Leah Miller, MBA’s Post

Surround yourself with those who are not like you… This super cliche saying is something I really believe in. It is also something I have done almost unknowingly, especially in my personal life. I admit I am a very by the book, let’s plan everything for the next six months out and know what will happen kind of person. It took A LOT for me to be comfortable enough to quit my job and go all in on my business. My really close friend is a dreamer, she is all about going where the wind takes us and figuring it out later. <<complete opposite of me. I am also a very loud, say what I think without thinking, talk all the time and do everything at full volume kind of person (so are my three girls, god help us). My husband is calm and says what he needs to say but not as in your face and loud as me. <<<again complete opposite of me. From a business finance perspective I believe you NEED someone in your corner that can be the balance to your natural money tendencies. Are you super frugal and worry about spending any extra money in your business? Sometimes you need a person who says spend. Are you super relaxed with money and figure more cash will come, let’s just spend what we have? Sometimes you need a person who reminds you to save for the future. Are you the spender or the saver? Personally I am the spender. In business I feel like I have a good balance. I am spending to grow my business, but also being very smart about savings. ————————————————————————— My name is Leah and I combine my financial expertise with my real world law firm perspective to help firm owners make the best strategic decisions for their firm goals. I am a fractional CFO for law firms and small business that are looking for Growth-Driven Legal Finance.

Driving through the city I live in there is A LOT of construction right now as they install city water. As I was driving today I was thinking how complicated the process looks. Right now the roads are a mess. I can’t even begin to understand how they will turn that into something that works. I’m sure this is what others think when they look at their law firm fiancials. For me it’s “easy” and makes so much sense in my brain. For others all the numbers on financial statements can look like another language. This is just another reminder that we all excel in different areas of life. Work with those who know how to build the part of the plan that does not make sense in your brain. Together we can build a road that helps you reach your goals. (After two weeks away from LinkedIn I’m excited to get back to posting daily!) ——————————————————————— My name is Leah and I combine my financial expertise with my real world law firm perspective to help firm owners make the best strategic decisions for their firm goals. I am a fractional CFO for law firms and small businesses that are looking for Growth-Driven Legal Finance. My firm provides expert bookkeeping services for growth driven law firm owners.

Do you ever find yourself wishing you had started something earlier? For me I sometimes wish I had started my business 3 years ago, so I could be 3 years in the future now. But obviously I cannot go back in time... So I am working hard now, knowing I will get to my goals in time. Do you wish you had paid more attention to your firm finances when you started your firm a few years ago? Yes it would have been helpful, but starting now is better than not starting. Do you want to start a business but doubts are holding you back? Like you think you missed the window to do it? FOR SURE start now! So if you are wishing you had started something sooner, then start now. Do not let the fact that you didn't start at the "right time" stop you from just doing it. ———————————— My name is Leah and I combine my financial expertise with my real world law firm perspective to help firm owners make the best strategic decisions for their firm goals. I am a fractional CFO for law firms and small business that are looking for Growth-Driven Legal Finance.

Are you setting unrealistic goals for your firm? When I work with clients my first step is talking about goals. This helps us establish a road map to achieve (and exceed) those goals. I am a BIG believer of setting BIG goals that will take hard work to achieve. We need something to work towards that will make us a little uncomfortable. BUT I think it is possible to set unrealistic goals, and that will just hurt your firm in the long run. It can be discouraging to your team if you consistently set unrealistic goals and consistently do not achieve those goals. As you look ahead to the rest of 2024 I want you to set big goals that will challenge your team. But make sure your team can reasonably achieve those goals. ——————————————————————— My name is Leah and I combine my financial expertise with my real world law firm perspective to help firm owners make the best strategic decisions for their firm goals. I am a fractional CFO for law firms and small businesses that are looking for Growth-Driven Legal Finance. My firm provides expert bookkeeping services for growth driven law firm owners.

Do you know when you break even every month? Knowing how much revenue you need to generate monthly to cover expenses is your break even point. There may be some months where expenses exceed revenue and some months where revenue exceeds expenses. If you are consistently losing money month over month that is a problem you need to be aware of in real time. Knowing your break even point can help you understand what your revenue needs to be monthly to be profitable. If you had to guess today would you be able to come up with an accurate number for the monthly break even point in your firm? ——————————————————————— My name is Leah and I combine my financial expertise with my real world law firm perspective to help firm owners make the best strategic decisions for their firm goals. I am a fractional CFO for law firms and small businesses that are looking for Growth-Driven Legal Finance. My firm provides expert bookkeeping services for growth driven law firm owners.

Are you ready to invest a large sum of your profits back into your firm for marketing and/or expanding your team? If this is something you have been considering you are probably a little(or a lot) nervous to take that big step. When I work with my clients we consider all of the possibilities when deciding to increase spending on marketing and wages. By looking at a cash flow forecast and talking through the different factors you can be confident in the financial decisions you are making. You may still be a little nervous, but with a plan you can do it confidently. It also helps to have an outside person giving you an objective view and opinion. Everyone knows you have to spend money to make money. If you find yourself stuck in one place just outside of the next level, it might be time to evaluate how you can invest back into your firm. ——————————————————————— My name is Leah and I combine my financial expertise with my real world law firm perspective to help firm owners make the best strategic decisions for their firm goals. I am a fractional CFO for law firms and small businesses that are looking for Growth-Driven Legal Finance. My firm provides expert bookkeeping services for growth driven law firm owners.

How important is location when making financial decisions about your firm? Really really important. It is also important for any consultants you are working with to understand the location and demographics. Some financial decisions that can change based on location include; - How much you pay your team. - Fees that you can/should charge. - Service you can offer. The fees you charge in a big city will vary greatly from the fees you charge in a small rural city. How much you pay your team will vary depending on location as well. But this becomes a little complicated now that people can work virtually. Some high end services that are needed in a big city may not translate to a small city. Make sure you know your area and those you work with understand the area and demographics as well. When I work with clients regarding fees and pay I do extensive research so I am familiar with the area where they are located. ——————————————————————— My name is Leah and I combine my financial expertise with my real world law firm perspective to help firm owners make the best strategic decisions for their firm goals. I am a fractional CFO for law firms and small businesses that are looking for Growth-Driven Legal Finance. My firm provides expert bookkeeping services for growth driven law firm owners.

A lot of my clients start their business because they are really great at their specific type of business skill or service, and they want to do things their way and make it even better for their clients. Accountants start their own accounting firms. Lawyers start their own law firms. Financial planners and advisors start their own practice. To succeed on this path, don't forget to keep thinking like an entrepreneur and business owner. It's so easy to get mired in the details of providing the services that you're so skilled at, and forget that you're also running your own business. You get to challenge the status quo, try new things, do things differently.

Quick poll: How do you handle your business finances during the summer? A) I handle it all myself B) I rely on a bookkeeper C) I struggle to find a balance D) Other (comment below)

Finances are simple… They are really simple, whether it’s personal or business. It’s money in and money out. Making sure you are generating revenue and being intentional about your expenses. BUT finances are not EASY. Simple and easy are two totally different concepts here. It is not easy to increase revenue. It is not easy to make good decisions regarding expenses. It takes time and a lot of mental bandwidth to handle finances when you are a business owner that is focused on growth. This is when it helps to have someone that can give you a big picture view of your finances. Someone who can give you the pros and cons of certain decisions. Someone who you can bounce ideas off of when making big financial decisions. ————————————————————————— My name is Leah and I use my experience as a law firm CFO and paralegal to provide fractional CFO services to law firms that are looking to reach growth goals. I combine my financial expertise with my real world law firm perspective to help firm owners make the best strategic decisions for their firm goals.