Page 49 - Law Society of Hong Kong MPMC Manual v8 - With checklists (1 March 2018)

Practice Management Course | Unit 5
Business Planning

• If people create the Vision, they will own it and the implementation of the
Vision will happen more quickly.
• The process of developing the Vision is as important as its outcome.
• The Vision is best stated in the language of the key practice members.
• The Vision helps to focus the strategic planning process and therefore
needs to be developed before planning takes place.
• Visioning works best if it is not used to focus on specific outcomes, for
example, increased market share, but instead on developing the practice or
personal work that has more life, meaning and direction and nourishes
creative potential. Visions gather more momentum when they focus on
how people will interact with each other or serve their clients in unique
ways.

33. Cast the net of participation widely. Everyone's perspective is important. Have
discussions with clients, suppliers, community representatives, employees from
other practices, etc. What do they see as your optimal future?

34. Vision questions include:

• If we could be what we wanted in five years, what would we be?
• How would we know we were there?
• What would be a stretch for ourselves?
• What kind of practice do we want to be?
• What do we really want to do or create?
• What would be worth committing to over the next five years?
• How do we differentiate ourselves from our competition?
• What are the right things to do?

35. Inspiring visions are not usually about numbers (e.g., profit, revenue, number of
matters handled, etc.). People become enthusiastic about being the best, having
the highest quality or being the most innovative. Include enough stretch so the
Vision will be a challenge and reason for working together.

36. How do we get there and how do we measure our success?

How do we get there and how do we measure our success?
37. After taking into consideration the agreed Values, Vision and Mission Statements
and the results of the SWOT Analysis, the practice will need to determine what it
has to do to meet its Mission and Vision generally, but more specifically, within the
next business cycle. This will include:

• Articulating its objectives including those critical to its success (Critical
Success Factors).
• Formulating how it will achieve its objectives (Strategies).
• Identifying how it will know that it has achieved its objectives (Key
Performance Indicators).

38. Objectives are the specific reflection of the practice's Vision and Mission Statements
and set out what has to be achieved within the practice to meet its Vision and
Mission.

© The Law Society of Hong Kong (2018) Page 45