Strategic planning

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• Does your practice have a clear long-term vision and plan?
• Do you share details of this plan with your staff?
• Do your staff members understand their roles and responsibilities in the implementation of this plan?
• Do you monitor progress on a regular basis?

If the answer to any of these questions is no, the chances are that your practice strategy is ad-hoc in nature. It’s not surprising that many professional firms do not have a clear plan for the future.

They focus on the day to day. They are largely reactive when it comes to client management, staff development and marketing.

They accept organic growth when dynamic growth is possible. In past times, professional firms would survive and even prosper with a focus on technical skills and personal attention to client needs. Increasingly, these firms will find themselves accepting lower-value clients and accepting lower value staff because they simply cannot compete with proactive professional firms.

The key steps involved in developing and implementing effective business strategies are straightforward and in most cases, already known to business leaders. A commitment to successful implementation is often what is lacking.

A successful strategy for growth should incorporate :

• Setting aside adequate time for reflection and planning
• Involvement of all key stakeholders in developing the overall plan
• Communicating to the team their role in the implementation of the plan
• Effectively delegating responsibility for specific actions and tasks
• Establishing key performance indicators to measure outcomes
• Putting in place milestones and reward programs

As a first step in understanding where the firm is heading, Business Aptitude typically conducts a Strategic Audit. Click here for further information.