Where Do We Go From Here?
by MBA and MBA
Oftentimes, weve seen attorneys make decisions on the future
of their firms with little or no data. They decide to open new
offices with no information about the area, hire associates after a short interview or go
into new practice areas without analyzing the firms capability or the demand for
those services. Critical business decisions appear to be made on
whims and not on solid research and analyzation.
Before making any decisions, business
executives oftentimes conduct a feasibility study to determine if, indeed, the idea is
feasible or profitable. A feasibility study answers two
questions: Is there a market that is growing and is it a
profitable market? To answer these questions, attorneys need to
conduct research and then analyze the data.
The advantage of developing a feasibility
study is that the risk of failure is minimized when important decisions are based on good
research and analytical examinations.