No, I dont care how much money you MADE this month, I do care about how much money you KEEP this month!
This is an ongoing conversation with clients who insist on starting every conversation with how much they have billed or even collected in fees this month. Both useless pieces of information to me. I ask about how much they are taking home and that’s when the tone of the discussion changes. Just yesterrday I was on a zoom call and visibly watched a clients face fall as she waved her bank statement at me “showing ” me how she has $136,000 in deposits last month. I explained to her that at her current profit %, she would be taking home less than $5,000 for the month.
Yes I believe in Revenue goals and yes I celebrate deposits but they are not indicators of success in my opinion. Increased take home money in your pocket or an all expenses paid four week vacation, now THAT is exciting stuff.
So firm owners, what do you want? Let’s set those goals and make some smart moves. Let’s celebrate the wins. Let’s remember what is truely all about. Bring in the revenue but keeping that revenue is the real success (after taxes ofcourse!)