Does Your Strategic Plan Account for Changes in the Legal Landscape?
A business coach can help you with that.
When preparing a strategic plan, leaders must consider the potential challenges and opportunities in the legal environment. Legal issues are a significant risk for firms of all sizes. If you need help formulating a legal strategic plan, seek professional business coaching services right away.
Here are some insights into legal strategic planning:
Understand the Strategic Planning Process
Strategic planning means developing specific business strategies, tactics, and contingencies. In simplest terms, it’s a technique that small and large companies use to achieve their long-term goals. The process is not to be confused with strategy mapping, which helps you discover your mission, goals, and vision or project planning, in which you define and assign tasks for individual projects. Instead, strategic planning is a broader process where you create a roadmap for deciding which strategic objectives you should prioritize and which are less valuable.
Understanding the Legal Environment
As part of your strategic plan, you’ll conduct a SWOT analysis. That stands for strengths, weaknesses, opportunities, and threats. Legal issues are a critical aspect of your external environment that can impact your business. For instance, if you’re an established firm requiring insulation from competition, an increase in industry regulations may benefit you. Yet, it would be best if you stay vigilant about any limiting regulations, challenging employment laws, and related lawsuits.
Accounting for Legal Issues in Your Budget
Another benefit of weighing legal issues during strategic planning is that you have the opportunity to get out in front of legal challenges. You can adjust your marketing budget for conducting research and promoting your brand based on changes in the legal environment. To adapt to safety-related legal requirements, you may need to organize employee training or acquire new equipment. If you anticipate or are currently facing a lawsuit, you can allocate funds to defend yourself or finance a settlement.
Protection Against Threats
Taking legal issues into account when conducting strategic planning also helps mitigate risks. Planning for changes in laws or regulations ahead of time gives you a chance to make adjustments to minimize the impact on your business. For instance, compliance is a top concern for real estate companies, so they need to stay on top of any changes in the housing market regulations. Likewise, if you’re a manufacturing company, you’ll need to monitor any changes in emissions regulations and adapt your production process by complying with the latest eco-friendly standards.
Hire a Business Coach
Now you should have a better grip on how strategic planning can help your business navigate changes in the legal environment. However, if you’re developing such a plan for the first time, you shouldn’t do it on your own. Instead, hire a business coach from Soar High Coaching & Training to help you evaluate risks, develop a forward-looking budget, and combat potential threats. We have helped numerous businesses in Louisville draft an effective strategic plan.
