Over time, as my firm began to grow and become more successful, I started putting more money into the bank. We were having $20,000 months, then $30,000 months, then $40,000 month, but something funny was happening.
We weren’t making any more money.
What I mean is, it seemed like at the end of every month I’d look at the bank balance and we’d be right where we were when we started. That made no sense, particularly when we had a big month, but it was true.
Then I read this must read law firm marketing book and not only did I gain an invaluable perspective on where the money was going, I implemented a system to put more of it in my pocket.
Must Read Law Firm Marketing Book: Profit First by Mike Michalowicz
This book takes a completely different perspective on managing the money of your business. In this book, the emphasis is on taking out the profit first. The idea is, if you do that, then you adjust your expenses accordingly, you get the most out of your business.
I implemented this system in October of last year, taking out only 1% for profit. And it was pretty cool to cut myself a check at the end of the quarter as a bonus that just goes right into my pocket.
After implementing the system I’m now confident in knowing where every single dollar coming into my business is going. I’m building a fund for taxes, for emergencies, and, of course, for profit.
This book is easy to read and gives you step-by-step instructions for implementation.
To get a copy of the book, click here.