Podcast: Play in new window | Download (Duration: 49:07 — 45.1MB) | Embed
Subscribe or Follow RSS | More
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.
Links Mentioned
Connect and Engage
- Subscribe to the podcast
- Watch episodes on YouTube
- Follow Profit First For Lawyers on social media: LinkedIn | Instagram | Facebook
- Email us your feedback at podcast@profitfirstforlawyers.com
- Order your copy of Profit First for Lawyers today! https://a.co/d/e9KCTrr
