Asked and Answered
By John W. Olmstead, MBA, Ph.D, CMC
Q. We are a 12 attorney firm located in Chicago. We are struggling with cash flow and having problems covering payroll and meeting our draws. Do you have any suggestions?
A. Small firms that have weathered the storm and faired the best during this recession were those that:
- Were focused
- Had a sense of where they were & where they were heading
- Had a vision and a strategy
- Had business and financial plans
- Had goals and measured attainment
- Fostered accountability from self and others
- Were proactive
- Worked the books and aggressively managed the RULES