Adequate consideration must be given between the two parties of a verbal contract to make it binding. Adequate consideration is defined in two ways: If adequate consideration is given between both parties and all other legal requirements are met, then a verbal contract may be held valid in a court of law. Verbal contracts are also limited by the Statute of Frauds.
You may need to tailor your plan to the target audience You may want the plan to 'sell' the business.
For example, to your bank manager or investors. Specific issues such as the directors' personal track records may need to be addressed.
Ask the intended recipient first. Content of a business plan Base the plan on detailed information where possible. But do not include all the detail in the plan.
Leave the detail for operational or marketing plans. Keep the plan short Focus on what the reader needs to know. Cut out any waffle. Make sure there are no spelling mistakes. Detailed business plans are often quickly shelved, because they are difficult to use on an ongoing basis.
Include any detailed information you need in an appendix For example, you might want: Base your business plan on reality, or it may be counterproductive Over-optimistic sales forecasts can lead to increased overheads followed by a cash flow crisis and drastic cost cutting, all of which can seriously damage morale.
Be realistic, even if you are selling the business to a third party.
Financiers, business partners and employees will see through over-optimistic plans that ignore weaknesses or threats. Management credibility can be damaged. Make the plan professional Put a cover on it. Include a contents page, with page and section numbering.
Start with an executive summary. This summarises the key points, starting with the purpose of the business plan. Use charts, if helpful.
Even if the plan is for internal use only, write it as if it were aimed at an outsider Include company or product literature as an appendix.
Give details about the history and current status of the business. Review the plan Read through the plan from your target reader's point of view. For example, try to imagine the impression the plan will make on your bank manager.
What might go wrong e. Concentrate on the executive summary. People often make provisional judgements based on the executive summary. Only then do they read the rest of the plan to confirm their decision.
Show the plan to friends and expert advisers and ask for comments. Which parts did they not understand or find unconvincing?
Business and products Explain the history of the business When did it start trading and what progress has it made to date? Who owned the business originally? What is the current ownership structure? What are its disadvantages and how will you address these?
What are the planned developments? Explain any key features of the industry For example, any special regulations, whether the industry is dominated by a few large companies or any major changes in technology. Market and competition Describe the market in which you sell Highlight the segments of the market in which you compete.
What are the key characteristics of customers in each segment? How large is each market segment? What is your market share? What are the important trends, such as market growth or changing tastes?
Explain the reasons behind the trend.We strive to help individuals and businesses prosper by providing personalized legal services designed to meet the unique needs of each of our clients in prosperity law matters, including asset protection, business law, real estate, estate planning and probate.
Our Attorneys. William M. Yates, Esq. Senior Partner Attorney Yates accepts cases in the areas of Business Law, Estate Planning & Asset Preservation, Long Term Care Planning, Estate Administration (Probate), and Veterans Benefits Counseling.
To create a law firm whose primary goal is to exceed customer's expectations. To develop a client list that includes at least 20 companies, each with revenues of over $3 million.
To increase the ability to serve public interest organizations each year/5(36). Sample Law Firm Business Plan Template – Executive Summary. Jefferson & MacArthur Law Firm LLP is a law firm that will be located in Inc. 13th Street, Suite Oakland, California The company will operate as a litigation law firm and also handle other related aspect of law as requested by our clients.
A business plan outlines your strategy - from the market you operate in to your staff and marketing activities. Our guide to writing a great plan. Closing Words And Sample Law Firm Business Plan.
I trust you are now better prepared to begin this important step in building your law firm, and to move from thinking about starting a business, to being in the process of starting a business.