Increase Your Law Firm's Bottom Line with Fixed Cost Reduciton
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Law firms are under constant pressure to simultaneously reduce costs and grow their firms. That might seem impossible at times, but there are tricks to balancing this savings/growth dichotomy. In this webinar, you’ll learn how to analyze your monthly expenses so that you can make adjustments to save your firm money while you increase your bottom line.
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Increase Your Law Firm's Bottom Line with Fixed Cost Reduciton
- 1. Increase Your Law Firm’s Bottom Line with Fixed Cost Reduction www.jeffshavitz.com
- 2. 888-431-1529 rocketmatter.com About Today’s Presenter
- 3. Agenda •How to audit your business expenses •How to reduce hidden fees in your expense line items •The difference between consultants v. DIY approach to expense reduction •Understand your firm’s numbers to improve profitability 888-431-1529 rocketmatter.com
- 4. 888-431-1529 rocketmatter.com •Increase the number of cases you take in •Increase contribution rates •Reduce fixed costs Three Ways to Increase Profits
- 5. What are fixed costs? 888-431-1529 rocketmatter.com
- 6. 888-431-1529 rocketmatter.com •Fixed costs are fixed in relation to volume over a normal level of business •Will include items like rent, utilities, and salaries •Not fixed over time, but deliberate decision making is required to cut back •Can gradually increase when the business is doing well Fixed Cost Definition
- 7. 888-431-1529 rocketmatter.com Expense Reduction v. Business Growth
- 8. Perform a Business Expense Audit 888-431-1529 rocketmatter.com
- 9. 888-431-1529 rocketmatter.com •Gross Profit v. Net Profit •Key Metrics/ Benchmarks •Quarterly Reviews •Accounting Reviews Metrics
- 10. 888-431-1529 rocketmatter.com •People •Acquisition Costs •The big AHA moment Look closely at…
- 12. 888-431-1529 rocketmatter.com •Credit card processing fees •Energy/Utility Bills •Telephone •Shipping •Paper and Ink •Postage •Technology spend Where to look
- 13. Reducing Expenses Yourself v. Using Experts 888-431-1529 rocketmatter.com
- 14. 888-431-1529 rocketmatter.com Where is your time best spent to grow your firm?
- 16. 888-431-1529 rocketmatter.com •Balance Sheet •Cash Flow •P & L Statement •Cost of Acquisition Critical Financial Reports
- 17. Q & A
- 18. Jeff Shavitz | jeff@shavitzgroup.com Nefra MacDonald | nefra@rocketmatter.com Thank You!