By: Kelly Margani
Did you know…
Successful law firms plan for their success.
Hm…you don’t say.
But here’s a fun fact. Most strategic plans fail.
Well, maybe that’s not so fun to hear. But it’s the truth. And here’s why.
They fail because, while they’re created with the right intentions, and often at tremendous expense, they lack the most vital keys to success: they lack purpose, they lack direction, and they lack the specific and actionable steps to ensure the plan gets executed.
Most strategic plans are created for the purpose of defining an end state - a destination. Well, yes…isn’t that the point, you might ask?
See, that’s the problem. The real purpose of having a strategic plan is twofold. Yes, of course the destination or desired future state is critical to define. But the part that’s often overlooked is the way there.
A successful plan must not only identify the destination, it needs to identify how you’re going to get there. A real, meaningful Strategic Plan has actual steps, directions and actions you must take, by a certain time, and in a specific order so that you arrive at your destination.
The other key ingredient: co-creation.
A top-down approach to strategic planning misses the mark. Not only are key contributors to its success left out of its creation, but people have a harder time getting behind the work involved in executing something they didn’t have a part in creating.
It’s a fine balance. Strategy by committee is not the goal; it’s not practical, efficient or in the best interest of the business. There are parts of any business direction that are the sole purview of those who have the responsibility of shepherding the business forward, and the information they need to chart that path.
But the boots on the ground, so to speak, are the others in a firm who will certainly be tasked with much of the work involved in reaching the desired future state. And these people often have the perspective and experience that is left out of the planning process. That’s a huge miss.
A great strategic plan guides everyone in the firm, working with the same set of directions and actions, armed with the same filters, toward the same destination. In the case of your firm that destination is your future vision of what success is. Success defined by you, of course, not defined by someone else that sounds good to you.
So how do you create a Strategic Plan that works? It’s simple - but not easy. Here are our top tips for creating a strategic plan that works:
Involve everyone in its creation. Get input from all stakeholders, find out what they think about what the firm does well and where it’s going, where they want to go in it and with it. And take that input as part of the foundation of what you plan to create.
Foster a strategic mindset. The creation of a strategic plan isn’t an event, a one-and-done activity. Having a great strategic plan and making it work for your firm involves learning how to think strategically, and practicing that strategic thinking every day. All day.
Define your vision. A real firm vision isn’t a marketing tagline, it’s a statement that acts as your North Star - forever. It’s so ambitious and audacious that it feels slightly out of reach. Perfect. Because then you can move toward it in perpetuity. You are in a constant state of becoming, as a firm, that which your vision tells you is possible.
Know your values. Every firm needs a set of values that guide the way it - and the people in it - conduct themselves. If you know where you’re going (vision), and you know the values you uphold while you move toward your vision, you’ve got a great foundation. You’ll attract the right people who believe in your vision, who align with your values, and who choose to be along for the ride. Amazing.
Break it down. Once you have your vision, supported by your values, you can start to chart the course. Breaking down your way toward that future vision into smaller, smaller again, and smaller still steps is the only way to succeed. By deconstructing your future vision into actions that are categorized according to the part of the vision they serve, that can be measured and tracked and assigned to individuals with set timelines, you can head out on the road.
Stay the course. Once your plan is set, use it. Every day. For every decision. And with every person in the firm, no matter their role or level. Use your plan as a set of filters that help you evaluate every opportunity that comes your way. Schedule regular check-ins that keep everyone accountable and on track, identify roadblocks, and decide - with your new, strategic thinking lens - how to remove them, get around them, or adapt to them.
The creation of a strategic plan that works, done well, is a months-long process that involves a specific framework, some great facilitation and guidance. But if you use the tips above, you’ll be on your way.
In our Strategic Planning Program, we take our clients through a series of sessions that walk them through these steps (and so many more!) to ensure that they are set up for success.
Here’s what one of our Strategic Planning Program clients had to say about the process of creating a plan with us:
“Very rarely do consultants meet, let alone exceed expectations. But in our strategic planning process you have over-delivered on every dimension. Thank you!” - Name Partner/Managing Partner +40 years in practice (and dozens of strategic plans made along the way)
Want to know more about how it works, and how we can help you? Reach out to book a time to chat! We’d love to hear from you.
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