5 Tips for Setting Revenue Goals for Your Firm

Reaching the million-dollar mark is a huge milestone for almost every firm owner. Whether you've achieved that feat or not, you've hopefully been setting goals along the way to help you get there (or whatever your next milestone is). There’s an extensive planning process involved in setting those goals; that way, operations can run smoothly and efficiently and you eliminate the stress of last-minute decisions that Read More

3 Tips for Understanding Your Value and Setting Your Rates

When you run a business or professional practice, one of the biggest challenges is pricing your services. It’s a dilemma that can stay with you even if you’ve been in business for years.  If you’re just starting out on your own, you’re most likely going to undersell yourself to win clients because you don’t have the experience or brand reputation to charge top-tier rates (yet!). However, this isn’t Read More

4 Easy Tips for Managing Your Firm’s Cash Flow

A version of this article originally appeared on Forbes.com and was graciously provided by Paula Black. Paula Black is one of the world’s leading business and professional development coaches for lawyers, entrepreneurs & service providers, award-winning author & speaker. Cash flow is the lifeblood of every business, and it’s a challenge for most business owners to manage even under normal circumstances. Read More

3 Reasons to Raise Your Rates Today

Before you get upset, yes, we know what you're possibly thinking: "How could I possibly raise my rates now with inflation as it is! That's just contributing to the problem!" We respectfully disagree. That's because the truth of the matter is most firms aren't actually charging what they're worth to begin with. Don't let inflation be just another excuse for preventing your firm from seeing growth. Here are 3 Read More

3 Most Shocking Things I Learned After Hiring a Fractional CFO

This article was contributed by Emily LaRusch, Founder of Back Office Betties, a boutique receptionist and intake company exclusively serving small law firms. She has an insatiable thirst for learning and is the happiest coaching and collaborating within the entrepreneurial community. She has been featured in Entrepreneur, Associated Press, BBC News and serves as an educator for Inmates to Entrepreneurs.  Being Read More

Change Your Firm’s Money Situation with Profit First by Mike Michalowicz

*Disclaimer* This is NOT a paid advertisement. We actually really believe in this book. Have you ever wondered why your firm has little to no profit at the end of the month or year? According to your financial statements, you’re making money, so where’s the profit? Your reaction is to get worried about the upcoming year ‌and‌ ‌start‌ ‌focusing on‌ ‌how your firm can make even ‌more‌ ‌money. Profit First by Mike Read More

070 – Upleveling Your Business with Wendy Brookhouse

Many business owners may understand their P&Ls, balance sheets, and budgets, but they don't really talk about their money. Financial advisor Wendy Brookhouse is out to change that, and joins us this week to provide tips and insight on how you should be thinking about and approaching your money. Take the first steps toward truly understanding your money at www.totalwealthscore.com Read More

How to Create Your Firm’s Marketing Budget

As a firm owner, surely you have a master budget that you keep track of and update regularly. For many firms, Marketing may just be a line item and a catch-all for anything marketing-related they plan on doing. However, if you want to better track your marketing’s ROI and take control of how your hard-earned revenue is being allocated, start by revising your budget. Remember: all marketing is not created equal. Read More

4 Billing Strategies That Expedite Payments

Practically all professional firms rely on efficient legal billing. Without it, there’s a negative impact on the firm’s cash flow and profitability. Over time, it becomes impossible to thrive. While slow invoice payments can happen for a number of reasons, inefficient billing is usually at the root of the problem. Invoices go out randomly or contain information that makes it hard for the client to understand what Read More

Even Out Your Cash Flow: 6 Steps to Less Money Stress

Most people don’t think of law or financial advising as seasonal businesses, but every lawyer we know has a busy season and a slow season. This varies a lot depending on the type of law in question, but it always has the same result: Uneven revenue that makes you want to tear your hair out!  Other small businesses have this problem too. In busy times you’re flush with cash, and in slow times you have to tighten Read More