Applying Expert Advice: Small Firm Business Plan

        Utilizing the advice from business plan experts Jay Turo, CEO of the investment banking firm Growthink, and Dave Lavinksy, President of Growthink, one may incorporate their suggested key business plan components in order to create an impressive, cohesive business proposition that may be presented to potential investors. Specifically, in order to begin a small law firm or solo law practice, one must apply the elements identified by these two industry experts. When preparing my own business plan for my future law firm, I made several major changes after reading Turo and Lavinsky's recommendations.

        The first change I made to my business plan was to make my executive summary two pages, instead of five pages. I realized that summarizing the key points of my business plan in a concise, brief manner would be a more effective way to attract an investor's attention than drawing out the summary in a longer, more detailed manner that may end up boring or distracting the investor from the major key points. The next major change I made was within the "analysis of the competition" section of the plan. Previously, I had highlighted my competition's strengths and weaknesses; however, I did not really differentiate what made my company stand out. After applying the Growthink experts' advice, I have emphasized the differentiators of my company and what it is that makes my law firm unique.

        The most important aspect of any business plan, in my opinion, are the financial statements. These statements break down the company's revenue, assess any needed revenue, determine the start-up costs for the business, lay out the marketing budget, determine the staffing budget, set forth sales projections, and allocate proposed use of funds. I tend to agree with another industry expert, Attorney Fred S. Steingold, who states that the most important element of a business plan is the financial forecast. Before reading Attorney Steingold's suggestion that having strong, specific financial forecast is the key element to securing an investor, I previously felt as though the most important aspect of a business plan was the company analysis, since this element offers a description of the products and services offered, and describes exactly what the idea and concept of the business is. 

      However, as Steingold points out, investors are not going to simply jump at a chance to contribute money toward a novel or sound "idea." A description of services or innovative idea is not going to be sufficient to secure an investment- no matter how detailed, new, or unique it seems. Investors want to see a return on their money, which is why they are mainly concerned with numbers and facts. Having actual sales projections, proof of future income, and financial projections that are backed up with legitimate research and market trends that show proof of what will be driving sales, are what will be most impressive to potential investors. Because of Steingold's words of wisdom, my personal business plan for my small law firm now has a strong financial projection plan, as opposed to simply novel ideas, or vague descriptions of legal services. 

      Thanks to the wealth of knowledge provided by various industry experts such as Jay Turo, Dave Lavinsky, and Fred Steingold, my own small law firm's business plan has improved drastically. Applying the advice of industry experts is highly recommended, one can always learn and evolve by studying other's professional successes, and applying what works for them to one's own personal business endeavors. 

WebRep

currentVote

noRating

noWeight