Developing Systems To Reach Your Full Potential
Welcome to episode 131 of the Grow Your Law Firm podcast, hosted by Ken Hardison. In this episode Ken sits down with Tim McKay and they talk about how to develop systems that will help your firm reach its full potential.
Tim co-founded Vista Consulting in 2009, along with his partner Chad Dudley. Vista’s aim was to help plaintiff law firms reach their full potential. In December 2017, Tim acquired Chad’s interest in Vista. Tim and Chad remain very close friends to this day! Tim has decades of CPA experience with local, regional, and national CPA firms. However, it is through Tim’s prior consulting practice that he found his passion. He has worked with many business owners, assisting them with defining and attaining success in their business and personal lives. Developing a management philosophy with business owners along with the associated systems and processes that assist in delivering outstanding management to Vista’s client teams is Tim’s forté.
Tim’s experience and interest allow him to assist Vista clients with developing a realistic vision of their firm into the future, creating a strategic plan to achieve that vision while working with firm owners in designing their desired lifestyle. From a technical standpoint, Tim assists Vista clients in reviewing firm tax entity structure, accounting systems analysis, and financial reporting.
Additionally, Tim is the managing partner of The McKey Business Group (MBG) CPAs. MBG is a small consulting CPA firm located in Baton Rouge, Louisiana. The firm only works for select businesses, providing consulting services (building the roadmap for the future), as well as traditional CPA products and services. When working with Tim, there usually are “light bulb” moments…he calls them BFOs (a Blinding Flash of the Obvious). Sometimes, he says, business is just not that complicated. Tim’s ability to mentor successful businesspersons, gently push them to new levels of thinking, while providing creative perspectives, contributes to Vista clients’ success, as well as Vista’s success.
Tim’s strategic vision for Vista has made a great contribution toward developing a team of consultants who take a comprehensive approach to working with their clients. Identifying and solving operational issues is not the only goal…enhanced profitability and having fun doing it is real success.
What you’ll learn about in this episode:
- Aligning your passions with your business to deliver the greatest results
- Grading your law firm with operational metrics to discover your areas of need
- What a healthy firm’s cash flow should look like depending on the stage of its growth
- Cultivating accurate financial numbers to get the real picture
- The importance of developing systems for existing clients that foster referrals
- The unique needs of each law firm to maximize potential and finding a tailored approach
- How to manage your cash flow and lines of credit to stay ahead of the game
- The advantages of paying associates on a commission basis
Company: Vista Consulting
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