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bowieCHANGESTurn and face the strange. Now, maybe David Bowie could change the way he looked at the drop of a hat without a care in the world, but for CEOs of any sized organization, it’s just not that easy to make a change. But like the “Changes” lyrics say, we can’t stop time. If every day you are worrying about the effect of environmental changes, interest rate shifts, customer behavior contradictions, supply issues, and any other unpredictable factors, it’s probably time to make a change. CEOs have a lot on their plate, which means so do their employees. Maybe last year and the years before, you just couldn’t adapt fast enough. That is why you implement a forecasting solution that does the worrying for you.

In work, just as in your every day life, uncertainty and risk just happen. And when these things do happen, you want to adapt your business and accommodate the variables quickly and painlessly. With an automated and streamlined forecasting process, you make adjustments frequently and utilize the past few years of stress by applying them to your future in order to make positive changes.

17% of businesses suffered financial loss in 2015 due to poor spreadsheets, and 78% of businesses say their key financial decisions are supported by spreadsheets. It is not worth the jumbled numbers, and stress of change, if it is also hindering your processes and holding you back from becoming a more profitable organization. Time is not going to stop, so take a take a page out of Bowie’s book and make some changes.

 

Speaking of changes: 9DOTS has been making some changes to its website & content, check them out here & look around!

PI_Jan15_art3PwC has posted their findings from their 2015 Annual Law Firms’ Survey. Through interviewing the Top 100 firms, they have discovered that a top priority for the future of law firms is to focus on pricing and profitability.

Firms are continuing to invest in business improvement programs. The focus of these programs for Top 10 firms is to drive profitability and enhance support services, whilst firms outside of the Top 10 continue to feel pressure to reduce costs to remain competitive. “A growing number of firms have identified the problem and the solution. Pricing capability and sophistication at a firm-wide and individual partner level is being harnessed and for those firms it is having a swift and significant impact.”

It all falls back into the main idea that communicating and understanding your clients is what leads to a successful law firm. A one-size-fits-all process is no longer the most useful. It results in unhappy clients, and a less profitable law firm. “This depth of understanding the client is a critical precursor to being bale to create and articulate to the client an effective pricing strategy or methodology on a particular matter.”

Providing partners with the right tools and methodology for pricing decisions is also considered key. The article discussing the study mentions that pricing improvement has a very quick ROI. “The PwC report found that even IT projects whose objective is improvement of matter pricing, have an average ROI timescale of only four months.” A lack of correct pricing tools “results in what most firms regard as an unacceptable level of what the report referred to as Unplanned Fee Income Write-offs.”

But, the good news is there is a problem AND a solution. With the right tools, they write-offs are significantly reduced. “Pricing capability and sophistication at a firm-wide and individual partner level is being harnessed and for hose firms it is having a swift and significant impact.”