Creating a Long-Term Strategy for Your Firm
Any healthy business, including law firms, should have a written plan to forecast revenue, expenses, net profit, and cash reserves. But first, you need to understand your financial goals.
We know: You’re just starting. Who can think about five years from now? We want you to relax and dream a little. Planning your financial strategy now will help you smartly figure out the law firm funding you need to get started. You’re not locked into these numbers. They will change as you change and grow.
First, you must consider where you want your business to be in one year, three years, and five years. Once you visualize those goals, start outlining the steps to get there. These are the backbone of your financial strategy.
Hot tip: Since you’re in the beginning stages, these are wishlist numbers. You will adjust these numbers as you get a handle on your funds. Balance reality with dreams.
Ask yourself: