Archive for the Financial Success

You knew this was coming. Once you have your time keeping and timely billing habits in place- the next one is to create the habit of managing your receivables. Here’s how:

Be clear re when payment is due. Make sure you go over this during your intake process, and include it on your statements.
Review your receivables. […]

Speed of billing is one of the levers you can move to improve your cash flow. Take it seriously. It’s the 7th of the month, if you haven’t gotten last month’s bills out yet- make it your priority. Keep track of your time on a daily basis, write quality billing descriptions the first time and use billing […]

I’ve been procrastinating about getting a checklist of good habits out to you, so I thought I’d bite off a chunk and start with just one!  Whether you charge by the hour, or by flat fee, or on a contingency basis, track your time daily. I’m convinced it’s the first thing you need to do […]

Fear of the facts is something that puts you in good company! Two weeks before she was slated to ski in the 2010 Olympics, Lindsey Vonn injured her shin.  In an interview that aired during the opening coverage, Lindsey admitted that she avoided having the injury diagnosed. She didn’t want an MRI. She didn’t want an […]

When I hear this, my first question is always “too high for whom?”  My general rule is that unless you are priced far above every other lawyer, then business lost on price is business you shouldn’t be taking anyway. If you didn’t have financial pressures, you wouldn’t miss those clients, so don’t spend your time […]

Ron Lieber’s plan, “A Day Off to Tackle the Financial To-Do List”, in Saturday’s NY Times, is perfect if you’ve been intending to get a handle on your financial situation and/or paperwork- but keep putting it off.  Lieber likened the concept to the more familiar one of taking a “mental health day”. Financial health is […]

You decide what you are worth. You set the fees and determine what and how you bill. What do you want to make? Market levels are relevant; do you play at the high end of the fee schedule? In the middle? What do your clients expect to pay for your experience and services? Will your clients […]

Whew! I’m always relieved when “end of month” processing is completed. Just like you, CFO (& bookkeeper) isn’t my favorite role as an entrepreneur!
Anytime you create a system to get things done, you improve operating efficiency. Yet so many firms have no real processes related to financial tasks. As always- I encourage you to connect to your […]

I’ll assume you’ve been a reader and keeping track of randomly published but related posts… By now, you know where your financials stand as of the first half of 2008, and you have an idea of where you’ll be at the end of the year. What next?
First, narrow the focus-what describes you best?

I need more […]

I’ll assume you’re interested in this financial management conversation and have been taking action. By now, you know where your financials stand as of the first half of 2008, and you have an idea of where you’ll be at the end of the year. What next?
First- name your focus. What describes you best?

I need more […]