Know where you want to go?
As we discussed in last week’s Tip of the Week, knowing where you want your practice to be in the future is the first and most important step in successfully expanding your firm. In order to help determine what kind of practice you are building or which route to take in the future, you should create a Vision and Mission Statement which prove vital to the planning process.
What is a Vision Statement?
It is statement expressing exactly what you are creating. It describes the idea of your firm in a way that fully captures your passion for your business and what truly inspires you. The vision statement describes what you want your firm to be in 5 years.
The vision statement should be very specific. It can address topics such as:
- Atmosphere of your firm
- What your clients should expect
- Important aspects of your business
- Gross profits
- Number of employees
- Number of offices
- Practice areas
For a list of questions to consider when creating a Vision Statement click here.
What is a Mission Statement?
It describes the firm’s purpose, market, values and priorities. The Mission Statement answers the question “Why should a client hire my firm to represent them?”.
Mission Statements are very beneficial for potential clients. It gives the clients the opportunity to immediately get a feel for your firm and how you conduct business. There are three key points to be addressed in any Mission Statement: Purpose, Business and Values.
For example, PILMMA’s Mission Statement clearly expresses our goals and what our clients should expect to receive from us:
“Our goal is to provide our members with the necessary tools, information and education to grow and manage a successful contingency based Personal Injury and Disability law practice. We are committed to fulfilling the marketing and management needs of our members through access to our extensive sources of credible, cutting-edge information and educational events.”
Remember, do not make a promise you cannot keep. Be sure your Mission Statement is realistic, achievable and enforced by all staff.
Once this clear direction is established through your Vision and Mission Statements reaching your ultimate destination will be far easier to accomplish. A road map always helps!
For a complete list of tips for writing Vision and Mission Statements click here.