Demystifying Strategy: Unlocking the Path to Success

In this episode, cohosts Marc Whitehead and Diana Berry discuss strategy by discussing the book Entrepreneurship 2.0 by Jim Collins. Learn how to find your unique strengths and cater your firm to them, place your big bets, and learn why you should be firing “rifle shots” before you fire “cannonballs.” Marc and Diana get into the specifics of how Marc Whitehead & Associates came to dominate the disability denial law market in Houston using Collins’s advice – and how you can do the same.

[0:53] Marc Whitehead introduces himself and chief operating officer Diana Berry. He also introduces the subject of today’s episode, which is one of Marc’s favorites - strategy. His favorite strategist is Jim Colins, who reissued his book Beyond Entrepreneurship with updates during the pandemic, calling it Entrepreneurship 2.0.

[2:50] Strategy is all about making good choices in your business. Marc notes that Diana and himself often differ on the choices they should make. Having methodology to make strategic decisions will help you make consistent choices that propel your business forward.

[4:53] Entrepreneurship 2.0 may be a better fit for law firms than Colins’s more famous books, which tend to focus on large corporations.

[8:54] Marc made strategic decisions about where to focus his practice as the legal landscape around his work shifted over time, specifically around bankruptcy law and personal injury. He made the strategic decision to focus on disability law.

[11:24] The first step in making good choices is to understand your strengths and weaknesses and make choices based on your unique strengths. Marc’s strengths are that he is a good organizer, a good mentor, and good at setting up systems that run efficiently. He found that disability cases suited his unique strengths.

[17:45] Collins advises entrepreneurs to determine where to place their “big bets” by testing different paths, or “firing rifle shots, not cannonballs.” Moving into new legal territory on a small scale can help you find the best paths to success.

[20:55] Another Collins principal is to protect your flanks. This refers to mitigating risk by protecting steady, sustainable sources of work.

[25:10] Diana and Marc move on to scaling, or “extending your victories” as Collins calls it. This means taking what you do well and finding a way to do more of it. To scale up, you have to have effective marketing in place and have the infrastructure to support an influx of cases.

[30:46] Marc is currently adding elder law cases to his practice. These cases have significant overlap with the Marc Whitehead & Associates client base.

[35:13] It is okay to make mistakes and take risks – Beyond Entrepreneurship 2.0 is all about ensuring that your mistakes will not bankrupt you.

Buy Beyond Entrepreneurship 2.0 by Jim Collins: https://www.amazon.com/BE-2-0-Beyond-Entrepreneurship-Business/dp/0399564233

Listen to Beyond Entrepreneurship 2.0: https://www.audible.com/pd/BE-20-Beyond-Entrepreneurship-20-Audiobook/0593398629

Visit the Successful Barrister website: https://www.successfulbarrister.com/

Visit the Marc Whitehead & Associates website: https://disabilitydenials.com/

Email Marc Whitehead: marc@marcwhitehead.com