I’ve been rereading The 7 Habits of Highly Effective People by Stephen Covey and it’s so good. So many wisdom bombs that has me underlining and affirming to myself. But of course, I’m always thinking of you and how it applies to running an interior design business.
So when I read the part where the author defines “effectiveness” by using Aesop’s fable of the goose and golden egg, I thought of interior designers over their head in business.
Read MoreIs your business financially strapped? Is your financial life a mess? Can you not afford to invest in your business? Are you taking whatever measly work comes your way just to make ends meet? Living paycheck to paycheck for years?
Read MoreOne of the things that you must deal with when running an interior design company is the cyclical nature of the business. Some times of the year are naturally slower than others. Depending on where you’re located seasons, holidays, school schedules, and daylight savings time (I’m not sure about that last one, but I wish it would go away) can have an effect on the flow of work into your design firm. This means that we all likely have to deal with income ups & downs.
As a smart business owner, you must plan for this. So what can you do when you’re dealing with inconsistencies with your income?
Read MoreToday, I’m going to touch on some accounting principals, markup and margin. These are two terms that you may have to think about when you’re calculating profit and pricing in your business. These are numbers that you should be familiar with and how they play into your business because they can help with your profitability.
Markup and margin are not the same, even if occasionally you may hear them used in the same way.
Read MoreHow much do you want to make this year? Specifically, what do you want your business’s gross profit to be? Do you know how you’re going to get there?
Read MoreAs a business, you deserve to be profitable. Running a business is a challenge and too often we settle for “just getting by”. We shouldn’t settle. We shouldn’t compromise on profitability. We shouldn’t allow ourselves to forget that we’re running a business and the goal of any business is to make money.
Otherwise we’re not running a business, we just have a hobby.
Read MoreSometimes I see that people get thrown off by the idea of reimbursable expenses or "reimbursables" which is a little less of a mouthful.
So what is a reimbursable and how does it differ from anything else that you buy for your clients?
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