By Bruce W. Marcus, Contributing Editor
Other than functioning defensively when the economy is in turmoil, is there an active and more positive approach that will better serve a firm's future? In this time of economic uncertainty, is there a way to plan for the future that works better than "This is the kind of firm we want to be?" Yes, there is.
Long-range planning is, of course, not new. During the halcyon days of growth and prosperity, it was usually predicated on concepts of where the firm's partners wanted to be in the future—the kind of firm, the kind of growth, the kind of revenue. It was not only egocentric, usually performed by lawyers, accountants, or marketers with no planning training, but it rarely worked. And in those days of unfettered growth, it didn't matter. The firm was going to grow anyway.
No more. In today's economy, a different approach to planning—for both the firm and its marketing—is essential as much for survival as it used to be for growth. Planning today must allow for a future that is likely to emerge from an economic downturn, because that recovery will likely find the environment substantially different than it was before. It begins, as should all firm and marketing planning, with a clear assessment of the markets a firm serves. It addresses the realities of a dynamic and rapidly changing marketplace. It recognizes and accepts that a professional firm thrives on its market—its current and prospective clientele—and not alone on the wisdom and skills of the professionals. It recognizes as well that the market for, say, litigation is different than the market for transactions. The accounting market for public firms is different than the market for audits.
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