Know Your Numbers
(and how to keep them from biting you in the rear...)
- Did you know it's possible to be not afraid of the numbers in your law firm?
- Did you know that knowing the key numbers in your law firm gives you confidence and power over what's happening and what's going to happen in your business?
- Did you know that it's easy to know what numbers to look at and what those numbers are trying to tell you about your law firm?
- Did you know that knowing your numbers helps you make more money, make sounder-decisions, spot and plan for problems ahead-of-time, and then be able to forecast the upcoming months?
- Did you know that YOU DON'T HAVE TO DO IT ALONE?
Let's face it, we all need to have a bookkeeper. Well, you could save money by changing the oil in your own car too but you already know that's not the highest or best use of your time either. So you have a bookkeeper. But that still doesn't solve the problem of who is going to:
A.) Manage the bookkeeper to be sure he or she produces the key financial reports you need every month to make sense of what's happening in your law firm;
B.) Train the bookkeeper to be sure he or she knows how to produce the key financial reports you need every month to make sense of what's happening in your law firm; and
C.) Work with you, the owner of your law firm, to analyze, interpret and make important management, marketing, sales, staffing and other tactical and longer-term strategic decisions so you can have control over what's happening and what will happen in your law firm.
This is the job of a CFO, not a bookkeeper or even an accountant. And if you were confused about the differences between what a bookkeeper does for a law firm vs. the job of a CFO vs. the role of an accountant, you were not alone. These are not subjects they teach in law school. And unless your firm has 20, 50 or a hundred or more lawyers chances are you've never had the opportunity to be exposed to a proper CFO. Because after all, what small law firm can afford to hire a CFO?
And what would a proper CFO do all day long in a small law firm? That's the catch-22 of running a solo or even a highly-successful small law firm. You don't want to spend upwards of $150,000 per year for a proper CFO. It's frustrating and scary to make important management decisions without input or guidance from a proper CFO. And even if you were to "bite the bullet" and hire a proper CFO, what would he or she do the other 29 out of 30 days a month? Watch this video series to learn the 6 key numbers you should be looking at every month to take control of your law firm's numbers so you can learn how to be your own CFO. Taking control will allow you to: make more money, make sounder-decisions, plan and forecast your revenue.
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