Let’s continue with our series, Winning in the Recession – A Primer for Canadian Professional Practices, by building on the first essential:
Running a professional practice like a business.
Larry Bodine, an Illinois-based, law practice business advisor gets back to the basics in his article, Recession will Forever Change the Legal Profession:
I think the recession will change the legal profession forever. It’s the end of the law as we know it…
The firms that survive the recession will… be run like real businesses, which know their costs, can calculate a profit margin, and offer customers “just in time” services at the best price possible.
Sound business management will always make a difference for professional practices – in good times and bad.
The winners in this recession will be looking at their numbers – often.
They’ll be managing for profit today, while also investing prudently in tomorrow.
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