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Setting Your Path:
   Creating a Business Plan
   By Michael Blachly
© Looper Reed & McGraw, P.C.
What Happens Without a Plan …




© Looper Reed & McGraw, P.C.
Understanding The Business Plan




                         Power / Action   Direction /
                            Items          Strategy

© Looper Reed & McGraw, P.C.
A Business
        Plan is a Fluid
          Document

© Looper Reed & McGraw, P.C.
Keep
                               SMART
                               Goals
                               in Mind


© Looper Reed & McGraw, P.C.
What to Cover?

                                                    Your
                                                  Personal
                                                   Brand



                                                                    Niche &
                               Existing
                                                                    Practice
                                Client
                                                                     Area
                                Focus
                                                                     Focus
                                                 Business
                                                   Plan


                                      Prospect
                                                             Referral
                                       Client
                                                              Focus
                                       Focus



© Looper Reed & McGraw, P.C.
A Down & Dirty Business Plan
                    •Identify & Learn Practice – You need to be good at what you do first.
                    •Identify & Learn Niche Market – Identifying a market niche is KEY to making the rest of this process easier
      Niche &       •Get Involved in Niche Market – Join organizations, attend events, build relationships with industry media, speak at
                     events, get involved in the leadership, write a blog.
      Practice



                    •Identify Referral Sources – Clients, past clients, LRM, CPAs, doctors, friends, family, personal activities, classmates, etc.
                    •Build Relationships – Take to lunch or ballgame, help them out, keep in touch.
                    •Make Sure to Communicate What You Do – Give them literature, explain your practice.
     Referrals


                    •Learn About Their Company and Industry – Read 10k filings, OneSource reports, Google alerts, industry publications,
                     visit their office, use third party contacts who may know more details, learn what keeps them up at night.
                    •Learn About Their Personal Life – Family names, birthdays, vacations, hobbies (record it all so you can take advantage of
      Prospect       it), make them a friend.
       Clients      •Listen to Their Problems and Close the Deal




                    •Keep in Constant Communication With Them – Keep them updated on the process and the budget. Even after the legal
                     matter is over, keep the relationship active through lunches and mailings.
                    •Cross Sell Other Areas of the Firm – It is proven that cross-selling solidifies the client relationship even more.
       Clients      •Recognize Top Tier Clients – Give them a gift, consider alternative fees or discounts.




© Looper Reed & McGraw, P.C.
Where to Start?




© Looper Reed & McGraw, P.C.
The Big Questions:
  Are you a Generalist or a Specialist?

© Looper Reed & McGraw, P.C.
Niche Industries…
                      Accounting / CPA Firms                       Hospitality Industry
                        Advertising Industry                       Insurance Industry
                        Aerospace Industry                            Legal Industry
                        Agriculture Industry                    Manufacturing Industry
                          Airline Industry                  Media / Broadcasting Industry
                       Automotive Industry             Mining, Forestry & Resources Industry
               Banking & Financial Services Industry    Motion Picture & Television Industry
                      Biotechnology Industry                          Music Industry
                       Call Centers Industry                    Online Services Industry
                     Cargo Handling Industry                   Pharmaceuticals Industry
                        Chemicals Industry                         Publishing Industry
                 Computer / Software / IT Industry        Real Estate Industry - Commercial
                       Construction Industry                Real Estate Industry - Industrial
                        Consulting Industry                Real Estate Industry - Residential
                   Consumer Products Industry                 Retail & Wholesale Industry
                        Cosmetics Industry               Securities & Commodity Exchanges
                         Defense Industry                            Service Industry
                        Education Industry                           Sports Industry
                    Electronic Games Industry           Staffing Firms / Outsourcing Industry
                        Electronics Industry                      Technology Industry
                    Energy / Oil & Gas Industry              Telecommunications Industry
                 Entertainment & Leisure Industry                   Tourism Industry
                    Fashion & Apparel Industry             Toy / Children Focused Industry
                Food, Beverage & Tobacco Industry         Transportation / Railroad Industry
                       Health Care Industry            Utilities / Waste Management Industry
                    Home Furnishings Industry

© Looper Reed & McGraw, P.C.
The Big Questions:
       What do you want
       them to hire you
       to do?



© Looper Reed & McGraw, P.C.
The Big Questions:
   What do you need to Learn?




© Looper Reed & McGraw, P.C.
The Big Questions:
                               How are you going to
                               become Visible &
                               Credible?
© Looper Reed & McGraw, P.C.
Profile
                                                     Building

                               • Internet Presence
                               • Professional / Bar Organizations
                               • Community / Civic Activities
                               • Trade & Industry Associations
                               • Articles / Alerts / Media
© Looper Reed & McGraw, P.C.
Relationship
   Building
    • Get Organized
    • Existing Clients
    • Potential Clients
    • Existing / Potential Referral Sources
    • Internal Marketing Activities

© Looper Reed & McGraw, P.C.
Education &
    Personal Improvement
     • Legal Education
     • Business & Industry
       Education
     • Personal
       Development
     • Firm In-House
       Education

© Looper Reed & McGraw, P.C.
Pro Bono
© Looper Reed & McGraw, P.C.
Goal Setting: Top Down
© Looper Reed & McGraw, P.C.
Goal Setting: Bottom Up
© Looper Reed & McGraw, P.C.
Budget Your Time
    • Billable Hours
    • Non-Billable Hours
    • Non-Billable Activities
           • Profile Building
           • Relationship Building
           • Education & Professional Improvement
           • Pro Bono




© Looper Reed & McGraw, P.C.
Prioritization Matrix
                                         High Return




                                 Do it                 Plan It
                                 Now!             (Major Projects)


          Easy to                                                      Hard to
        Implement                                                    Implement


                                                      Don’t
                               Consider
                                                      Bother


                                         Low Return
© Looper Reed & McGraw, P.C.
Create
                               90-Day
                               Goals
© Looper Reed & McGraw, P.C.

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Setting Your Path: Creating a Business Plan

  • 1. Setting Your Path: Creating a Business Plan By Michael Blachly © Looper Reed & McGraw, P.C.
  • 2. What Happens Without a Plan … © Looper Reed & McGraw, P.C.
  • 3. Understanding The Business Plan Power / Action Direction / Items Strategy © Looper Reed & McGraw, P.C.
  • 4. A Business Plan is a Fluid Document © Looper Reed & McGraw, P.C.
  • 5. Keep SMART Goals in Mind © Looper Reed & McGraw, P.C.
  • 6. What to Cover? Your Personal Brand Niche & Existing Practice Client Area Focus Focus Business Plan Prospect Referral Client Focus Focus © Looper Reed & McGraw, P.C.
  • 7. A Down & Dirty Business Plan •Identify & Learn Practice – You need to be good at what you do first. •Identify & Learn Niche Market – Identifying a market niche is KEY to making the rest of this process easier Niche & •Get Involved in Niche Market – Join organizations, attend events, build relationships with industry media, speak at events, get involved in the leadership, write a blog. Practice •Identify Referral Sources – Clients, past clients, LRM, CPAs, doctors, friends, family, personal activities, classmates, etc. •Build Relationships – Take to lunch or ballgame, help them out, keep in touch. •Make Sure to Communicate What You Do – Give them literature, explain your practice. Referrals •Learn About Their Company and Industry – Read 10k filings, OneSource reports, Google alerts, industry publications, visit their office, use third party contacts who may know more details, learn what keeps them up at night. •Learn About Their Personal Life – Family names, birthdays, vacations, hobbies (record it all so you can take advantage of Prospect it), make them a friend. Clients •Listen to Their Problems and Close the Deal •Keep in Constant Communication With Them – Keep them updated on the process and the budget. Even after the legal matter is over, keep the relationship active through lunches and mailings. •Cross Sell Other Areas of the Firm – It is proven that cross-selling solidifies the client relationship even more. Clients •Recognize Top Tier Clients – Give them a gift, consider alternative fees or discounts. © Looper Reed & McGraw, P.C.
  • 8. Where to Start? © Looper Reed & McGraw, P.C.
  • 9. The Big Questions: Are you a Generalist or a Specialist? © Looper Reed & McGraw, P.C.
  • 10. Niche Industries… Accounting / CPA Firms Hospitality Industry Advertising Industry Insurance Industry Aerospace Industry Legal Industry Agriculture Industry Manufacturing Industry Airline Industry Media / Broadcasting Industry Automotive Industry Mining, Forestry & Resources Industry Banking & Financial Services Industry Motion Picture & Television Industry Biotechnology Industry Music Industry Call Centers Industry Online Services Industry Cargo Handling Industry Pharmaceuticals Industry Chemicals Industry Publishing Industry Computer / Software / IT Industry Real Estate Industry - Commercial Construction Industry Real Estate Industry - Industrial Consulting Industry Real Estate Industry - Residential Consumer Products Industry Retail & Wholesale Industry Cosmetics Industry Securities & Commodity Exchanges Defense Industry Service Industry Education Industry Sports Industry Electronic Games Industry Staffing Firms / Outsourcing Industry Electronics Industry Technology Industry Energy / Oil & Gas Industry Telecommunications Industry Entertainment & Leisure Industry Tourism Industry Fashion & Apparel Industry Toy / Children Focused Industry Food, Beverage & Tobacco Industry Transportation / Railroad Industry Health Care Industry Utilities / Waste Management Industry Home Furnishings Industry © Looper Reed & McGraw, P.C.
  • 11. The Big Questions: What do you want them to hire you to do? © Looper Reed & McGraw, P.C.
  • 12. The Big Questions: What do you need to Learn? © Looper Reed & McGraw, P.C.
  • 13. The Big Questions: How are you going to become Visible & Credible? © Looper Reed & McGraw, P.C.
  • 14. Profile Building • Internet Presence • Professional / Bar Organizations • Community / Civic Activities • Trade & Industry Associations • Articles / Alerts / Media © Looper Reed & McGraw, P.C.
  • 15. Relationship Building • Get Organized • Existing Clients • Potential Clients • Existing / Potential Referral Sources • Internal Marketing Activities © Looper Reed & McGraw, P.C.
  • 16. Education & Personal Improvement • Legal Education • Business & Industry Education • Personal Development • Firm In-House Education © Looper Reed & McGraw, P.C.
  • 17. Pro Bono © Looper Reed & McGraw, P.C.
  • 18. Goal Setting: Top Down © Looper Reed & McGraw, P.C.
  • 19. Goal Setting: Bottom Up © Looper Reed & McGraw, P.C.
  • 20. Budget Your Time • Billable Hours • Non-Billable Hours • Non-Billable Activities • Profile Building • Relationship Building • Education & Professional Improvement • Pro Bono © Looper Reed & McGraw, P.C.
  • 21. Prioritization Matrix High Return Do it Plan It Now! (Major Projects) Easy to Hard to Implement Implement Don’t Consider Bother Low Return © Looper Reed & McGraw, P.C.
  • 22. Create 90-Day Goals © Looper Reed & McGraw, P.C.