“Nostalgia is not a strategy.”
– MP, AmLaw 50 firm
A strategic plan is no longer a nice-to-have. Our own and others’ research confirm that firms that have a compelling, distinctive strategy (and stick to it) consistently outperform those that don’t.
Internally, strategic clarity serves as a filter to make business decisions for the firm (from investment and recruiting/staffing, to compensation and marketing). Externally, it sends a clear message to the market; clients know what your firms stands for.
Developing a strategic plan should be a serious undertaking for a firm; it helps define the firm’s future. That said, it’s not a mysterious process – it’s about making better choices in order to win. The plan need not (and should not) be a lengthy document. Rather it should be a clear-eyed articulation of where the firm is, crisp articulation of the direction forward, priority opportunities to focus on and action items that will deliver on the firm’s goals.
The “end product” should be incisive and to the point, including, among other things, a “Plan on a Page” so that agreed-to priorities, action items and responsible parties are clearly laid out and can be readily tracked.
Strategic planning is part of our DNA.
At Adam Smith, Esq., we work with firms of all types and sizes and in all geographies to help them develop and articulate effective strategies leading to meaningful increases in performance. Whether you’re starting with a clean sheet of paper or feel your strategy needs a refresh our process is an inclusive one that helps facilitate the all-important buy-in and subsequent implementation.
We have a variety of techniques to get at the information or insights needed to build a robust plan, including:
- How to identify your best opportunities
- Does your strategic plan need a tune-up?
- How to ensure strategic plans actually happen