In episode 16 we learned the basics of the Profit First system and now we will do a Profit First deep dive. With these steps you’ll learn how to manage your money to create a healthy business.

One Time Setup

 When you first start there are three steps to setting up the Profit First system and you only have to do it once:

Step #1

Set up five bank accounts.

You and/or your accountant will most likely have some resistance to this. You may be worried about:

• Cost
• Paperwork
• Excess Bookkeeping

Don’t worry about the cost because there are different ways you can get the fees waived.

• Some banks don’t have fees
• Some will waive the fees if you have a certain amount in the account
• Some will waive the fees if you use multiple services from them

Change. You will have resistance because this is a big change, but don’t skip this step because it’s the whole point of this system.

The five accounts are split into:

1. Income - all deposits...

In this episode, Moshe Amsel interviews Morris Lilienthal. Morris has discovered how to achieve his purpose and do what he loves, while at the same time making his firm top of mind for everyone in the community. Morris has accomplished this by positioning his firm as a community participant, getting involved in the community through non-law related activities. Listen now to see the impact that has had in Morris’s firm and how you can achieve that as well.

Resources mentioned:

Join the Law Firm Growth Incubator - https://www.profitwithlaw.com/incubator

The Mo Show Live!: https://themoshow.live/

Join our Facebook Community: https://www.facebook.com/groups/lawfirmgrowthsummit/

To request a show topic, recommend a guest or ask a question for the show, please send an email to [email protected].

Connect with Moshe on:

Facebook - https://www.facebook.com/moshe.amsel

LinkedIn - https://www.linkedin.com/in/mosheamsel/

Is your firm struggling with cash? Are you not bringing home enough money?
If the answer is yes, then it’s time to implement the Profit First system (from the book Profit First by Mike Michalowicz).

Owner’s Pay v.s. Profit

Before we get into anything let’s define Owner’s Pay and Profit.

Owner’s Pay is your salary for working.

Profit is what the firm made after all expenses were paid.

The Problem

What is causing this cash problem?

The root of the problem is human nature.

Mike Michalowicz likes to call what we do “bank balanced accounting” and that is where we naturally look at our bank accounts each morning and one of three things will happen:

1. The account is negative and now you have to get it to positive before you get a penalty.
2. There is little money in the bank, so you try to get extra work so you can get the money you know you’ll need.
3. There is plenty of cash and what happens next is...

When people are looking to hire a lawyer, they want someone who is authentic and the go-to lawyer of that practice area. In this insightful interview, Moshe Amsel and Mike Saunders discuss the many ways to build your authority. When you become the authority figure of your practice area, people will gravitate to you because you are familiar and knowledgeable. Listen now to discover the different ways you can become the go-to person for your potential clients.

Resources Mentioned:

Law Firm Growth Free Coaching Call - https://www.profitwithlaw.com/freecoaching

Mike Saunders’ Website - https://authoritypositioningcoach.com/

FREE Access to Authority Marketing for Law Firms Book - https://www.profitwithlaw.com/authoritybook

Get your first authority boost single or triple pack ($497/$997) and start positioning yourself for success today - https://www.profitwithlaw.com/authority

Podcast 2 Publish - ...

In this eye-opening interview, Moshe Amsel and Andrew Stickel reveal the power of information products in your marketing strategy. They break down the basics of marketing and how to develop successful strategies in moving potential clients up the value ladder. With creative, insightful, and easy to understand examples, this interview will open your eyes to easier, simpler, and more profitable ways to market using your information products. 

Resources mentioned:

Business by Design - https://www.profitwithlaw.com/bbd

How to Get More Law Firm Clients by Andrew Stickel - https://freebookforlawyers.com/

Trello - https://trello.com/

Join our Facebook Community: https://www.facebook.com/groups/lawfirmgrowthsummit/

To request a show topic, recommend a guest or ask a question for the show, please send an email to [email protected].

Connect with Moshe on:

Facebook - https://www.facebook.com/moshe.amsel

LinkedIn - ...

Marketing can be such a struggle. There are so many different strategies that it’s hard to choose which one to use or know if it will work. Well, in this episode Moshe Amsel interviews Sid Peddinti, who shares the secret ingredient to marketing successfully: educating. Listen to this episode to learn more about how educating your audience through a non-profit education center can provide free lifetime marketing and an endless stream of clients for your law firm.

Resources mentioned:

Business by Design - https://www.profitwithlaw.com/bbd

Grants for Lawyers - https://www.profitwithlaw.com/freegrants

Living Forward Book by Michael Hyatt and Daniel Harkavy - https://www.profitwithlaw.com/livingforward

Join our Facebook Community: https://www.facebook.com/groups/lawfirmgrowthsummit/

To request a show topic, recommend a guest or ask a question for the show, please send an email to [email protected].

Connect with Moshe on:

Facebook - ...

In this exciting episode, Moshe Amsel interviews his mentor James Wedmore, the guru of million-dollar information product businesses. James created a simple step-by-step guide to creating information products in your business. He shares with us the five essential gears that you need to run a successful digital business. 

James’ video series Rise of the Digital CEO is currently out and free to watch but goes back in the vault in just over a week, so click here to access it: https://www.profitwithlaw.com/videoseries

Resources mentioned:

The FREE 8-Part Mini-Series: The Rise of the Digital CEO - https://www.profitwithlaw.com/videoseries

LIVE DEMO - Information Products for Law Firms - https://www.profitwithlaw.com/demo

Join our Facebook Community: https://www.facebook.com/groups/lawfirmgrowthsummit/

To request a show topic, recommend a guest or ask a question for the show, please send an email to [email protected].

Connect with Moshe on:

...

In this stellar interview, Moshe Amsel and Bobby Klinck reveal the magic of using information products. One of the best outcomes of having information products is that it builds relationships with potential customers. It doesn’t only raise your conversion rates, it also creates a following of people that will sing your praises to everyone. If you want to find out more about how this works and the steps you can take to accomplishing this feat, this is an episode you don’t want to miss.

Resources mentioned: 

Unlock the Hidden Revenue Stream - One Day Summit - https://www.profitwithlaw.com/hiddenrevenue

Bobby’s website - https://www.bobbyklinck.com/

Patent Litigation Primer by Bobby Klinck - https://www.profitwithlaw.com/patentlitigationprimerbook

Episode 29 - Why Choosing a Niche Will Skyrocket Your Firm - https://www.profitwithlaw.com/029

Hubspot - https://www.hubspot.com/

Marie Forleo B-School - ...

In this episode Moshe Amsel interviews Joey Vitale, founder of Indie Law Firm. Joey created a course and shares with us how that has had a major impact on his firm, not only in revenue and processes, but also in having a larger impact on people. Moshe and Joey discuss their desire to have a greater impact and instigate real change in the world and how you can accomplish that by creating information products.

Resources mentioned:

Unlock the Hidden Revenue Stream - One Day Summit - http://profitwithlaw.com/hiddenrevenue

Joey Vitale on Facebook - https://www.facebook.com/attorneyforcreatives

Joey C. Vitale on Instagram - https://www.instagram.com/joeycvitale/

Owning it live show - can be found on Joey’s Facebook page - https://www.facebook.com/attorneyforcreatives

Episode 96 - Lawyers Are Leaving Money On the Table - Lots Of It - https://www.profitwithlaw.com/096

Episode 29 -  Why Choosing a Niche Will Skyrocket Your Firm - ...

Continuing the series of episodes related to adding information products as a revenue source for your law firm, Moshe Amsel shares the challenges that may come up and the number one way that you can persevere and stay the course.

Resources mentioned:

Unlock the Hidden Revenue Stream - One Day Summit - https://www.profitwithlaw.com/hiddenrevenue

Facebook Live Playlist with A Browne Live Demo of Implementing an Information Product in a Law Firm - https://www.facebook.com/profitwithlaw/playlist/854089461748647/

Episode 96: Lawyers Are Leaving Money On the Table - Lots Of It - https://www.profitwithlaw.com/096

Episode 98: Step 1: Define Your Clients Journey - https://www.profitwithlaw.com/098

Episode 100: Step 2: Where is the Gap? - https://www.profitwithlaw.com/100

Join the Law Firm Growth Incubator - https://www.profitwithlaw.com/incubator

Book a Free Coaching Session and Also Learn More About the 90 Day Law Firm Turnaround Group...