When it comes to running a law firm, I know you want your revenue to increase tremendously every single quarter. However, I also know that you are always shocked at what is left once you pay all of your bills and hopefully give yourself that paycheck you deserve! I want to help you change that “there’s not enough money left” feeling every month by showing you ten ways to increase your business revenue by your next quarter.
This isn’t going to be super simple, but it is easy enough to accomplish. Plus, once you see the results, you will wonder why you didn’t spend this small amount of time implementing these changes sooner!
10 Ways to Increase Your Business Revenue by Next Quarter
- Start Monitoring Your Cash Flow
For a law firm to be successful, it must have sufficient cash at all times. It needs cash to pay its expenses, bank loans, taxes and to purchase new assets. A cash flow report determines whether a business has enough cash to do exactly this.
- Cut Your Expenses
As soon as you begin to monitor your cash flow closer, you may find that cutting your expenses is necessary. However, even if you have enough money coming in to pay for everything, you may still want to look at cutting a few expenses. Do you need to provide bottled water to your clients and employees? How about subscriptions for magazines or newspapers that never get read or ones you have multiple subscriptions for? Can any of those be cut? I am sure you can find a multitude of things to save money on in this category.
- Ask for Discounts on Your Expenses
When it comes to things like the internet, phone service, credit card processing fees, and even insurance, there is a chance you can receive a discount if you simply ask for it. The discount might only last for six months or a year, but that is still more money in your pocket for that timeframe.
- Look at Your Marketing Costs
Marketing is key to spreading the word about your business, but you must go about it wisely if you want to reap the rewards of more revenue. I recommend you look at the ROI, or return of investment, for all of the marketing you do. Are you seeing enough people from the flyers you have posted everywhere or from that ad you ran in the local paper? If the answer is no, you might want to cut that marketing expense and try to find something that will give you a bigger ROI for your money.
- Increase Your Rates
No one ever wants to pay more for the services they are receiving, but it is necessary to increase your rates on occasion. The best time to do this is in January, but there is nothing wrong with having a rate increase during a different month of the year and then sticking with that month in the future. This rate increase can cover many of the increases of your expenses each year, so keep that in mind if you are wavering over this decision.
- Become an Affiliate or Referral Source
If you are working closely with certain brands or companies, you should consider asking if you can become an affiliate or referral source for them. You won’t earn much, but it will be a little extra to add to your business revenue each month. Plus, as you become more successful, and work with other brands, the potential for even more affiliate or referral source revenue will grow.
- Offer Workshops
Sometimes, you must take the time to create a workshop in order to increase your business revenue to where you want it to be. Yes, it will take time to create a workshop, but if you do it properly, you can offer it to students over and over again. Plus, you can have it recorded, so you never need to be live every time someone takes it in the future.
- Write an E-Course
An e-course can be just as beneficial as a workshop, especially if you make it possible for people to access the information after the course is complete. Add in the fact that you can offer this course multiple times and you will really get a large ROI on the amount of time it takes for you to create it.
- Hire an Employee and Bring in More Work
There are times when increasing your business revenue means hiring an employee and then increasing the amount of work you can do. You can easily bring in enough money to pay a new employee and increase your revenue at the same time.
- Outsource Some Work
If you do not want to hire an official employee, you can always outsource some of your work to a freelancer. You would not need to offer them benefits or pay for their office space, so you would save money there. Once you have some work outsourced, you can spend your free time bringing in more work, which will cover your freelancer’s pay, as well as increase your business revenue.
These are ten ways to increase your business revenue by next quarter and you can easily implement many of them at the same time. I would love to help you through this process and share some tricks and pointers along the way to make it easier for you, so set up a time where we can chat and I can get to know your business a little better.