Strategy: How To Really Drive Your Business Forward
At many times over a number of years, our guest author Peter Noyce, Legal Sector specialist at Menzies, has extolled the virtues of having a clearly defined, joined up business strategy; not just for law firms but any business.
As Peter explains in the following extract from his book Brighter Thinking for Law Firms, “Your leadership team needs to be forward thinking, not just somehow predicting problems before they happen, but also spotting opportunities that will add value to your law firm and its business proposition. All business leaders have frustrations but it is how you deal with those and the solutions that arise that can really drive your business forward.”
I have always said that a regular SWOT (Strengths, Weaknesses, Opportunities and Threats) analysis is an absolute minimum for any business. This will enable you to consider your own business (inward focus) but also what is happening around you. In any fast moving industry, and the legal sector falls into that definition, a combined internal and external focus is an absolute must.
Many management tools exist and whilst we at Menzies have specifically adapted elements for law firms these do not need to be over elaborate. These tools simply need to provide management with access to a documented and discipline-based recorded strategy. As I say if this is simply around a SWOT then you are at least basing your strategy on some kind of structured thinking. And perhaps even at that point ahead of the pack!
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