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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