Bump Up Profitability

The year is barely underway, and I am already hearing complaints from firm owners: It’s time to be more profitable!

This will sound like a bold claim. But the truth is, I’ve never been in a firm that I didn’t think I could make more profitable.

There are several reasons I can say this. First, as an outsider to any firm, it’s easier for me to be objective. I can call it like it is and not worry about the interpersonal relationships getting in the way. Second, I have spent my entire post-MBA career working with firms in this business. I know what kinds of numbers are normal and what kinds of numbers are possible.

That said, there are certain areas that I always go to when it’s time to make more money. Here are five of them, in order of priority: