Is Your Business a Cash Eating Monster?

Article by Liz Stevens and Chris Lark

Where are my business’s profits going? What part of my business is eating up all the cash? Can I continue to operate my business this way? We frequently hear these questions from clients we represent – not only entrepreneurs and startups, but from businesses of all sizes. Businesses are created and sustained from a desire to provide products and services that benefit others. In return, businesses should provide their owners with the resources they need to lead the lives they want to live. Business owners should not work for their businesses; businesses should work for their owners, their team, and those that receive the value the business provides. Often this is not the case; owners feel like their business owns them instead of the other way around. That’s a big problem.

There is a proven cash flow management methodology being adopted by thousands of businesses around the world that solves this problem called “Profit First”. The Profit First strategy is designed to (among other things) put more money in the pockets of business owners. When implemented properly, Profit First not only establishes a framework for handling business finances differently, but creates a mindset shift that revolutionizes the lives of business owners. 

At CLARK.LAW, we believe legal decisions are business decisions. That’s why earlier this year, we not only implemented Profit First in our own business, but we also became one of the first law firms in the country to become certified to offer Profit First services to our clients. As trusted advisors to our clients, we are uniquely positioned to guide them through the process of creating or improving profitability in their businesses. Here’s why.

Our law firm has been intentional about cultivating meaningful relationships with the businesses we represent. A generation ago, business lawyers routinely served as counselors to the businesses and owners they represented. Clients relied on their attorneys and counselors at law to have a 360 degree view of their businesses, including finances, relationships within and outside the business, employment matters, contracts, intellectual property, strategy, etc. Owners valued their lawyers’ ability to advise from a position of clarity, knowledge, and a desire to help the business succeed. Business owners and lawyers were aligned on vision, strategy, hopes, wishes, goals and dreams. This is the model we follow at CLARK.LAW, and our philosophy underscores the reason why we chose to become Profit First certified and offer this new service to our business clients.

For more information on Profit First, read our Profit First 101 Guide here, or schedule a consultation with us today via phone (704) 837-0055 or email info@clark.law.