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So many entrepreneurs get stuck in the mindset that profit is what is leftover from business expenses. But this tends to leave business owners as the last ones getting paid – even though they are the ones accepting all of the risk and responsibility. However, there are long-term ramifications of this mindset. When lawyers are paying themselves last, they risk damaging their emotional health, home relationships, and general wellbeing. As personal financial stress piles up, they are less likely to serve their clients or business well, damaging the long term sustainability of their practices.
Ben Hockema joins today to discuss:
- The risks of lawyers paying themselves last
- How to implement the “Profit First” business model
- How to balance paying yourself while still fueling your business
Visit Ben online here: https://www.illuminatewm.com/.
Buy “Profit First” by Mike Michalowicz here: https://amzn.to/46XmQ3Y.
See all episodes or subscribe to the Personal Injury Marketing Minute here: https://optimizemyfirm.com/podcasts/.
