Jurisdiction(s):
United Kingdom
United Kingdom
Key definition
Business plan definition What does Business plan mean? In pensions practice, a business plan is a trustee governance document that sets out the scheme’s objectives and planned actions over a defined period. It typically covers administration, investment, funding, communications, risk management, key milestones (for example valuations, ORA, chair’s statement), responsibilities, budgets and adviser reviews, to support timely, well‑informed decisions in members’ best interests. It is not to be confused with an employer’s corporate business plan. The term is not defined in UK legislation or case law; it is a descriptive governance tool used for both defined benefit and defined contribution schemes. In England & Wales, Scotland and...
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Law Firm Practice Management Health Check: Planning, Finance, People, Clients, Marketing and Risk Self‑Assessment
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LexisNexis Practice Management expert
Precedents
Date of review
[Insert date] • Reviewer(s): [Insert name(s)]
Business planning
- A current, market-aware plan with medium aims and short targets; covers Succession, positioning and financial health; actionable, reviewed regularly; three‑year funded investment, suitable premises, flexible finances, and fit‑for‑purpose IT.
Finances
- Prudent borrowing, three months’ cash, ongoing reinvestment and funded commitments without single‑funder dependence; balanced KPIs, WIP control and gross‑margin focus (~50% after partner ‘salary’); cash targets met; pricing, fees and spend reviewed; planned IT, marketing and training budgets.
People
- Balanced senior/junior mix, shared business development and external challenge; competitive rewards aid recruitment and retention; broad skills training; future managers developed via exposure to planning, finance and decisions.
Clients
- Profitable long‑term clients plus enough new wins; active cross‑selling; acceptable losses; diversified portfolio; regular, objective feedback; targets can pay, sectors show growth, and our niche positioning sustains advantage.
Marketing
- Client needs asked for and delivered; we know selection drivers and track competitors; new services scheduled; website current; social strategy; clear differentiation; strong ROI; swift handling of new enquiries.
Risk
- PII obtained readily at a sensible share of turnover; balanced work mix with suitability reviewed; open reporting on complaints/claims, strong records, effective supervision; trends drive procedures/training; finances reviewed routinely...
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Web page updated on 22/05/2026
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