We all try, but who really measures? Who’s paying you on time? If you don’t know, it’s hard to know if the business is working. It comes down to cash flow. And, frankly, lawyering is a business.
Guest Karl Maier is a CFO and a business advisor at Abunden. He specializes in helping growing business manage systems and cash flow and putting it all into measurable terms. As you grow, you must know if the cash flow is growing. Maier helps businesses spot problems they aren’t facing today but may need to confront six months down the road.
A growing business can appear profitable in the short term and still face a cash flow problem down the road. Paying staff and keeping the lights on as you grow requires cash and timely client payments. It’s a delicate game. You need to be sure clients are paying, and sometimes that’s elusive.
If you’re a growing firm, or you want to be a growing firm, this episode will get you thinking. And it should. Nobody gets excited about spreadsheets – especially lawyers – but if you’re intent on growing your business, you must do this.
Mentioned in This Episode:
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