Graphical version of site | Change Colour Settings
INTRODUCTION
It is probably true that all successful businesses have a good business strategy.
Unfortunately that encourages people to think that if you have a good business strategy your business will be successful. That is not completely true.
A good business strategy alone is not enough to create true success.
Why?
The answer is that there are 5 levels in business success and strategy is only 1 of them.
Strategy is the third level. There are two higher levels, which must be in place in order for a strategy to mean anything.
VISION
The highest level. The vision is “Where you want to be”, the definition of the goal of the firm.
Eg
The most profitable law firm in the city
The firm in the city with the most plc clients
The leading firm in each of our practice areas as ranked by the Legal Press.
OBJECTIVES
Having agreed a vision their needs to be a timescale to reach it, targets to meet along the way and timescales to meet them to enable measurement of progress towards the vision.
The objectives deal with “When we are going to reach the vision, what are the milestones along the way and when we will reach them”
STRATEGY
Knowing where you want to be and when you want to be there is vital. The next step is to determine “How to get there”. This is the place of strategy. It is the route you plan to take you to the destination passing the milestones at the allocated times and arriving at the right place on time.
TACTICS
The day-to-day and week-to-week tasks, which must be defined and then carried out if, the strategy is to go forward and succeed. “What needs to be done by individuals and teams to move the business forward along the route?”
ACTION
Implementation. Tasks must be carried out in the agreed way and on time or nothing will move anywhere. There must be systems in place to ensure that “allocated teams and individuals execute their tasks.”
FUNDAMENTAL RULES FOR SUCCESS
All 5 levels must be in place for a law firm, or any other business to be truly successful. A good strategy is an effective route, but is of less value without a destination (Vision) and a time frame for getting there (Objectives).
The vision does not have to be a fixed and immovable object. Markets and external forces change. Skill bases change. Individuals come and go. The vision may need to be refined or completely changed long before it is reached. That is fine. It follows that the other dimensions will also shift to fit with the new vision.
The current versions of the 5 levels should be recorded and available to those leading and (ideally) those working within the firm as readily as possible. The intranet is the ideal place to display the 5 levels if the firm has one.
It requires time and effort to decide, define and record the 5 levels. This time and effort must be spent. It is an investment in the future of the firm. Without it there may be no future.
View News Archives
06/02/2010
Goodbye Alex
Read more about "Goodbye Alex"
06/02/2010
New Chairman
Read more about "New Chairman"
22/10/2009
Market Update - Commercial Law Firms
Read more about "Market Update - Commercial Law Firms"
26/08/2009
The Impact of the Recession on Law Firms
Read more about "The Impact of the Recession on Law Firms"
20/05/2009
Update on World Employment Markets and Hiring Intentions
Read more about "Update on World Employment Markets and Hiring Intentions"
05/03/2009
Time to Change
Read more about "Time to Change"