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Back to basics: Why your firm needs to focus again on basic financial management

A greater focus on basic financial management principles can increase firm profitability, says Robin Dicks

23 April 2013

Previously, healthy growth in revenues and profits could be achieved by the firm effectively tracking market growth. But, when growth is more difficult to achieve, is this still a suitable aspiration?

Consider the alternative. A firm which is not growing may find it difficult to provide career progression to its best staff, who may give up waiting for others to retire or leave. Growth provides the fuel to seek higher quality, more challenging work as well as financial well being. It enables investment to improve the capability of the firm and to generate future success.

But, firms are now facing new entrants, some with deep pockets and an appetite to invest in new models, processes and technology. Commoditisation and the impact on market share and margins pose a risk. Demand has intensified for legal work to be good value for money, speedy and for its price to be easier to forecast and more transparent. Regulation and compliance have become more pressing c...

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