A daily revenue target can be a powerful motivator. If nothing else, it is a useful way to track your success over time. Here is how to figure out what you need to make every day:
- Write down your target take-home salary.
- Add your total expenses, including employees, partners’ target salaries, etc.
- Divide by 242. (Assuming 252 business days in a year less ten vacation days; adjust this number if you plan to take more vacation).
The result is what your firm needs to bring in, on average, every business day. (You might as well also write down your weekly, monthly, and quarterly targets.)
Every morning, take a minute or two to ask yourself what you can do to meet that goal and prioritize your tasks accordingly. You will not meet it every day, but when you do, make a note of it. Each week, month, quarter, and year try to reach your daily target at least as often as you did during the previous period.
Even better, build rewards into your income target. If your target includes a new gadget for you every quarter, you are more likely to keep it in mind throughout the year. Consider sharing your revenue target with your partners or staff, as well, so that everyone is working towards the same goal (and sharing the rewards).
Just remember that your daily goal is just a target. Not all of your work is profitable, but you still have to do it. In fact, some of the unprofitable work is the most important stuff you do.
[This tip was excerpted from “Set Goals for Your Law Practice in 2014,” an article by Sam Glover on Lawyerist.com, a daily online magazine about law practice, and used here by permission.]