4th Quarter Reminder: Time to Plan for 2025!

As we move into the 4th quarter of 2024, it’s the perfect time to focus on planning for 2025. Whether you're a seasoned dispute resolution professional or just starting out, having a business plan is essential to set the tone for a successful year. If you haven’t updated your plan, now is the time to get started! A well-crafted business plan can serve as your roadmap, guiding you through the ups and downs of running your practice.

Here’s why it matters:

• Businesses with written plans grow 30% faster than those without (Journal of Management Studies).
• Entrepreneurs with a business plan are 129% more likely to push beyond the startup phase (Bplans).

How ChatGPT Can Help: Your AI Business Coach

One of the easiest ways to jumpstart your 2025 planning is by leveraging AI tools like ChatGPT. Here's a Pro Tip for getting your 2025 Plan done in record time: Use AI Tools like ChatGPT to act as your business coach to streamline the process of creating or updating your plan. Here are a few examples of how ChatGPT can assist:

1. Market Research: Ask ChatGPT to identify the latest trends in your industry or explore the demographics of your target clients. Sample prompt: "What are the key trends in the mediation industry for 2025?"
2. Executive Summary Creation: Whether you're focusing on family mediation or commercial disputes, ChatGPT can help write a concise executive summary for your business plan. Sample prompt: "Help me draft an executive summary for a mediation practice focused on family disputes."
3. Financial Projections: Need help with financial forecasts? ChatGPT can assist in creating basic projections based on your expected revenue and expenses. Sample prompt: "Create a financial projection for a mediation practice with a budget of $150,000."

The Anatomy of Your Business Plan

When crafting or updating your business plan, it’s essential to include these core components:

• Executive Summary: A snapshot of your plan, summarizing your goals and strategy.
• Business Description: Overview of your practice, services, and unique value proposition (UVP).
• Market Analysis: Insights into your target clients and competition.
• Organizational Structure: Your team’s roles, skills, and expertise.
• Sales and Marketing Strategy: Plans for client acquisition and retention.
• Financial Projections: Expected revenues and expenses.
• Timeline and Action Steps: A clear path to implementing your business plan.

Get Started Now!

If you’ve never written a business plan before, or if you need help getting started, don’t worry! ChatGPT can guide you through the process step-by-step. Try out this prompt: "Hi ChatGPT, help me create a business plan for my dispute resolution practice. Let’s start with market analysis, and then move on to setting financial goals."

By working on your plan now, you’ll be positioning yourself for success in 2025 and beyond!

This will also be a key topic I cover in my upcoming AI Tools and Your Practice Workshop on October 29th. Don’t miss out on this chance to explore how AI can enhance your practice and planning!

Get more information on the October Workshop: https://susaneguthrie.com/training

Listen to the Make Money Mediating Podcast episode on Creating a Killer Business Plan: https://mediate.com/make-money-mediating-podcast-501-with-susan-guthrie-crafting-a-killer-business-plan-for-a-great-new-year/

Let’s finish the year strong and power up your path to success!

More resources:

Work?with Me: Susan Guthrie Consulting and More

Take the Hands-On AI Tools Workshop on October 29, 2024: Information and Register

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Subscribe to The Make Money Mediating Podcast

Get the FREE #1 Best-Selling Book: Building the Practice of Your Dreams: One Month of Tips To Find Success

Get the FREE Business Journal: MMMP Weekly Business Journal

Visit my website: susaneguthrie.com