Make money, not debt.
This is the mantra of practically every business owner — and rightfully so.
But have you ever thought that going into debt could help your law firm grow in the long run? While I’m not suggesting that you take out a million-dollar loan, I am saying that when you don’t have the funds readily available, going into a little bit of debt has the potential to grow your firm.
Have you ever been in a situation where you have multiple high-value cases in the pipeline, but the courts are closed? This is an example of an opportunity where taking out a small loan to keep growing could benefit your firm long term.
Always think of the big picture even when assessing the little things.
Before deciding that that’s the best thing to do, however, it’s imperative to ask yourself:
- Am I confident in my business?
- Am I confident in my people?
- Am I confident in myself?
If there’s any doubt within your answers, then maybe taking on debt isn’t the best decision for your law firm. You must believe wholeheartedly in your law firm, the people working for you, and most of all, yourself before you take on any debt.
If, as a law firm owner, you are facing these two options:
- Pull back, cut costs, or downsize your organization
- Take on some strategic debt in order to keep growing
The answer is clear. If you go with the second option, you have the chance to continue feeding your law firm what it needs in order to become strong and healthy.
The least desirable choice is that way for a reason — but when we’re able to look at it as a viable option instead of something we couldn’t imagine doing, only then can we transform and reach goals that we once saw as unattainable.