What are the money management lessons LNCs might learn? In this episode of Iyer’s Insights, you will hear about some of the big money management lessons Pat learned the hard way. You will see how you can avoid the same mistakes.
“Businesses don’t fail due to lack of orders. They fail due to lack of cash.” Attentive money management is crucial for a small business. If you are not watching your income and expenses, you can easily slide into a cash flow problem. Put another way, you could have plenty of cases sitting in your office. You could have plenty of invoices in the mail. But if you are not receiving a steady flow of income, you can quickly get into trouble.
Listen in to learn about money management lessons:
- Tips for tackling the financial aspects of your business
- The big trap with setting unreasonably low legal nurse consulting fees
- How spending too many hours on a case will bite you
- How you can make more money with rounding up
- The crucial importance of retainers
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While Pat Iyer says, “Numbers are not my friend”, she knows that watching the numbers is essential. She managed the cash flow of her LNC business, looked for opportunities to generate more business, and increased the revenue on each case. The money management lessons she learned along the way are applicable to independent LNCs.
Check out the webinars, teleseminars, courses and books at legalnursebusiness.com. Expand your LNC skills with our resources.
Explore coaching with Pat Iyer at LNCAcademy.com to get more clients, make more money and avoid expensive mistakes.
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