How to Create a Strategic Plan for Growing Your Business in 2015

//How to Create a Strategic Plan for Growing Your Business in 2015

If you are looking to increase revenue and staff at your small law firm in the next year, a strong strategic growth plan is imperative. Whatever type of growth you are striving for, having a plan in place will keep you focused and on track towards your goals. Your plan will be your guiding compass for the coming year in all decisions you make. We realize creating a strategic plan may sound daunting, so we have compiled some tips and steps for you to follow.

Here are 7 Tips for Creating your 2015 Strategic Business Plan

  1. Define your values, vision, mission, objectives, strategies and goals. These are the key and foundational elements of your strategic growth plan. Without them, your growth will be unfocused and could even be counterproductive. We recommend making it a firm-wide exercise to narrow down and define what is most important to your company. Having all employees involved gets everyone on the same page and gives staff an opportunity to have a say about the shape the business takes.
  2. Understand your clients. Think about how they met you, why they chose you, what their background is and so on. It’s important to really understand the clients that you are pursuing. This knowledge will especially help you in your marketing efforts.
  3. Learn from your losses. Take a look at business you’ve lost or places you made mistakes. Based on that insight, determine where it’s important to spend time improving in the year ahead.
  4. Review the market. An understanding of your competitors will be key to your business growth in 2015. What are their values? Who is their client base? Are there alliances to explore?
  5. Distinguish yourself. Analyze your strengths and weaknesses. What are the distinguishing factors your firm possesses? From there, focus on what you need to invest in to build up strengths and seize opportunities.
  6. Prepare a marketing plan. Whether you run your own marketing or hire an agency, get a marketing plan in place that will support the growth you desire. Decide what kind of messaging you’ll focus on, which channels you’ll use to reach your target market, and how you’ll compel them to take action.
  7. Prioritize business development. This may be the hardest part. Time is scarce in a small law firm, but you have to commit to developing your business every day. Set aside at least 2-3 hours each week to work on shaping your growth plans and building new relationships that could lead to business for your firm.

Need to free up some time to get focused on business growth in 2015? Streamlining your processes with a case management tool like Smokeball could help.

By |December 16th, 2014|

About the Author:

For years, Josh has helped lawyers become more organized, productive, and profitable. A trained litigator, Josh came to Smokeball from a large east-coast law firm where his practice focused on franchise, insurance, marine, and general litigation. His work with Smokeball, and his continued passion for what he does each day, is driven by a desire to help lawyers and their staff do better in every way. Knowing well the stress and strain put on today’s legal professional, he regularly focuses on improving work and life in the law. He has traveled the country working with and learning from lawyers and their staff. Josh speaks regularly to bar associations about successful law firm practices and other legal topics. Recent notable engagements have been with the Chicago Bar Association, the Illinois State Bar Association, and the Missouri Bar’s Solo and Small Firm Conference. In addition to his work at Smokeball, Josh serves on the Writing Resource Center staff at The John Marshall Law School. Besides legal technology, his research interests include judicial decision-making, jury decision-making and psychology, and legal writing. He has written and overseen research exploring causal effects of sex/gender on federal appellate court decision-making, and assisted with research for a forthcoming textbook on judicial decision-making. Additionally, Josh sits on the Board of Directors of Chicago-based Community Activism Law Alliance and on the Board of Directors of Chicago Fringe Opera Company. Josh holds his J.D., cum laude, from Washington University in St. Louis, where he served as a Senior Editor of the Wash. U. Law Review, held the prestigious Thompson Coburn Research Fellowship, served as Research Assistant to then-Vice-Dean (now Chancellor) Andrew D. Martin, and clerked at the U.S. District Court for the Eastern District of Missouri. He holds a B.A. in Political Science and a B.M. in Music Performance with Honors Scholar distinction from the University of Connecticut, making him a Huskies basketball fan through and through. Follow Josh’s activity on LinkedIn, and keep up with new articles on the Smokeball Blog.