Treasure Hunt: Uncovering Potential Existing Revenue Is Even Better Than New Revenue
Business owners, including law firm owners, are always on the hunt for new revenue . It’s like the everlasting gobstopper of planning for the next year or the next quarter. Oftentimes, the search for new revenue from new sources becomes sort of like stepping over a quarter, to pick up a dime . New revenue can be more expensive to get, than simply uncovering additional revenue from the work you’ve already put in . Let me tell you w hat I mean, by outlining some examples: -Can you raise your rates ? If so, even an incremental increase can generate lots more money, when you consider that you bill a not insignificant number of hours every year & that yo u theoretically would not have to put in any extra work to generate more cash. -Are you charging for everything you could be ? If you r clients call & email you all the time, track every minute, and charge for it all . ...
