Hear what others say
“After being involved in a business that struggled to keep up with debt problems, I realised that I had to change the way I was operating.
Since Quantum Financial Group became my virtual Chief Financial Officer, I have been able to manage my cash flow so much better, and keep on top of all payments.
The transformation has been huge.
I can now work at building the business the way I always wanted it to be, plus I sleep a lot better at night.”
Paul Fisher
Fishtails Enterprises Pty Ltd
Case Studies: Embracing technology in the legal sector
The legal sector is incredibly diverse, ranging from small suburban practices to large organisations with international links. Within smaller businesses, the adoption of technology varies greatly; dependent on how conservative the business’ attitude is and whether the owners can commit time to learning and applying new technology.
With advice and assistance from Quantum Financial Group, Wollerman Shacklock were able to push forward to become an integrated practice. This involves using the latest accounting software, working in conjunction with upgraded legal software, to create outstanding results.
Strategy: Monthly Tracking Program
Overview
Wollerman Shacklock is a growth oriented, tech-savvy legal services business. The management team approached Quantum Financial Group for assistance with a range of business challenges, including strategic advice, adjusting their service offering and ensuring they had the right team for their specific needs.
The Challenge
The business needed to increase turnover and had identified a need to adjust their range of services and match the right employees to those services.
The Solution
Assess business performance
Adjust service offerings and align team members to match services
Technology upgrades.
The Process
Monthly meetings were held with the business owner to track and assess business performance. Measures used were total revenue, net profit after tax, debtor days and return on equity.
A series of staff Key Performance Indicators (KPIs) were set and tracked using software. KPIs included fees earned and billing hours per staff member each month, with a target set for each KPI.
We encouraged and supported staff and management to embrace new technology which resulted in a shift to online versions of both practice software and accounting software.
This change gave our client and us better access to information, which made it easier to keep data up-to-date, leading to improved decision making.
The Results
As a result of this new tracking program, Wollerman Shacklock is now regularly reaching monthly turnover targets, an excellent achievement in a relatively short period of time.
The range of law services has been refined to three main areas; Property & Conveyancing, Commercial Law and Wills & Probate Law. With greater focus, the business is achieving better outcomes. The mix of employees suits this business focus and each employee is aware of performance levels and business targets.
In an industry that is highly regulated and inherently conservative, this transition and the business improvement that has followed was an outstanding outcome.
By Mike Bennett
Quantum Financial Group