Many law firm owners forget the part that financials play in goal setting. Or maybe they’ve never had someone help them see how to set better, measurable goals.
Overwhelm is the #1 reason I’ve seen law firms not have a strategic plan, or even think about developing a strategic plan. They don’t know where to start, so they don’t start at all.
Let’s face it, you went to law school to practice law, not to do accounting. Accounting for law firms can seem overwhelming and time consuming. Actual it is both of those, but it’s a requirement and there are standards to follow if you want to keep your license and ability to practice law.
When growing a business, one of the most important things you can do is understand what your financial statements are telling you.
Understanding your financials will help you spot trends, make decisions, and be more profitable because you will be more proactive in making changes.
Michelle has been providing bookkeeping services for 20 years to various businesses in the North Florida area. She spends most of her free time at a ball field or stadium watching her son play sports. She is also the proud mom of a college student but isn’t allowed to follow her around anymore!
MESSY BOOKKEEPING IS A COMMON OCCURRENCE WE SEE IN BUSINESS. USUALLY THE BUSINESS OWNER HAS ATTEMPTED TO DO THE BOOKKEEPING THEMSELVES OR THEY’VE HIRED AN UNQUALIFIED BOOKKEEPER.
No matter how it happened, it’s good to realize the current state of your accounting and get it on track.
If you are a service business, measuring and monitoring your Key Performance Indicators (KPIs) will help you determine if you will hit your business goals. By tracking KPIs you know well ahead of time if you're on target.
Guess what gets pushed to the back? Accounting.
I see this a lot in business. The owner thinks “I’ll get to that later”, but there always seems to be something more important. Some immediate fire to put out. After a while it becomes a bigger project than you have time for so you continue to ignore it until it’s tax time or your banker needs a financial statement.
Many small business owners see their business as a retirement plan. If that’s the case for you then you need to start thinking about how to get the most when selling your business.
These are ideas and strategies that need to be in place long before you’re ready to sell. A buyer will want to see at least the last 3 years of financials.
A Business Coach...
Instructs, Motivates, Inspires, Brings people together, Analyzes and Provides feedback.
Business coaching involves one on one discussions and problem solving. Coaching sessions are setup to determine
1)Where you are in your business, 2)Where you want to be, and 3) How to get there.