There’s an old story about two shoe salesmen who were sent to different parts of the remote world to study sales potential. The first reported back that since no one in the region wore shoes, there was zero potential. The second reported that since no one wore shoes, the potential was infinite.
Every strategy rests on specific assumptions about what’s going on in the world. Given all the factors affecting the legal market today, this is clearly a time to reexamine your assumptions about your firm’s strategies. Here are three simple steps.
Step 1: Identify . Ask these questions about each of your current assumptions:
STEP 2: Test . Analyze each assumption with these questions:
STEP 3: Act . Now subject each assumption to the following:
Acting on your strategic assumptions requires thinking through whether they are still valid when the external world changes around you—which it does nearly every day.
Patrick J. McKenna consults on competitive strategy and conducts special programs for new managing partners.