Revenue isn’t the only number you should measure in your law firm.
You think you’re reaching your revenue goals until it’s time to run payroll, and then you don’t have enough money, or you didn’t consider quarterly taxes. Now what?
Our guest, Lydia Desnoyers, is a CPA and founder of DesCPA Business Advisory, LLC. She offers expertise in small business accounting, management consulting, tax, start-ups, entrepreneurship, Sarbanes-Oxley Act issues, white-collar criminal investigation, forensic accounting, fraud, identity theft, IRS resolutions, and more.
When it comes to finances, many attorneys, even the most successful ones, feel shame or embarrassment when talking about their financials, often because they don’t understand the numbers. Attorneys are skilled at practicing law, but many fail to run their firms as a business.
Lydia takes a holistic approach to accounting and advising her clients. There are many different factors and things that can be tracked to measure the firm’s overall performance. Every decision you make will impact your financials, and knowing your financials will help you make better decisions.
It all starts with knowing your goals and understanding the value of the goals you’ve set for yourself.
What You Will Learn in This Episode
- What should be measured in addition to revenue
- Why you need a holistic approach to running your business
- Where to look for savings in your software expense
- Why growth starts with your commitment to change
- How to overcome self-limiting beliefs that are preventing your growth
- The benefits of having a fractional or virtual CFO