Practice Management

Time management

In the tenth article in De Rebus Peter Rafferty writes that there are only three ways in which one can increase a firm's profitability, namely:

  • Increasing the fees,
  • Decreasing the cost of generating the fees, or
  • A combination of both.
One can apply immense creativity within these three categories to increase fees and to decrease operating costs as he illustrates in the article.

To increase one's fees he suggests:
Proper time management - don't wait, be proactive and do.
Setting and driving targets - start each month by setting a target, adapt it if necessary and communicate it regularly to your staff.
Debiting fees on a daily basis - will give you an indication as to whether your targets are being met.

To decrease one's operating costs he suggests three basic, but effective methods.
Administrative costs - If an administrative action does not contribute to making money, allowing you to make money, or collecting the money owing to you; it should be done away with.
Unproductive costs - make sure everyone is busy all day long.
Proper planning - budgets should be adhered to and unforeseen expenses managed correctly.


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