Business Planning for Law Firms | How to prepare a business plan, including a revenue strategy, for your practice

Are you running your business or is your business running you? 

Every business should have a business plan, for without any form of direction or purpose, owners and staff have little understanding if the business is performing well or not, is preparing for the future, or is mitigating risks that can derail any supposed progress.

As an analogy, consider the High Jump at the Olympic Games: Athletes will strive to clear the bar to perform well in the event, however, in the early stages of the competition at the lower heights, the athletes will limit their effort for the lower targets. Similarly, if no bar exists to clear, then the athletes will literally flop onto the mat with little to no effort exerted at all. The same can be said of a business without objectives or targets; fee earning staff will have little incentive to perform without targets, nor will a business have purpose to drive for future growth or take advantage of market opportunities.

Considering and establishing a business plan will ensure your business had direction and purpose, can ensure you remain focused on strategic goals rather than chasing short term wins, and can incentive outcomes for you and your people with the long game in mind.

Participants will be provided with discussion focusing on:

• Provide you with an understanding of the drivers for business success in law,
• How to create your ‘Why?’ statement
• Developing goals and objectives and why it is important to set targets and have accountability
• Where revenue comes from and developing a strategy to drive more proactive revenue
• How to ensure the resources in your firm, from people to systems, are aligned.