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.

Gary Mitchell is a Business Development coach working exclusively with lawyers since 2005. Follow his blog at www.ontraccoach.com/blog