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Following the success of this years round table events we have been asked to provide a range of web-based webinars aimed at discussing more detail relating to the ‘10 stages of the Matter Profit Journey’ as outlined to you during the London events.
The ‘10 stages of the Matter Profit Journey’ encompasses the NEXUM 360° financial health check program, used across our client base, covering:
1. Profit Planning
2. Pitch process
3. Expectation
4. Delivery
5. Billing
6. Payment
7. Collections
8. Query & dispute management
9. Cash application
10. Sustaining business
I'm very pleased to announce that a range of free webinars introducing the NEXUM ’10 Stages of the Matter Profit Journey’ are scheduled to take place online over the coming months. The first webinar will cover planning and look at the capability of the law firm to deliver profitable services to the market, how to identify demand, ensure you have the correct assets to target the right audience in order to achieve the firms ‘Survival/Growth Strategy’.
Although on the face of it the subject matter of the first webinar ‘Profit Planning’ suggests a marketing bias, the content is deeply rooted in the financial success and fitness of your firm.
The webinar will be hosted by Jim Stanley,Managing Director /CEO of NEXUM. Jim invested four years in private practice before moving into legal technology and professional services during the mid 1990s. Working with colleagues Jim formed a highly successful organisation that grew to become NEXUM.
NEXUM and has enjoyed more than 20% growth year on year for the past eight years, fending off fierce competition, external investment and reliance on the bank. Jim is a Chartered Marketer and has developed strategies to ensure NEXUM maximised its resources in line with changes in the economic landscape.
NEXUM currently deliver cash-flow and profit improvements to more than 100 clients including Heineken, Travis Perkins, DSG Retail, South East Water, Herbert Smith Freehills, Irwin Mitchell, Pannone and recently announced a major project with The London School of Economics.
This webinar is aimed at both Managing and Senior Partners together with finance and operational executives within your firm. We will look at how proper planning during the earliest stages of the business cycle can have enormous impact on the reducing the risk of not achieving target profit, cash and growth levels.
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NEXUM Technology
"Financial Health Check Monitor for your business"
Friday 25 October 2013
Planning for Profit
Wednesday 8 May 2013
Charles Christian Interviews Jim Stanley
Charles Christian Publisher and editor of the Legal IT Insider global legal tech industry newsletter and the LegalTechnology.com website interviews Jim Stanley co-founder of NEXUM.
http://www.therevenuetion.com/jim_and_charles_128kbs.mp3
Charles interviews Jim about the rise of NEXUM, what they offer the legal and professional service markets and how experienced gained in the wider corporate market can provide benefits.
http://www.therevenuetion.com/jim_and_charles_128kbs.mp3
Charles interviews Jim about the rise of NEXUM, what they offer the legal and professional service markets and how experienced gained in the wider corporate market can provide benefits.
Wednesday 20 March 2013
What can your word power win you?
What can your word power win you?
Nexum
Software is marking its event sponsorship of this year's LawTech Futures with
the release of a new gaming app. The revenue management specialist, who will be
promoting its 'Revenuetionary' approach to law firm financial fitness at the
event, has today launched Word Patroller for iPhone.
The
game’s 'making words under pressure' format will appeal to fans of App Store
classics SpellTower and Boggle while an added competitive element should make
for a healthy download rate in the lead up to the show.
"It's
a fun, brain-training style game that everyone can enjoy but we thought we'd
encourage plenty of participation by running a couple of competitions around
LawTech Futures”, explains Nexum’s Jim Stanley. “These are open to law firm staff, and we'll
have one competition running from now until 28th April for those not able to
attend the show on the 30th; and the other taking place on the day itself
especially for delegates.
Both
will work exactly the same way with the highest validated score winning its
owner the latest iPad. You'll have to download the game to see what it's all
about but one tip I can share with you is to look out for opportunities to
spell 'Nexum' and 'Revenuetion' - they'll do wonders for your score!"
To
enter the first competition, gamers should email a screenshot of their High
Scores page to scores@therevenuetion.com no later than midday
on
April 28th. (Press Power and Home buttons together for the screen grab.) There
is no limit on how many times the High Scores page can be submitted. To enter
the second competition, LawTech Futures' delegates should visit the Nexum stand
to present their High Scores page no later than 6pm on 30th April.
John Mullins invites you to his round table discussion: Tackling the financial fitness challenge
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John Mullins invites you to his round table discussion: Tackling the financial fitness challenge
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Thursday 9th May or Wednesday 12th June, 9.30am, Law Society
It’s little surprise that fiscal hygiene and financial fitness are at the top of today’s practice agenda. Firm failures, flat revenues, rising costs, increasing competition and price pressure, lending restrictions, delayed distributions, these are just some of the factors coming together to create the perfect storm for UK law firms. It’s the tight ships that will have the best chance of riding that storm successfully, those that are proactively and effectively managing cash, WIP and debt to improve working capital and drive down lock-up.
Led by former COO and CFO of Herbert Smith Freehills John Mullins, the session will explore the current legal landscape and examine practical strategies for:
· Improving WIP management
· Increasing billing and collection realisation
· Limiting write-offs
· Improving matter profitability
· Reducing bad debt
· Accelerating cash to offset interest payments
· Boosting PEP
As part of the discussion John will share a case study from a Top 20 firm, explaining how it successfully reduced debtor days by 20% in less than six months, achieved a £10m cash acceleration in the same timeframe, and is on track to cut three weeks from its lock-up figures. The aim is to highlight that there are proven methodologies – a potent mix of new thinking, technique and technology – for tackling the financial fitness challenge.
We hope that you can make one of the two planned sessions and look forward to welcoming you. Please note that as places are limited, we will be operating on a first come, first served basis. If you are unable to come but wish to pass the invitation to a colleague, feel free to do so.
Dates: Thursday 9th May or Wednesday 12th June
(Please indicate preference in RSVP)
Start: 9.30am Registration and Coffee Finish: 12.30pm Concluding Remarks and Lunch Location: The Law Society, Chancery Lane, London WC2A 1PL
RSVP: To book your place please email either email me at sleach@nexumsoftware.com or call me direct on 0845 226 8184
Kind Regards,
Susannah
Susannah Leach
Business Development Manager
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Tuesday 29 January 2013
Value Gain
The nexum Revenuetion 'Value Gain' relationship.
Value = is that quality of anything which renders it desirable or useful.
Value = is that quality of anything which renders it desirable or useful.
Do you purchase technology or invest in it? What value do you expect, what is your approach to value gain?
Most cars have four wheels, an engine, seats, brakes etc, but the price range ca start at a few £1,000 for a new one to £1,000,000 - so why the gap? The price difference relates to value offered by the supplier and perceived by the buyer. Comfort, economy, speed, image, reliability, running costs etc are all value components.
Take the Apple iPad, it currently commands a 30%+ premium over competitive products, why? It is the value buys gain from the experience - reliability, image, functions, quality.
When you look at software now, do you see it as a solution to deliver a gain in 'value' now, in six months and each year afterwards? Do you see us as 'suppliers' or 'partners'?
Working together we are enablers; enabling change, improvements, benefits, low risk, comfort - or value as we see it. Throwing technology at a problem is just that, 'know-how' makes the difference.
Tuesday 8 January 2013
If it saves lives...
We really gain a lot from reading about the principals and procedures adopted by the pharmaceutical and medical industry, not because we have an interest in joining that industry BUT because what they do has to work or else. The developments in this sector within the previous 40 years has cured many fatal illnesses, prolonged life for many others and generally helped man kind survive. The morality of this is a different discussion. What interests us is their approach and how that can be adopted by the commercial world at it suffers.
One of the greatest medical developments has been in detection and the now accepted rule that 'accurate diagnosis is half the cure, treatment without understanding can be harmful if not fatal'. How many firms have invested too much in solutions with less than acceptable benefit?
For 2013 one of your core activities should be to focus on accurate diagnosis. Our reputation is one of a partnering organisation that swiftly reduces lock-up, increases realisation rates and reduces write-offs, leaving the technology aside our approach enables us to deliver pin sharp results, much of this has been bought about by our approach 'accurate diagnosis of what is required'. For us this underpins the foundations of The Revenuetion, 'Do now what needs to be done'.
Unlike many organisations we are driven to sell clients a lump of stuff at the highest price, our approach is to sell clients what they need at the highest value to both sides. Win Win.
In the year ahead the financial health of your business is determined solely by what you do now. We wish you a successful 2013 and a healthy one too!
One of the greatest medical developments has been in detection and the now accepted rule that 'accurate diagnosis is half the cure, treatment without understanding can be harmful if not fatal'. How many firms have invested too much in solutions with less than acceptable benefit?
For 2013 one of your core activities should be to focus on accurate diagnosis. Our reputation is one of a partnering organisation that swiftly reduces lock-up, increases realisation rates and reduces write-offs, leaving the technology aside our approach enables us to deliver pin sharp results, much of this has been bought about by our approach 'accurate diagnosis of what is required'. For us this underpins the foundations of The Revenuetion, 'Do now what needs to be done'.
Unlike many organisations we are driven to sell clients a lump of stuff at the highest price, our approach is to sell clients what they need at the highest value to both sides. Win Win.
In the year ahead the financial health of your business is determined solely by what you do now. We wish you a successful 2013 and a healthy one too!
Wednesday 14 November 2012
Signs of illness and health checks
It has and still is an amazing adventure with pretty much every client at varying degree's. It is clear now that where NEXUM's sits in an organisation determines our ability to accurately monitor the health of their business.
Recently a large client placed NEXUM towards the front end of the business monitoring the 'customers financial journey'. This was a great opportunity for us as we were not just capturing problems i.e. bills/invoices outstanding and query's/disputes - otherwise known as bad news, we were able to track the customers as they initially hit the clients business and monitor their own adventure and experiences.
With credit/revenue management we all often see the symptoms of illness on the surface, the repetitive cough or the rash! Debtor days and write offs are signs of the illness, they are often symptoms of something far more serious. In our profession we tend to help clients manage the symptoms, make it less painful and slowly track back to identify root causes of issues. Then the project and our work really begins as we start to re-engineer the process. One of our corporate clients, First Utility is an excellent example of a forward thinking corporate reviewing, changing, implementing and improving - Herbert Smith Freehills take the process further with us. For both organisations the ultimate goal is to achieve the highest levels of financial health possible.
Capturing the client at the front end of the business and tracking them through the bill to cash cycle enables us to monitor signs of health and as soon as one of their customers/clients signs the slightest chance of a negative symptom NEXUM acts.
Good credit/ revenue management is about helping the 'business' take on and continually develop customers/clients that offer the highest levels of financial health to the business. Financial health is not just about the money as it points to the quality of the relationship and the product/service supplied.
A healthy business is one that delivers a high value, quality service to customers/clients that are able and willing to pay because they feel that they have received value and are satisfied.
One of current projects involves working with a client on a range of issues, on the face of it they are burdened by them and were initially reluctant to implement a solution like NEXUM as they felt they never had the capacity or the energy to do so. The simple solution from us was to create a battle plan tackling individual areas with a quick fix to rapidly repair an area of the business then move on to the next...
Credit and revenue management is changing at a dramatic pace, we are fast becoming financial medics to our clients and no longer cleaners mopping up the mess!
Recently a large client placed NEXUM towards the front end of the business monitoring the 'customers financial journey'. This was a great opportunity for us as we were not just capturing problems i.e. bills/invoices outstanding and query's/disputes - otherwise known as bad news, we were able to track the customers as they initially hit the clients business and monitor their own adventure and experiences.
With credit/revenue management we all often see the symptoms of illness on the surface, the repetitive cough or the rash! Debtor days and write offs are signs of the illness, they are often symptoms of something far more serious. In our profession we tend to help clients manage the symptoms, make it less painful and slowly track back to identify root causes of issues. Then the project and our work really begins as we start to re-engineer the process. One of our corporate clients, First Utility is an excellent example of a forward thinking corporate reviewing, changing, implementing and improving - Herbert Smith Freehills take the process further with us. For both organisations the ultimate goal is to achieve the highest levels of financial health possible.
Capturing the client at the front end of the business and tracking them through the bill to cash cycle enables us to monitor signs of health and as soon as one of their customers/clients signs the slightest chance of a negative symptom NEXUM acts.
Good credit/ revenue management is about helping the 'business' take on and continually develop customers/clients that offer the highest levels of financial health to the business. Financial health is not just about the money as it points to the quality of the relationship and the product/service supplied.
A healthy business is one that delivers a high value, quality service to customers/clients that are able and willing to pay because they feel that they have received value and are satisfied.
One of current projects involves working with a client on a range of issues, on the face of it they are burdened by them and were initially reluctant to implement a solution like NEXUM as they felt they never had the capacity or the energy to do so. The simple solution from us was to create a battle plan tackling individual areas with a quick fix to rapidly repair an area of the business then move on to the next...
Credit and revenue management is changing at a dramatic pace, we are fast becoming financial medics to our clients and no longer cleaners mopping up the mess!
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