. It's a strategic way to skip a lot of repetition and collapse time frames that you otherwise wouldn't. The typical mindset when it comes to growing a business is typically spoken in a percentage, up to a double. When people are setting goals, they say, for example, I want to increase revenue by 20%. And I do think for the purpose of goal setting, this makes sense. It's realistic with a push. But when it comes to brainstorming what's next or what does explosive growth look like for you and for your law firm? This is where I think implementing the idea of ten x is better than two X comes in. Because if you were to ten x your law firm, you wouldn't be doing the same things you are now. You wouldn't think your current problems were big problems. You might not be around the same people. When we think about doubling something, what you're really doing is just more of the same. But when you're ten axing something, everything changes.
Becca Eberhart (00:02:18) - It's opening up your mind to ten x growth that gets you thinking of things that two X doesn't. Because when you're doubling something, you're really just asking, how do I get a little better? If you wanted to x your business, you end up still writing down the same things you're doing. You're just doing more of those things. However, when it comes to envisioning explosive growth or brainstorming innovative strategies, the ten X mindset encourages you to think beyond the incremental. It challenges you to consider. What would scaling my law firm ten fold actually look like? Conceptualizing ten x growth causes a radical shift in perspective. It prompts you to question the status quo. The ten strategy isn't just great for growth, it's also great for problem solving and can help you re-evaluate your current problems. What may seem like a significant issue in A2X scenario might become minuscule. When considering a ten x expansion, it's likely that something that is stressing you out today in your current situation, you wouldn't even be bothered with if your firm was ten times bigger than it is today.
Becca Eberhart (00:03:28) - And if that's the case, then is it really worth letting it be bigger now? It's similar to the concept that if it won't matter in five years, don't spend more than five minutes worrying about it. The next one is a tough one, but your current circle of influence, which may be suitable for your two X scenario, might not be who you need for navigating the challenges and opportunities presented in your ten X business, you have to consider who do you need to cut out or lessen your exposure to, and who do you need to add? I have a list of questions that you can work through to use this concept that ten x is easier than two x to envision what could be next for your firm. To do this, you have to be open to the possibility that these things could be real for you, as big or as far out as they seem for you. You have to be open minded enough to believe that with the right mindset and work ethic, you could do this. And you also should have fun with this.
Becca Eberhart (00:04:27) - When you run through these, don't let your mind say that's not possible. Let yourself be open to infinite opportunities and have fun. Also, don't just consider from a revenue perspective, your next firm probably has different processes, client interactions, a different location, or even multiple locations. Challenge traditional approaches and be willing to question the status quo. Identify areas where significant improvements or changes could lead to your exponential growth. So the first question to go through is what does success look like for you on a grand scale? Think beyond incremental improvements and picture a scenario where your firm has grown exponentially. Don't hold back. Next, I want you to consider current market trends and any emerging opportunities. Do any of these align with the ten x version of your life or business? And as I mentioned a few episodes back, these market trends might not be ones just in the legal industry today. We also can't avoid the necessity to evaluate the potential impact of adding technology. Consider how automation, AI, and other advancements could enhance your efficiency.
Becca Eberhart (00:05:42) - Think of technology not as a tool, but as a transformative force. If there's something that you can leverage to skip two X and possibly 3 to 4 X your business, it's going to be technology. Next, I want you to define specific goals for the law firm. These could include ten x revenue, ten x client base, ten x market presence, or other relevant metrics. This process requires thinking big and setting ambitious targets that go beyond the norm. Don't hold yourself back by only what you can rationalize as possible today. All right, next up, because I didn't want you to think about any restrictions now is when you should consider what are assumptions about the legal industry, possibly client expectations or other capabilities of your firm that need to be reconsidered. And this does not mean it's a real restriction, but it's something you may have to market or educate around these transformations. Finally, you're going to develop a roadmap for implementing your ten x strategies. Again, the idea of ten x isn't to say that you're going to ten x this year, but now you get to choose what goals from your ten x roadmap do you want to make changes toward? What part of you as a person or a manager, a leader, a business owner, a visionary, or an implementer? Do you want to work on to get to the next level of you or your business? Finish by defining specific action steps, timelines, and due dates.
Becca Eberhart (00:07:15) - Breaking down your vision into actionable steps to wrap up, embracing the ten X mindset will help you break free from the limitations of incremental thinking. By daring to think on such a grand scale, you open yourself up to infinite opportunities, challenge traditional approaches, and embark on a transformative journey towards achieving your ten goals. The path to exponential success is not about achieving numerical milestones, but about evolving into the best version of yourself and your business. So as you contemplate the possibilities that lie ahead, remember the ten x mindset is not just a strategy. It's a mindset that has the power to redefine your future. Keep thinking big and watch as your firm transcends boundaries you once thought were insurmountable.
Speaker 1 (00:08:07) - Thanks for listening to the Maximum Lawyer podcast. Stay in contact with your host and to access more content. Go to Maximum lawyer.com. Have a great week and catch you next time.
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