Many law firm owners evaluate their businesses based on how much profit they take home every quarter or every year. What every entrepreneur should understand, though, is that revenue drives profit–the more revenue you bring in, the more you’ll have to invest in your business growth, and the higher the potential profit over time.
It can feel counterintuitive to view hiring, training and setting up systems and other “expenses” as an investment in your business, but activities like these are the key to increasing your long-term profitability.
In today’s episode of Wealthy Woman Lawyer®, Davina breaks down the math so you can understand how to increase your revenue. She also explains why a lower profit percentage isn’t necessarily a bad thing and shares her thoughts on why focusing on revenue–especially in the early stages of your business–is a good thing.
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What is Wealthy Woman Lawyer Podcast, Helping you create a profitable, sustainable law firm you love?
What if you could hang out with successful women lawyers, ask them about growing their firms, managing resources like time, team and systems, mastering money issues, and more; then take an insight or two to help you build a wealth-generating law firm? That’s what we do each week on the Wealthy Woman Lawyer podcast. Hosted by Davina Frederick, founder and CEO of Wealthy Woman Lawyer –– every episode is an in-depth look at how to think like a CEO, attract clients who you love to serve (and will pay you on time), and create a profitable, sustainable firm you love. The goal is to give you the information you need to scale your law firm business from 6 to 7 figures in gross annual revenue so you can fully fund, and still have time to enjoy, the lifestyle of your dreams.