4 Reasons Why It’s Time to Write Your Law Firm’s Business Plan (and What it Should Include)
Has “write a business plan” been on your to-do list for a while now? We get it. Law firm life is a busy life.
Well, now is a perfect time, because December is National Write a Business Plan Month. And trust us, writing a business plan for your law firm is something that you’ll be glad you did – in the New Year, and beyond.
What is a business plan?
A business plan is a summary of what your law firm wants to achieve, and how you’ll run the business. Many consider it to be an essential tool for those wishing to grow their business successfully.
A business plan is important for all businesses, but it’s especially important for a law firm because you’re engaged in a profession that goes beyond “business”. The business management of a law firm covers all things from HR, finances, IT, and capital to marketing. A business plan is an essential part of this business management.
When you write a business plan, you’ve got to think about business issues, challenges, solutions, and opportunities that perhaps you may not have considered before. You’ll be looking at the firm critically, attempting to avoid expensive mistakes.
What can a business plan do for your law firm?
Whether your law firm is new or well-established, it’s a good idea to take some time to write a business plan. It will keep your law firm on track and help you to set goals with timelines.
The benefits of a business plan for your law firm include:
A business plan gives us insight into where the law firm is going, what the future might look like, and what steps we need to take to get there.
A business plan helps a law firm to plan for the future. For example, it can help leaders of the firm to decide on whether you need to hire more staff, and what kind of office space and software you’ll need.
A well-written business plan helps a law firm to become better organized and streamlined. It also helps to identify what leaders need to have in place to evolve into a law firm that’s next level.
A business plan can allow you to figure out what direction your law firm is going, what aspects of law or types of cases you’ll take, and what areas to avoid.
What should a business plan include?
A business plan should contain these categories:
- Overview of the firm (including a mission statement, ethos, vision statement, and why you started the firm)
- Market analysis (any trends and technology affecting your practice, your competitors)
- Major clients (their location, industry, and size)
- Financial information (the firm’s fixed and variable costs, profit, and loss projections)
- Operations (the key issues such as lease and equipment)
- Marketing (your strategy for gaining and retaining clients)
You’ve got goals and ambitions for your law firm. Stop the treadmill running year after year without a clearly defined business plan.
If this all sounds difficult or is something you haven’t done before, we can help. Yaeger Legal Consulting specializes in helping law firms strategically plan, allowing them to evolve and become more productive, efficient, and streamlined.
Get in touch to get started. We’re excited to see your law firm sparkle and shine.