Competing priorities of growth in a volatile industry
ADRIAN JAGGARD >
CEOFri 10 January 2020
Managing Director Adrian Jaggard’s first blog of 2020 focusses on the growth of Taylor Rose TTKW within a challenging and rapidly changing market.
As a relative youngster compared to our peers (established 10 years ago) Taylor Rose TTKW is very modern in respect of its priorities, outlook and culture (check out my blog on Smart Modern Law). There is no doubt that these attributes have helped us to thrive in a rapidly-changing market, respond quickly to structural reforms in legal services and shifting client expectations. They have contributed to our impressive growth journey to date, but there are also other significant factors at play.
I am a strong proponent of the concept that growth comes from quality and that there are no shortcuts, although ironically, growth impacts quality in the short-term, even if well managed. In our constant growth cycle, our past growth is our biggest challenge to future growth, but it also helps as we become better at the tasks associated with taking on more people, firms, premises etc.
We continue down the path of growth-stabilisation-growth-stabilisation…
The quality of Taylor Rose TTKW results from so many factors, but the starting point is a smart, dynamic and happy workforce that understands what we are trying to achieve and their role in that strategy (i.e. we all need purpose). Other major factors include a culture of constant improvement and prioritising the client.
Growth brings change (new people, processes and premises) and these bring risks (challenge to culture & market position, impact to profits and cash, heavy management burden to effect transition etc.). Risk unsettles people, so they can become destabilised which in turn creates more risk.
I am convinced that a better way to grow is to invest all of our energy (and money) into making Taylor Rose TTKW better and then let the success that follows grow us organically. Unfortunately, this method takes time that we don’t have in a rapidly changing market. Once you reach a critical mass in your capability, you are able to increase its impact by growing. In addition, an enlarged business offers new talent, different perspectives, ideas and more resources to devote to making it better.
My conclusion is that we must proactively manage growth alongside an intense focus on always improving capability, both working hand in hand.
I suppose we are striving for a situation where we are swimming with the tide, rather than against it.
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