Setting Your Path: Creating a Business Plan
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The document discusses creating an effective business plan for lawyers. It emphasizes identifying a niche practice area and market, developing relationships with referral sources, learning about prospective clients, and becoming visible in the niche community through activities like writing, speaking, and volunteering. The business plan should include goals, strategies for business development and profile building, and a budget for billable versus non-billable time allocation. Creating a 90-day action plan can help achieve business plan goals.
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Setting Your Path: Creating a Business Plan
- 1. Setting Your Path: Creating a Business Plan By Michael Blachly © Looper Reed & McGraw, P.C.
- 2. What Happens Without a Plan … © Looper Reed & McGraw, P.C.
- 3. Understanding The Business Plan Power / Action Direction / Items Strategy © Looper Reed & McGraw, P.C.
- 4. A Business Plan is a Fluid Document © Looper Reed & McGraw, P.C.
- 5. Keep SMART Goals in Mind © Looper Reed & McGraw, P.C.
- 6. What to Cover? Your Personal Brand Niche & Existing Practice Client Area Focus Focus Business Plan Prospect Referral Client Focus Focus © Looper Reed & McGraw, P.C.
- 7. A Down & Dirty Business Plan •Identify & Learn Practice – You need to be good at what you do first. •Identify & Learn Niche Market – Identifying a market niche is KEY to making the rest of this process easier Niche & •Get Involved in Niche Market – Join organizations, attend events, build relationships with industry media, speak at events, get involved in the leadership, write a blog. Practice •Identify Referral Sources – Clients, past clients, LRM, CPAs, doctors, friends, family, personal activities, classmates, etc. •Build Relationships – Take to lunch or ballgame, help them out, keep in touch. •Make Sure to Communicate What You Do – Give them literature, explain your practice. Referrals •Learn About Their Company and Industry – Read 10k filings, OneSource reports, Google alerts, industry publications, visit their office, use third party contacts who may know more details, learn what keeps them up at night. •Learn About Their Personal Life – Family names, birthdays, vacations, hobbies (record it all so you can take advantage of Prospect it), make them a friend. Clients •Listen to Their Problems and Close the Deal •Keep in Constant Communication With Them – Keep them updated on the process and the budget. Even after the legal matter is over, keep the relationship active through lunches and mailings. •Cross Sell Other Areas of the Firm – It is proven that cross-selling solidifies the client relationship even more. Clients •Recognize Top Tier Clients – Give them a gift, consider alternative fees or discounts. © Looper Reed & McGraw, P.C.
- 8. Where to Start? © Looper Reed & McGraw, P.C.
- 9. The Big Questions: Are you a Generalist or a Specialist? © Looper Reed & McGraw, P.C.
- 10. Niche Industries… Accounting / CPA Firms Hospitality Industry Advertising Industry Insurance Industry Aerospace Industry Legal Industry Agriculture Industry Manufacturing Industry Airline Industry Media / Broadcasting Industry Automotive Industry Mining, Forestry & Resources Industry Banking & Financial Services Industry Motion Picture & Television Industry Biotechnology Industry Music Industry Call Centers Industry Online Services Industry Cargo Handling Industry Pharmaceuticals Industry Chemicals Industry Publishing Industry Computer / Software / IT Industry Real Estate Industry - Commercial Construction Industry Real Estate Industry - Industrial Consulting Industry Real Estate Industry - Residential Consumer Products Industry Retail & Wholesale Industry Cosmetics Industry Securities & Commodity Exchanges Defense Industry Service Industry Education Industry Sports Industry Electronic Games Industry Staffing Firms / Outsourcing Industry Electronics Industry Technology Industry Energy / Oil & Gas Industry Telecommunications Industry Entertainment & Leisure Industry Tourism Industry Fashion & Apparel Industry Toy / Children Focused Industry Food, Beverage & Tobacco Industry Transportation / Railroad Industry Health Care Industry Utilities / Waste Management Industry Home Furnishings Industry © Looper Reed & McGraw, P.C.
- 11. The Big Questions: What do you want them to hire you to do? © Looper Reed & McGraw, P.C.
- 12. The Big Questions: What do you need to Learn? © Looper Reed & McGraw, P.C.
- 13. The Big Questions: How are you going to become Visible & Credible? © Looper Reed & McGraw, P.C.
- 14. Profile Building • Internet Presence • Professional / Bar Organizations • Community / Civic Activities • Trade & Industry Associations • Articles / Alerts / Media © Looper Reed & McGraw, P.C.
- 15. Relationship Building • Get Organized • Existing Clients • Potential Clients • Existing / Potential Referral Sources • Internal Marketing Activities © Looper Reed & McGraw, P.C.
- 16. Education & Personal Improvement • Legal Education • Business & Industry Education • Personal Development • Firm In-House Education © Looper Reed & McGraw, P.C.
- 17. Pro Bono © Looper Reed & McGraw, P.C.
- 18. Goal Setting: Top Down © Looper Reed & McGraw, P.C.
- 19. Goal Setting: Bottom Up © Looper Reed & McGraw, P.C.
- 20. Budget Your Time • Billable Hours • Non-Billable Hours • Non-Billable Activities • Profile Building • Relationship Building • Education & Professional Improvement • Pro Bono © Looper Reed & McGraw, P.C.
- 21. Prioritization Matrix High Return Do it Plan It Now! (Major Projects) Easy to Hard to Implement Implement Don’t Consider Bother Low Return © Looper Reed & McGraw, P.C.
- 22. Create 90-Day Goals © Looper Reed & McGraw, P.C.