Are You Financially Ready to Hire? The 3 Hiring Tests for Law Firm Owners (Ep. 163)
Hiring readiness is a major challenge that confronts law firm owners. On this episode, I discuss 3 hiring tests for law firm owners and why hiring decisions must move from gut feel to objective, data-driven tests focused on cash flow and profitability.
Darren discusses:
- How firms can overcome the black hole challenge
- Why you need to pay yourself a market based wage?
- The two hardest functions to outsource in a growing business.
- How to create a written plan to reach market wages over time.
- Two questions you must answer before you start hiring.
- Why you need to secure a capital safety net before hiring?
Resources:
- Book: Profit First – Transform Your Business from a Cash-Eating Monster to a Money-Making Machine by Mike Michalowicz
- Simple Numbers, Straight Talk, Big Profits!: 4 Keys to Unlock Your Business Potential by Greg Crabtree
- Simple Numbers 2.0 – Rules for Smart Scaling: A Play by Play Analysis for Pure Growth by Greg Crabtree
- Law Firm Profitability Assessment
- How to Calculate Your Law Firm Tax Reserve
Connect with Darren Wurz:
- Want to work with our team? Schedule an Intro Call
- The Lawyer Millionaire Website
- LinkedIn: Darren P. Wurz
- Join The Lawyer Millionaire® Community
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