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“If we can develop good habits for you when your business is still in the first stage of growth, you’re going to bring those good habits with you into business maturity.” – RJon Robins, author of Profit First for Lawyers
A growing business requires a growing owner. During a Q&A session in part two of our seven-part series, RJon explains why financial literacy does not carry the same weight at every stage of growth. In the earliest stages, the owner’s job is to “hustle, market, and sell.” New benchmarks require the owner to develop new skills, learn to hire, delegate, and build team productivity. Then as the business becomes more complex, financial literacy, systems, metrics, and accountability become increasingly important.
The lesson is not simply that law firms grow in stages. It is that the owner must gain new skills and maturity to grow with the firm.
Financial Literacy in Context
Financial literacy is not equally important at every stage of growth. A growing business requires the owner to keep learning, adapting, and leading differently.
Action Steps
- Identify which stage of growth best describes your firm today.
- Determine the most important priorities for that stage.
- Review the financial reports currently available.
- Commit to building one financial habit that will strengthen your understanding of the business over time.
The goal is not to master every financial concept at once. The goal is to begin building the habits that will support your next stage of growth.
Mentioned
- Part One: You’re Not Bad With Numbers
- Chapters 12-15 of Profit First for Lawyers
- The Seven Stages of Law Firm Growth
Connect
- Subscribe to the Profit First for Lawyers podcast
- Watch episodes on YouTube
- And most importantly, order your copy of Profit First for Lawyers today!