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Latest Issues

29/01/2006 - Why is strategy important?

Any business can survive from day to day or even from year to year if its income exceeds its expenses.

If the entire focus is on making income exceed expenses for the next month or the next year no business will achieve its potential.

Too many law firms run themselves from year to year steering themselves by using an annual budget.

Decisions are made based solely on achievement of the current annual budget.

Why is this a problem?

There is:
No appreciation of the competitive environment
No understanding of the best types of clients or work to target
No understanding of the markets in which the clients are operating
No expressed vision of the type of business the firm is or how its people should behave
no longer term planning for the future of the business and investment required

All businesses, no matter how small need to express their vision, the kind of people they are and the kind of business they want to be. Having done this they need to develop strategy to give them a route map to take the business forward.

Having developed the strategy, the annual plans and budgets can be set.

The first step in developing strategy is to understand the environment in which the business operates.

Consider the 5 forces model of Prof Michael Porter(Above).

Then analyse the competitors. What do they sell, to whom and how?

Look at what the clients’ value. What will they buy and from whom? How much will they pay?

What are the Key Success Factors?

Once you know this, consider what resources and capabilities the firm already has and may need to develop.

Then create the strategy.

Is properly formulated strategy essential? It is if you want to achieve the potential of your business.

© Phil Jepson 2006

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