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Financial Mastery Intensive: Profit Secrets for Women Owned Law firms

Pre-Work: Quick-Change Formula

  • What: Deciding on the level of financial success you are ready to achieve (Vision). Learning a Quick-Change Formula to support the shift.

  • Why: You need a Vision first, after which we can build goals working towards that Vision. Vision is the direction. The Quick-Change Formula is the specific ‘How’ of lasting change. Without that, change is often perceived as fake, or ‘program of the month’ rather than genuine.

 

Module 1: Creating Solid Profitability

  • What: Learn the terms and methods of budget creation. Learn how to manage using your budget. Introduce S.M.A.R.T. goals.

  • Why: Budget management is a key tool in improved profitability. S.M.A.R.T. goals are a practical tool for advancing towards your Vision.

 

Module 2: Cash-Flow Secrets

  • What: Understanding all the parts of cash-flow. Managing your firm’s cash-flow. Using root-cause analysis to find the source of problems.

  • Why: Cash-flow management is a make or break skill to staying in business. Correcting problems at their source (after finding the source in root-cause analysis) is the most efficient way.

 

Module 3: Confident Decision Making

  • What: Taking the budgets and cash-flow work we have already done and adding the ability to make Projections using both. Learn about Scenario building with examples.

  • Why: Confident financial decisions are possible when you understand your Projections.

 

Module 4: Key Partnerships for Success

  • What: Understanding the importance of key vendors and learning how to evaluate the service you are receiving from them.

  • Why: How much things cost is a contributing factor to your profitability. If you have a poor banking relationship, it is likely that you are paying more for their services and/or money. The same goes for insurance and rent and everything else. Vendors can help protect your firm, or they can leave you exposed. Vendors can help you or hurt you, knowing when to move on is critical.

 

Module 5: Increasing Profitability and Freedom

  • What: Discussion of any remaining barriers to increasing profitability. Review the Change Model. Track your progress year after year in Budgeting and Profitability. Keep a Diary of your feeling, thoughts and actions relating to your firm’s financial development.

  • Why: You now have the knowledge and tools you need to increase the profitability of your firm. The only thing that may hold you back from achieving your Vision is an internal barrier. When you can compare one year with the following year, that progress encourages you to continue to enlarge your vision and to stick with your change process every year.