The best time to build your Practice-Group Business Development Plan was last year. The second best time is now. Let’s get started!
Business development plans are used in all successful corporate environments because a business development plan ensures that there are certain methods and processes implemented into actively managing and expanding a company. The plan removes the concept of leaving things to chance and takes proactive action to grow a company or firm.
It is time for Law Firm Practice Groups to adopt and implement a business development plan therefore, in this blog we are going to breakdown:
1 – What is a practice group business development plan?
2 – Why should law firm practice groups have a business development plan?
3 – How can Nexl help your law firm get more from their Practice Group Business Development Initiative?
What is a practice group business development plan?
A business development plan for a practice group has two main functions, with the first being that it invites team leaders to develop a vision on how to grow and build out the practice. The second function is then for the team to create a process to execute on that vision. Essentially the business development plan makes all members of the practice group start to think about their practice group as a business.
“A business is a commercial operation that carries out professional activities” – Oxford
Overall business plans take all financial and operational elements into consideration however their main focus is on growth that impacts top-line growth. For a practice group, the business development plan should focus its energy into three main aspects, starting with the operationalising of the growth strategy. The second most important aspect is setting out routines that are realistic and achievable while still in line with the overall plan. Lastly, the practice group needs to insert their energy into forming new habits off the back of the set routine that will lead to revenue growth.
At Nexl, we believe that business planning at practice group level should be very practical and action orientated. Whilst there is value in developing a detailed vision, performing a SWOT analysis, analysing your competitors etc., the overall value of your plan resides in the plan’s ability to get things done and grow your revenue.
Why should law firm practice groups have a business development plan?
There are multiple purposes of having a business plan however these are the most important for practice groups beginning with the most beneficial purpose which is a business plans helps generate opportunities that can convert your relationships into revenue. A business development plan will help the practice group better understand their current market position and set a direction for growth by developing a roadmap with milestones to help the group reach their gaols. With these goals, a business development plan has clear and measurable objectives in place to guide the efforts of the practice group as well as monitor their progress. The plan analyses the client base of the firm to identify opportunities for cross-serving which is an important element for law firms. Click here to read more about cross-selling programs. With a business development plan the practice group will also be able to identify new prospects and design actions and initiatives targeted to key clients.
Through the implementation of a business development plan, practice groups will see long-term positive revenues, strong internal and external positioning, a stronger client portfolio that can stand on its own, a healthier pipeline with achievable opportunities, clarity and focus on key clients and prospects, and an institutionalised business management process.
How can Nexl help your law firm get more from their Practice Group Business Development Initiative?
Nexl’s Projects module is the ideal tool to manage and run your practice group business development. When in Nexl Cloud Revenue Operation, under Productivity you will find the Projects module, which has features specifically designed to run you practice group business development plan.
Here’s how law firms can organise their practice group business development projects on Nexl:
Step 1: Name Your Project & Link it to MS Teams
Your cross-selling initiative can be managed as a Project on Nexl, here you are able to name, describe, and link your project to Microsoft Teams for seamless integration.
Step 2: Build your Practice Group Business Development Team
Your cross-selling initiative can be managed as a Project on Nexl, here you are able to name, describe, and link your project to Microsoft Teams for seamless integration.
Step 3: Set SMART Objectives & Actionable Tasks
Another important function for any project is setting the SMART objectives necessary to keep your team on track and focused which can be done via Nexl’s Objectives module. Thereafter, each objective can be assigned actionable tasks which are given their own individual owner which ensures transparency and accountability.
Step 4: Track Opportunities to Manage your Practice Group Pipeline
Here the practice group leads will task itself with logging all inbound and outbound referrals to keep track of referrals and stay on top of opportunities. All relationships will be logged and kept up-to-date automatically to keep tabs on any and all engagement.
Step 5: Activate your practice group business development plan with list building for clients and prospects
Nexl Offers built-in client prospecting tools which allows you to easily identify your firm’s footprint across a specific sector/geography, and add new prospective clients even when you haven’t yet got an existing relationship.
Step 6: Grow Your Revenues
On top of all these incredible functions, Nexl offers the added benefit of having access to the data and functionalities such as Opportunity Tracking right from within your Outlook meaning that the law firm can grow their revenues from the comfort on their couch.
If you would like to know more about how Practice Group Development Plans work and how Nexl can run them for you, click here to read the Project Use Case and get in touch for your demo.
