Lawyers are not the only ones with realization issues
PTinMotion is the magazine for the American Physical Therapy Association, my daughter’s professional association. While reviewing its contents, waiting for her to receive her specialization certification, I read an article entitled “Make-or-Break Strategies for Tough Economic Times.” Perhaps the author read an advance copy of my new book, Growing Your Law Practice in Tough Times.
Here are some of the salient points made by the author:
• Bill Gates started Microsoft in a recession
• Risk is defined as the probability of a financial loss.
• Managing the bottom line or minimizing risk is essential in tough times
• Care for the bottom line: It’s the difference between closing, surviving & thriving
• Perform an internal audit and look at your billing and collection practices
• Identify potential for cost savings
• Risk management is about protecting a company’s assets
• Manage risk in terms of the type of clients accepted
• Lower one’s profit margin in order to attain larger volume
• Review your books twice a month to review your revenue and expenses
• Talk with your staff – they are on the front-line and can suggest improvements
• We have great untapped intellectual and creative capacity. The sky is the limit.
I’m not sure I could have said it better!Tags: Cash Flow - Finances
Categorized in: Cash Flow - Finances