Reasons to Revisit and Revise Your Business Plan

A common misconception about business plans is that once they are written they cannot (and should not) be revised, edited, or changed in any way. In reality, business plans are documents that should be written and then revised as needed as a business grows and evolves.

It’s practically impossible to compose a business plan and expect it to remain completely pertinent several years later. In fact, a business plan can become outdated in as little as a few weeks or months.

A solo law practice is no different from any other type of small business. A business plan is not only useful, but it’s essential for helping your law practice stay on-track. A business plan is more than just words on a piece of paper. It’s a guide and a point of reference that can and should be used to help you make professional choices that will benefit your business.

A written business plan can help you set goals and measure success. When information is put in writing, it’s memorialized, which will help you remain committed to the plan’s stated objectives.

Here are a few specific reasons to revisit and revise your business plan the entire time you are practicing law as a solo attorney:

Setting Goals. Without putting your ambitions as a solo attorney and small business owner into a business plan, how will you know when you’ve met your original goals? As an attorney, you might want to gain a certain number of new clients by a certain date. Having this type of goal written into your business plan will help motivate you to reach milestones.

Making Adjustments. Reviewing your business plan on a regular basis helps you pinpoint areas in which you should adjust your plan of operations. If a goal written into your business plan is proving to be unattainable, adjusting the plan can help you realize a more successful professional future.

Determining Your Target Market. Over the course of time, your professional focus might change. If this is the case, your target market will inevitably adjust as well. Being able to accurately identify your target market will help you develop a more successful marketing strategy. Describing your target market in your business plan can help you recognize prospective clients more accurately.

Measuring Success. A business plan is supposed to help you reach professional and financial success. Your plan can be used as a motivational tool to help you identify accomplishments.  When success is achieved, your business plan should be revised to inspire you to reach additional goals that you may have never thought possible.

It can be helpful to schedule a specific date to revisit and revise your business plan. Some people like to review their plan at the beginning of each new year. Others like to review their plan at the end of each quarter. No matter what review calendar you select, you can be sure that the process of examining your business plan will inspire you to focus on changes that will help you attain a greater level of accomplishment.