Discover how DXA Group’s expertise transformed Lawyers Choice, boosting profits, and learn Renee Krause’s tips on customer focus, outsourcing, and vendor relationships.
In 2018, Lawyers Choice found itself in financial straits. With mounting debts and a sluggish cash flow, the company was at a crossroads. As such, Lawyer’s Choice decided to hire DXA Group, marking a turning point in the trajectory of the firm.
DXA didn’t just provide a quick fix. They dove deep into Lawyers Choice’s financials, analyzing the data in detail to uncover opportunities for improvement. DXA created a budget and cash forecast, with a focus on profitable business lines and systematically paying down debts.
Over the span of three years, these initiates lightened Lawyer’s Choice debt load, increased revenue by 45% and profit by 55%.
In Renee’s words, “DXA helped save my company. DXA has been an integral part of our success and has been key to driving revenue – now our books are clean, our taxes on time and better prepared. I don’t have time to manage that stuff – DXA manages it for me.
DXA also helped me refine my business plan – beginning by helping me understand my expenses and my profitability. Specifically, DXA helped me understand which (product) lines are profitable and which are not. Before DXA the company was shrinking – today we’re growing and are much more profitable. Now that the firm is on solid footing, DXA is helping craft a long-term plan for growth and profitability, succession planning, and ultimately, an exit strategy.”
Renee, with her wealth of experience, offers invaluable advice to fellow small business owners. She emphasizes the importance of focusing on the best customers, shedding the worst – they take up all your time and are never satisfied, and also forging strong vendor relationships.
Renee is also a big proponent of outsourcing – “I outsource everything I can. That frees me up to take care of my clients and my people. I have several outsourcing partners with whom I outsource not only accounting (with DXA) but also the IT function.” She is careful to work only with firms that provide excellent communication and high levels of expertise. “Don’t send me to a call center overseas – that doesn’t work for me”
As for other keys to success, Renee has the following advice: Regarding customers – “Take care of your clients first – understand them and become a Trusted Advisor to them”. Regarding vendors - “Develop strong relationships with your vendors – these relationships can help you create unique solutions for your clients. Good vendor relationships are worth their weight in gold”. “And never forget to follow your passion – if you are passionate about your business your customers will experience that passion through better service and better products. That passion will help you and your team stay current about market trends and better serve the client no matter what the business conditions.”
Now that’s a lesson we can all take to heart!
To learn more about Lawyers Choice and their remarkable journey, reach out to Renee Krause today.”
Contact Renee:
Email:[email protected]
Phone: (720) 226-9423
