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Now that you know you need a business plan, it’s time to understand how to put one into place for your law firm. We are joined by Erika Ferenczi. Director of Programs at How To MANAGE a Small Law firm who simplifies the process of developing your business plan.
The Importance Of A Business Plan
Erika removes the barriers to building your business plan with a simple and strategic process that removes what many law firm owners feel is a complicated and time-consuming document. The fact is your business plan should explain in plain English how the business will make a profit and provide the money the owner needs to live the life they want to live.
Reverse Engineering Your Goals
To create a business plan, Erika suggests these steps:
- Identify where you are now and where you want to be in terms of personal, professional, and financial goals.
- Determine the number of sales, leads, and consultations needed to reach your revenue target.
- Smaller law firm owners should develop a marketing plan focused on grassroots strategies to generate leads
- Outline the seven parts of the business: marketing, sales, production, people, physical plant, financial reports, and you.
- Identify the skills you need to develop as a business owner to be more successful.
Key Takeaways
- A business plan should be simple, straightforward, and focused on achieving your personal and professional goals.
- Reverse engineer your goals to determine the sales, leads, and marketing efforts needed to reach your targets.
- Your success in life will be directly related to the level of accountability you have with yourself.
- Think about buying two different hats to represent the two hats you wear as both a lawyer and law firm business owner.
Classic Questions
In this segment, Erika discusses one of RJon’s core philosophies from “Profit First for Lawyers,” of replacing magical thinking with systematic business practices. Erika expands upon this, noting the issue extends beyond law to other professions, where expertise alone will not guarantee success. Instead she recommends law firm owners take action on the teachings within the book to build a thriving and profitable business.
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