You’re sending out invoices, but that doesn’t mean as much when the bills go unpaid. What makes matters even more difficult is that when you run a smaller practice, you don’t have time to chase clients down for payment. Even if you did, it’s hard to do so without risking the relationship. The answer is to develop an effective accounts receivable process. This article provides tips for encouraging clients to pay Read More

Prices are going up everywhere thanks to inflation. But even if inflation wasn't an issue right now, most professional service providers could stand to increase their rates because they naturally tend to underprice themselves. The truth is that your services are invaluable, especially given the consequences and risks you're mitigating for your clients. However, most people we talk to fear that they'll lose business Read More

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

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

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

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

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

*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

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