The following post is by Business Development Coach Gary Mitchell
Your practice is a business, regardless of whether you are a solo practitioner or work at a large firm. That requires you to think and act as a business person. Any successful business person will tell you, start with having a thorough business plan.
If you are at a firm, think of your law practice like a franchise. You have the opportunity to leverage the value of your firm’s brand and all that comes with it: history, name recognition, reputation and market prominence. But remember, your practice is your own. So own it. The same goes for solo-practitioners, this is your business.
Your business plan will serve as your road map to success. It will help you become strategic in your efforts. It will keep you focused when demands for your time may otherwise send you in a different direction.
I have been coaching lawyers since 2005. In my first post here, I am going to share with you the template I have used to help my clients generate millions in new revenues.
Developing your business plan involves five key areas of attention:
1. Defining your desired state and what success looks like
- Purpose of your plan
- Your goals
- Measures of success
2. Researching your target market
- Market size and characteristics
- Who is your target market(s)? (Choosing your focus)
- Market trends and challenges
- Market share and competition
- Your ideal clients
3. Evaluating the current state of your practice
- Your current business development activities
- Your SWOT analysis (Strengths, Weakness, Opportunities, Threats)
- Your unique competitive advantage
- Evaluating your current external clients
- Evaluating internal clients
4. Identifying developmental needs and resources
- Professional development
- Support required
- Budget
5. Taking action
- Creating your action plan using the S.M.A.R.T. method, (Strategic, Measurable, Attainable, and Realistic)
- Accountability
In the posts that follow I will go into detail for each section outlined above. If you are serious about taking your practice to the next level, you will want to read what follows.
Law Practice Business Plan Series:
Your Law Practice Business Plan: Setting Goals and Measuring Success
Your Law Practice Business Plan: Researching Your Target Market
Gary Mitchell is a Business Development coach working exclusively with lawyers since 2005. Follow his blog at www.ontraccoach.com/blog
About Gary Mitchell
Gary is a business development coach working exclusively with lawyers since 2005. He helps his clients’ clarify their goals, create a plan of action, teaches them required skills, and helps them attract more clients. Gary contributes regularly to legal publications and has spoken at numerous legal conferences. His first book, Raindance, The Business Development Guide Book for Lawyers, will be published in April 2012. Visit his site www.ontraccoach.com for more tips, articles, and his blog. Or contact him directly at (778) 785-0001 or gary@ontraccoach.com.
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A good outline. I look forward to seeing the subsequent posts.