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Business Tactics during an Economic Downturn

It appears that these tough economic times are here for a while. How this impacts solo and small firms depends upon the diversity of the firm’s client base and practice areas, the firm’s existing financial management, and whether the firm strategically plans for the future. These issues were widely discussed at the ABA Law Practice Management Section Meeting in Tucson, Arizona last week. The discussions at the ABA LPM meeting quickly led to some very insightful blog postings about the need to create and implement a strategic plan to position your firm for success. In particular, I thought the exchange between Ed Poll’s Law Biz Blog and Allison Shields Legal Ease Blog about strategic planning was relevant and helpful. One part of the strategic planning process is creating and implementing a marketing plan. Obviously, none of the planning will help unless you take action. In this regard, you will find on the Legal Ease Blog eleven tips on creating an effective firm newsletter. This is the time to evaluate your practice, create a strategic plan, develop a marketing plan, and act today by developing and distributing your firm newsletter.

Helpful tips do not exist only in legal blogs. I also like to see what the U.S. Small Business Administration is publishing. It recently released a Small Business Survival Resource guide which has several helpful articles that will help you create a strategic plan for survival and preparing for future growth.