3 Ways You Can Create a Sustainable Financial Strategy

Your law firm needs a solid financial plan to succeed and grow like any business. For instance, you must develop a sustainable strategy that helps you manage your firms’ cash flow and organizes all your case information in one place. Creating a sustainable strategy relies on your ability to streamline your case management. And it also requires your team to have real-time access to information.

At backdocket, our  practice management software can help. But first, we want to share how your firm will benefit in the long term from developing a sustainable financial strategy now. 

How a Sustainable Financial Strategy Benefits Your Practice

A sustainable financial strategy gives your practice the best chance of growing year after year, helping you reap the following benefits:

• Quicker return on client payments
• Improved cash flow
• Faster intake and scheduling
• Access to real-time client data
• Better communication with prospects
• Automated billing
• Better claim ledger management

Critical Factors in a Long-Term Financial Strategy

The critical factors of a successful long-term financial strategy include several daily and monthly tasks. They include actions like defining your key performance indicators (KPIs) to track your firm’s progress against your goals and putting a case management and billing strategy in place so that you stay on top of bookkeeping tasks.

Key factors also include cultivating a continual source of new prospects and managing current client caseloads effectively. By creating a pipeline of potential clients, your firm is assured a constant source of revenue. And with efficient management of existing clients, you will bring on additional cases and grow a positive reputation for your firm.

Essential Support for Creating a Sustainable Financial Strategy

Here are the three pillars that support a long-term financial strategy:

1. Streamlined case management

An essential aspect of a sustainable financial strategy is efficient case management. Without it, you run the risk of losing potential clients and damaging your law firm’s reputation.

The right practice management software helps you streamline all aspects of case management to develop trusting and beneficial relationships with your clients. This boosts your practice’s reputation and draws in new prospects that help your firm grow.

When choosing a practice management software to support this area of your long-term financial strategy, choose an option that provides a wide range of features. Your software should perform the following functions:

• Notify you about incoming leads
• Provide real-time information using cloud-based technology
• Allow you to book all events on an online calendar
• Track the status of various tasks
• Create a to-do list
• Track record requests
• Securely store client and prospect information
• Provide you with multiple search parameters for easy data access

2. Simplified billing

Your firm relies on client billing and claim payments to support its cash flow. Without an efficient billing process, your firm may fall behind on payments, such as rent, utilities, or even payroll. Your sustainable financial strategy should include using practice management software that simplifies your billing cycle through automation and cloud technology syncing.

Ideally, you should look for ways to simplify billing, including automatic approval levels for checks, claim ledger management, and check requests.

3.    Cloud-based technology

An essential tool in maintaining your firm’s sustainable financial strategy is accessing real-time data through a cloud-based system. Real-time data provided by cloud technology allows you to operate using the most current information available, rather than waiting for updates on client payments or case details. It’s also necessary to gain insights into your firm’s KPIs and understand where you can improve.

Create a Sustainable Financial Strategy With backdocket

At backdocket, we offer tangible support for your sustainable financial strategy. Our practice management software is designed specifically for small to mid-sized law firms looking to expand their practice.

And we help grow our clients’ practices by offering automated billing and streamlined practice management features rolled into one convenient cloud-based package.

If you’re curious about how backdocket can help you create a lasting financial strategy for your firm, contact us today for a free demonstration.