Monday 1 May 2017

Simplicity In Small Law Firm Business Planning

Small Law Firm Business Planning

I was reminded during a recent business planning session for a KMSManagementSupport member how easily lawyers can become distracted and waylaid by too much detail in their business planning.
It may be useful to members to see below the very short document I use to guide the discussions...
N.B. Some readers will note that a "traditional" SWOT analysis is conspicuous by its absence.
Being alive and in business and having the opportunity to serve current and future clients is always an opportunity, a strength and a privilege.
Navel-gazing about perceived weaknesses and threats is still the waste of time it always has been!
Date: 1 May 2017
Held at: “Knowsley Park”, 1659 Mutton Falls Rd, O’Connell
Attending: Principals and Rob Knowsley KMS
Theme: Simplicity is the key to effective business planning.
Where are we right now?
Review key aspects, and record our understandings…
Where to from here?
Record and discuss key elements of Principals’ vision for the firm…no more than two years hence…
Outcome: Document a simple clear vision we all agree on…
Set out key objectives in heading towards that vision…set timing for each one?
Consider if appropriate in our circumstances to put $$ targets in the plan or not.
Consider key competitors, and any competitive advantages we have…
Strategies…
Set out key areas…what will our approach be…just a few key ones…
Choose no more than 3-4 considered vital to the next twelve months to two years maximum…
Action Plans…3-4 key Action Plans that must be undertaken/executed accurately to make achievement of our vision most likely in the time frames set…
Timing…
WHEN? For each of the chosen Action Plans…when will we do these by?
Who is responsible for each?
Who if anyone is key to assisting the responsible team member?
Who is responsible for the preparation of the Business plan and for its implementation and revision in twelve months at the latest?
Immediate…Who does what now as a result of today's planning session?
Record, and ensure each person knows exactly what and when, and agrees they can do it and will do it!
This includes getting the plan formally documented, distributed and agreed by all... by the agreed deadline.