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 Program 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 timeconsuming 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

Business Plan Workbook https://profitfirstforlawyers.com/action'>https://profitfirstforlawyers.com/action

How To MANAGE a Small Law Firm
https://howtomanage.com

HTM App
https://howtomanageasmalllawfirm.com/...

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Key Moments
00:45 Welcome
1:14 Interview with Erika Ferenczi begins
1:55 Erika's Journey from Finance to Marketing
5:54 The Essence of a Good Business Plan
9:53 Turning Dreams into Tangible Goals
15:16 The Tactical Steps to Crafting Your Business Plan
23:02 Simplifying the Business Plan Process
27:40 Switching Hats: Lawyer Hat to Law Firm Owner Hat
30:45 Business Plan Workbook: https://profitfirstforlawyers.com/action'>https://profitfirstforlawyers.com/action
31:12 Mapping Out the 7 Main Parts of a Business Plan
36:17: The Magic of Personal Development
43:07 The Power of Accountability
46:31 Leverage Resources like the HTM App https://howtomanageasmalllawfirm.com/app
48:07 Wrapup