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Wonderful Business Development Plan For Lawyers

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Business Development Plan For Lawyers

What are the critical steps needed to achieve a successful business plan? This may come as a surprise to my fellow business consultants, but producing a successful business plan is not as difficult as people often think, so long as they follow a logical sequence. Here is my considered view as to the critical steps. 1. Understand what you are planning and why; 2. Define the activities of your organisation; 3. Outline the current position of the business; 4. Review and discuss the external market conditions, undertake and understand a competitive analysis, and define your market positioning; 5. Define your core objectives; 6. Prepare and articulate the strategy to attain and meet the objectives; 7. Identify and review risks and opportunities; 8. Prepare a strategy to deal with risks and exploit opportunities; 9. Refine the strategies into operational plans; 10. Prepare financial forecasts including revenues, costs, cash_flow, capital expenditure and assumptions adopted; 11. Finalise the plan; 12. Get it approved; 13. Use it; 14. Review it regularly and update as appropriate.

Create A Capital Plan: Next, I would develop a capital plan identifying dollars to be spent on the business to increase its overall value. While all capital dollars may not entirely be discretionary _ i.e., investing dollars for anticipated return from growth _ it is necessary to determine how capital dollars will be allocated whether for discretionary purposes or general maintenance. Projects that require capital are critical for the company growth and must be managed to their desired return, avoiding shortfalls in ROI or issues involving "capital creep". If you haven't already, setting up a capital committee to review expenditures in advance of the start of the project provides some assurance that the projects have been vetted against return on investment. Lastly, developing a post_audit process enables the team to review and monitor the progress of ongoing investments.

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