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______________________________________________________________________________ Nathan Aaron Solicitors - Business Plan (October 2012)
mental health and family law. Purchase of office premises We are still committed to purchasing our own office building as soon as possible. During 2012 / 2013 financial year we intend to launch a major marketing drive (see marketing plan below) which will further promote awareness about our firm. as opposed to renting over the long term and are very keen to take advantage of the current low property prices and low interest rates which have been brought about by the recession. goals and objectives of Nathan Aaron Solicitors. our new office and the new services we can now deliver in Housing law (dependent on our success at the Legal Services Commission’s tender exercise in 2012). We also started a radio programme where we advice the community on the recent changes in law and advice them accordingly. We have indeed made positive steps towards this goal by our move in February this year to where we are now which is a bigger High Street premises. For ease of reference and to ensure parity with the regulatory framework of the Solicitors Regulation Authority (SRA) and the Legal Services Commission (LSC) it has been set out under the headings recommended by the LSC’s Specialist Quality Mark Standard as follows: • Business Plan structure • Detailed current year key objectives • Outline key objectives for the following two years • Description of the client groups to be served • Detail of services to be delivered • Detail of opening hours and access arrangements • Key staff • Finance plan / budget • SWOT analysis • General details on promoting the service • Targeted Marketing Plan Detailed current year key objectives (2012/2013) Marketing During the fourth quarter of the year 2012/2013. We also intend to take on additional outdoor clerks and/or caseworkers in managing the increased work load. We attended several churches. wills and probate. . we launched a major marketing drive within our community and around the UK. seminars and offices whereby we gave advice on immigration.Business Plan Structure This business plan and integrated finance and marketing plan has been prepared in conjunction with the Principal of Nathan Aaron Solicitors and has been tailored specifically to the prevailing business circumstances.
Staff Recruitment We are always on the lookout for qualified staff with a client following in all our Practice areas. Page 2 ____________________________________________________________________________ Nathan Aaron Solicitors . in London and the UK s a whole and we hope to compete favourably with other legal service providers in the area. We employed three employees within the last twelve months. We aim to ensure a month on month increase in our client base and this will be done through appropriate marketing of our services and enhancing our reputations by offering the highest levels of client care and by obtaining good case outcomes. We will also look at the feasibility of making our website more interactive and e-commerce enabled so both clients and staff can gain more functionality and utility from the website.We hope to set a broad goal to try and put ourselves in a strong positive cash flow position by the end of the current Practice year in order to raise funds for a deposit towards our own property.Business Plan (October 2012) Client Care and Development Even though we have now been established in our immediate locally for close to four years. Web Presence We commissioned a new website within the last twelve months but we will continue to substantially increase our presence on the Internet by commissioning the design and construction of another website and linking the website to sites of high traffic both by mutual linking and where financially appropriate. We shall make a note of the number of new clients we see each month and will very carefully monitor the source of our new clients and further tailor our marketing efforts accordingly. we hope to launch a number of recruitment drives within the next 12 months using all the tools at our disposal such as adverts. recruitment agencies and networking opportunities to make a concerted effort to expand our practice according to the increases we expect in our client base as a result of our increased work load and Practice base. We intend to explore ways of making our website more visible in the various search result lists using Search Engine Optimisation (SEO). . we are still determined to grow and make a positive impact on the community around us. The emphasis will be on recruiting highly qualified staff with a client following. We have also implemented a client feedback form given to clients at the conclusion of their cases to identify areas of commendation and areas requiring further improvements in our client care and professional conduct. also by online advertising.
Page 3 _____________________________________________________________________________ Nathan Aaron Solicitors . Detail of services to be delivered . Description of the client groups to be served The firm operates a strict equal opportunities policy in the provision of services to clients and will therefore serve all clients irrespective of race. ♦ Make the firm better known in the locality through engaging with local organisations. we will continue to review our IT capability. religion or belief. people and referral networks and through participating in and supporting local events and initiatives and sponsoring worthy local organisations.IT We are hoping to change PC before the end of the financial year. age. measured through client feedback and the number and size of transactions carried out each year. colour. Any upgrades to the system will be done in a flexible or modular way such that it can be achieved as our needs increase without the need for extensive obsolescence or waste and in order to minimise any necessary down time while work is being carried out. ♦ At the next tender in 2013 to consider obtaining further publicly funded contracts from the Legal services Commission in other areas of law. sex. in order to ensure that we have the most optimal equipment with adequate hardware and software to meet our requirements. ♦ To continue to increase our IT capability through upgrades to our hardware and software and continuous IT staff training to ensure that we always use the best technology available to us. ♦ To continue to diversify our business in an incremental manner even as we expand organically and to expand our private and publicly funded clientele and the areas of work that we practise. security and efficiency relative to other products on the market. marital status or sexual orientation.Business Plan (October 2012) Outline key objectives for the following two years ♦ To raise the firm’s business profile and reputation through marketing and achieving good case outcomes. ethnic or national origins. ♦ To increase the number of fee earning and administrative staff commensurate with the growth of the firms clientele. new software releases and best industry practice. disability. ♦ To increase client satisfaction and market share year on year. through hiring highly qualified and motivated supervisors and staff and redirecting our marketing efforts to respond to changes in both out internal and external environments.
The firm will continue operating as a mainly privately funded general legal practice over the short term but over the medium term we will develop a core specialism in the provision of publicly funded Mental Health Services alongside our general practice and privately funded departments. Home Office locations. we will also attend clients at Detention Centres. We have set out the quantitative part of our finance plan in the form of a budget and quarterly variance analysis which is attached and the qualitative part of our finance plan will now be discussed under the following headings: 1) Sources of finance 2) Financial markets 3) Capital & assets 4) In year expenditure 5) Profits & Expansion 6) Over view Sources of finance • Initial capital has been and will continue to be provided by the Principal. Courts or when necessary in the case of the elderly or disabled. However. Tribunals. • We will also apply for a bank loan if this is deemed to be a more appropriate means of obtaining finance after discussions with our Bank Manager and financial adviser. Page 4 ______________________________________________________________________________ Nathan Aaron Solicitors . where necessary. while also investigating the possibility of obtaining further Community Legal Service (Civil) contracts from the Legal Services Commission. Key Staff The key staff who will deliver the core services of the firm are set out in the firm’s organisation chart and staff list. Financial Plan & Budget We have now updated our business plan and among other things decided to do our financial planning in two parts. • We intend to apply for an overdraft facility if necessary which we will draw upon as necessary if we need short or medium term finance. Hospitals. we will also seek to expand the amount of private work that we do further and expand the categories of law that we cover. namely the quantitative and the qualitative. Ports of entry.30pm Monday to Friday. may be met by the sale of the personal assets of the Principal or refinancing of said assets if necessary. Prisons. in the comfort of their home.30am to 5. • Any long term finance needs which cannot be met by reinvesting profit alone. Over time. .Business Plan (October 2012) Detail of Opening Hours and Access Arrangements Our opening hours will be 9. Police Stations.
1% than Germany at 2. This does not augur well for interest rates which will also come under pressure as governments resist the urge to use them as an instrument of fiscal control especially if the housing market recovers faster than the rest of the economy and there are signs that this could already be happening in some limited areas. Although interest rates are relatively stable for the moment. However we hope that over the course of the third year the ratio will change to 60% private and 40% publicly funded work as we gain the ability to perform publicly funded work in Family and Housing. Wherever financially viable. Page 5 ______________________________________________________________________________ Nathan Aaron Solicitors .2% which is very indicative of the risk aversion of investors and lenders to the Euro and economies connected to the Euro. This is why the principal has resolved to limit the firm’s exposure by limiting the leverage to the absolute minimum so that any increase in interest rates will not adversely affect the firm. assets will be bought rather than leased avoiding the costs of hire purchase or deferred interest financing due to the fact that with most financing of this type. For the first time in years the UK has a lower borrowing rate at 2. we will only spend money on the absolute essentials in all non essential areas. In year expenditure In our current year we will tightly control costs and while no expense will be spared for the good of the firm and for achieving the objectives which have been set out above. Capital & Assets All the necessary capital has been and will continue to be provided by the Principal who will meet monthly with the accountant to review the finances of the firm and inject further capital if necessary. We will also try to defer as many costs as possible to next year when we are confident that we will have a more liquid bank balance and better cash flow as our new categories of law become established and our investment in expansion begins to pay off and we began to see a sustainable and increasing ROI in the 2012/2013 financial year. Profits & Expansion . including the on-going fragile economic recovery and the ever present risk of a double dip recession. the financial markets are still quite turbulent with investors particularly wary of European stocks due to the worsening debt crisis in Greece.Business Plan (October 2012) Financial Markets At the moment. they are also quite low and so are very likely to go up in the future. Spain and Italy.• We expect that the bulk of our income in the current year will come from our privately funded work (80%). the fragility of the Italian and Spanish economies in particular amongst several other factors. the interest rate is often prohibitive default penalties highly punitive.
maintain and retain a loyal client base. • Multilingual fee earners. good cash flow and business prudence. age etc and to expand our corporate client base.Apart from subsistence drawings. • Dissatisfaction among clients of other solicitors in the area • To focus on increasing the scope of our client base in terms of catchment area. SWOT Analysis Strengths • Good legal expertise and knowledge • Several years’ experience of legal practice across the firm • Strong customer service ethic • Strong management experience • Excellent office location near to train stations and serviced by several buses. • To use excellent customer service skills to attract. race. This document clearly sets out the monetary impact of the firm’s objectives and strategic plans. Opportunities • To develop and grow in an area with limited quality legal provision. The Principal will review the financial situation informally on a monthly basis and carry out a formal documented financial review every quarter through the use of variance analysis among other financial tools. expansion and essential items. all profit will be reinvested in the first year and our structured programme of expansion will be followed taking on more staff each quarter where possible in line with expected increases in our client base for the next 12 months. • Large numbers of enquiries from new clients • Large numbers of referrals from existing and past clients and good client following • Principal’s ability to generate business. costs curbed and managed closely. drawings kept to a minimum and borrowing restricted strictly to investment in fixed assets. Weaknesses • Some difficulty in recruitment and retention (though this affects most London firms) • A brand name which although growing in strength is still not as strong as a number of other well known long established firms with highly recognisable and trusted brand names. Page 6 ______________________________________________________________________________ Nathan Aaron Solicitors . Profits will be reinvested.Business Plan (October 2012) Over view The firm will follow a strict regime of financial discipline in order to ensure that it continues to maintain fiscal responsibility. . with nearby on-street parking. An associated Budget / Projected Cash flow statement has been produced and is available upon request.
• Massive amounts of pedestrian and vehicle traffic passing by the firm every day. • The firm is prominently located close to prospective business and residential clients.• Access to high quality management consultants who will assist the firm. Page 7 ______________________________________________________________________________ Nathan Aaron Solicitors .Business Plan (October 2012) . due to the location on a busy street and our proximity to the shopping centre and to the market.
Dentists. Citizen Advice Bureaus. it will also bring in unwelcome competition which may lead to a race to the bottom if price becomes the main determining factor in the provision of legal services. charities. professional magazines. Flyers business. The staff of the firm will also deliver talks. seminars and take part in local initiatives and sponsorship to contribute to the local community and raise the firms profile at the same time. Finally. Page 8 ______________________________________________________________________________ Nathan Aaron Solicitors . brochures and info-zines will also be used and will be distributed in appropriate locations such as Town halls. and other such avenues as necessary.Threats • Competition from other Firms in the immediate locality. the firm will consider advertising on radio and television and even making appearances and engaging in larger sponsorship events where appropriate.Business Plan (October 2012) . speeches. We acknowledge that this could be also be an opportunity for some but for the moment it looks like although it will bring in badly needed investment to the legal sector. • Government intentions regarding public funding (budget cuts) • Potential new firms wishing to enter the market. As soon as the results of the tender are known we will produce an updated list of all the areas of law that we practice. • The implications of the new Alternative Business Structure Regime where large retail and other business organisations are seeking to buy into law firms and then standardise work traditionally done by law firms and which can then be sold off at retail rates to the public as has already been done in the financial services sector. the firm will advertise in newspapers. We will monitor the situation. etc. GP’s surgeries. • The recession which is causing clients to resort to “DIY law” (litigants in person) in an attempt to save money which is often a disaster for both them and also for the legal profession. yellow pages. In practical terms the marketing drive will consist of the following: 1) Sending out flyers to selected businesses and residences within a 2 mile radius of the firm and to various community groups. to help generate new clients and raise the firms’ profile. non-governmental organisations and other likely sources of clients. Targeted Marketing Plan (next 12 months) Within the fourth quarter of the 2011 / 2012 financial year we will launch a major marketing drive which will further promote awareness about our firm and the new services we expect to be delivering pending the results of our recent tender for additional publicly funded contracts with the Legal Services Commission. General details on promoting the service From time to time.
we will monitor and measure its success and its impact on our business by carrying out a among other things a cost benefit analysis. cheaper and more effective ways of obtaining Mental Health referrals.2) We will review the front of our office to see if we can make more effective use of this invaluable marketing space. in order to ensure that we maximise the effectiveness of our overall marketing strategy in general and this marketing plan in particular and to inform future marketing plans. 8) The monetary impact and sources of finance of this marketing plan will be set out in the finance plan above and in the budget & Cash flow statement which can be made available upon request. With the sheer number of pedestrians and vehicles that go past our office each day there is clearly an opportunity here which could be better exploited. 7) As we implement each element of this marketing plan. This knowledge will then be fed back into the business to inform any further action we take. 5) Placing adverts in the local newspaper and the local radio station and in specialist client focused publication such as “inside times”. Considering the fact that the firm is on a busy street near to other businesses yet at the same time adjacent to large residential areas our “shop front” presence is very important. law centres. 4) Delivering free legal advice at local CAB’s.Business Plan (October 2012) . 6) Exploring new. Page 9 ______________________________________________________________________________ Nathan Aaron Solicitors . 3) Seeking to join any existing professional or community based networks that currently exist in our locality with a view to using these networks as a valuable source of client referrals. charitable organisations and community and faith based groups as a source of client referrals.
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