Beth used the lessons she learned from HTM to tackle one of the hardest challenges she’s ever faced. Find out how on Pg. 3
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INSIDE THIS ISSUE 1 How a $1.50 Letter Can Make You Thousands 2 The Hiring Makeover That Saved a 7-Figure Firm Calendar of Events
How Michelle Zeroed Her Debt in One Quarter
3 Strategy, Tactics, and the Power of a Single Choice 4 Let Your SKU Show You the Numbers
RESOURCE OF THE MONTH
Our SKU calculator (scan the QR code for instant access) is an Excel tool that lists each service, price, completion time, and how much you pay your employees working on it. It does the math for you so you can see your return on investment on every service. If you can’t fill in any of those details, it’s your signal to dig in and learn who’s responsible for what. I worked with a seven-figure law firm that set a monthly goal for cases worked without doing their SKU homework first. When we finally buckled down and did it together, they realized that they needed to increase their goal by 50% in order to be profitable! Imagine what that business would have looked like 6 months down the road if they hadn’t done the math? This insight helped them transform how they managed work, eliminate redundancies, and ensure that the right roles were doing the right kinds of work. And this story isn’t unusual! We see this all the time, which is why it is so important to look at your data and make decisions based on what it’s telling you. If you are a current member, talk to your CEO or COO about completing your SKUs. If you don’t have a CEO or COO, sit down with your team to define who does what and by when. Use that clarity to streamline the “how,” eliminating those inefficiencies and decreasing wasted time, effort, and money.
Discover Who Does What by When?
My name is Sal Guarino, and I’m a project manager at How To Manage A Small Law Firm. I’m Lean Six Sigma certified, a certified Microsoft trainer and implementer, and a Microsoft Excel master. In short, I’m all about efficiency and eliminating waste. Throughout my career, I’ve seen the same struggle with members and teams: They don’t know who does what by when. Instead, they get caught up in the “why” and the “how.” While those are extremely important, without clear responsibilities and deadlines, processes can break down, money leaks, and profitability suffers. One simple fix is to do your SKU Homework! It’s not glamorous, and it’s not always fun, but it WILL give you invaluable knowledge and insight into your systems, processes, procedures, and sales. In retail, a SKU (Stock-Keeping Unit) is a way to track every product you sell. We have adapted that concept for law firms, and you can think of it as a menu of your services, their true costs, and what you charge.
Remember, cases are projects, and projects have plans. Everyone needs to know their direct numbers.
–Sal Guarino
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