The design-build process is gaining in popularity – that’s great news for you. But you won’t realize your profits if you don’t properly track your costs and revenue. Profitable design-build firms diligently allocate every single expense to every client/project. First, let’s review the key elements of “job costing;” then we’ll walk through a systematic approach…
As an interior designer, you prefer sketching conceptual renderings for your new clients or meeting the contractor to check a project’s progress – over reviewing your financial reports. However, to continue doing business, to grow your business, and to keep doing what you love – you must monitor your company’s financial performance. This performance is…
Creative thinkers like you can’t help it! You love that zone – the ideas are flowing, the images are popping, and the phrase, “let’s try this” is on repeat. Satisfaction feels new… every time you say, “That’s it – let’s go with these!” Because you’re taking such good care of your clients, your business is…
When working with subcontractors and outside service providers, it is important that you obtain a Form W9 from them so that you can are in compliance come tax time. Many contractors don’t want to complete one because they don’t want to report the income. But don’t let them convince you that not getting one is…
Understanding profitability is a key task associated with managing the finances in your business. You need to understand it at a deeper level than just total revenue minus total expenses. You need to know your profitability on a per project or per customer basis. Just like many other business owners, you are going about your…
Today we are going to talk about the last pillar – Financial Strategy which focuses on analytics, pricing and strategies to grow your business. See most people think that you can just put up a shingle and poof business will come. But it’s just not that simple. So if you think that’s the way it’s going to…
This is the third week now that we are talking about the 4 Financial Pillars of Success™. These pillars are what I believe are the foundation for your businesses financial success. We have talked about pillar one which was Financial Record Keeping and pillar two was Financial Management. This week we are talking about…
Last week I introduced you to my 4 Financial Pillars of Success™. If you recall these pillars are what I believe are the foundation for your businesses financial success. Last week we talked about pillar one which was Financial Record Keeping. Today we are going to discuss pillar two which is Financial Management . This pillar…
We all agree that every strong structure needs a solid foundation to prevent it from crumbling to pieces. This foundation is the basis or shall I say is necessary in order for a structure to withstand the earthly elements and be around for awhile. Well it’s the same in business. Your business needs to have…
How many times have you looked at your bottom line and you were shocked and amazed? You thought to yourself “where did the money go?” Well trust me when I tell you, you are not alone. Every year millions of businesses, large and small, have this happen to them. How do you prevent it you…
