188: Understanding How Revenue Drives Profit

Many law firm owners evaluate their businesses based on how much profit they take home every quarter or every year. What every entrepreneur should understand, though, is that revenue drives profit–the more revenue you bring in, the more you’ll have to invest in your business growth, and the higher the potential profit over time.It can feel counterintuitive to view hiring, training and setting up systems and other “expenses” as an investment in your business, but activities like these are the key to increasing your long-term profitability.In today’s episode of Wealthy Woman Lawyer®, Davina breaks down the math so you can understand how to increase your revenue. She also explains why a lower profit percentage isn’t necessarily a bad thing and shares her thoughts on why focusing on revenue–especially in the early stages of your business–is a good thing.Subscribe and ReviewWe’d appreciate you subscribing to this podcast and leaving an Apple Podcasts review. Reviews help others discover and learn what Wealthy Woman Lawyer® is all about. It only takes a second and helps us out a lot!Supporting Resources:Visit our website: www.wealthywomanlawyer.com Connect with us on InstagramJoin our free Facebook communityShow our sponsor, NoBull Marketing, some love.Schedule an appointment with NoBull Marketing.Note: Wealthy Woman Lawyer® has an affiliate relationship with NoBull Marketing and may receive compensation for referrals.