Sure, the title sounds like a hoax - but I'm not kidding.
In our work with law firm prospects and customers, we see return-on-investment numbers of $500K (and often more) coming right back into our customer's hands within a few months!
We know this to be true, because we diligently calculate Return-On-Investment in collaboration with our clients and prospects as part of our standard scoping process for New Business Intake projects and then we deliver on every New Business Intake process improvement and transformation we scoped in timeframes that are 50% FASTER THAN OUR COMPETITORS. As a result of our expertise, our customers achieve incredible ROI timeframes (meaning they get that expected return of hundreds of thousands of dollars 50% faster than their peers, and 100% faster than their peers that are still sitting stagnant!).
How Do You Get The $500k?
Of course, the specific value of your firm's New Business Intake process has to be based on your firm's current state and defined 'transformed state', but $500k is a fair middle ground. So let's just use that for now.
The actual value of your firm's New Business Intake transformation must be calculated for your specific situation, but you find the value across the following key areas:
1. Loss Prevention
Every time you embed risk management or compliance-related policies, procedures or oversight into your New Business Intake process you *should* be achieving loss prevention. If that's not true, then why do you have the policy to begin with, right? Your executive team can definitely ascribe value to this type of loss prevention, so this is low-hanging fruit for inclusion in your ROI.
If you get paid within 15 days of delivering a product or service you actually make more money (in a sense) than if you get paid within 90 days of delivering a product or service. This is known as 'Time-Value-of-Money'.
Transform your NBI in ways that lead directly to acceleration of cash flow and/or collections, and you've just achieved real monetary increases. Just ask your CFO - they'll tell you!
3. Value of Bandwidth Increases
Efficiencies better be achieved by your New Business Intake process transformation - or don't do it! These efficiencies ultimately result in increased bandwidth for various types of resources throughout your firm (attorneys; marketing teams; risk management teams; secretaries; paralegals; department chairs; etc.).
These bandwidth increases have REAL DOLLAR VALUE - this means these resources are released for leverage on other HIGH VALUE ACTIVITIES. This return comes back in increased revenue, additional loss prevention and enhanced overall profitability.
There are so many more areas that a well-done New Business Intake transformation provides, but hopefully this short synopsis peaks your interest.