Financial
Help Available for Design Businesses
Photo Credit: Stark Photography These are challenging times for interior design businesses. As events currently are unfolding, we could be looking at months of disruptions, delays and disappointing sales. Don’t despair, though. Resources are available to help you, your team and your business weather this crisis. The federal government recently took steps to ensure that…
Read MoreFinances – How to Build Your Financial Chops
Of all the many areas of business that demand your attention, finance is probably the one most designers like least. It’s not that designers are not accustomed to working with numbers (far from it!) or that finances bore them. In my experience, the reason usually is that they have not been properly educated as to…
Read MoreAre You Watching Your Bottom Line?
There are numerous terms used in business, but one of the most important to fully understand and consistently watch is your “bottom line”. Just as a reminder, your bottom line refers to the profitability of your business after all expenses have been deducted from your revenues. So bottom line profits are net profits after all…
Read MoreDo You Struggle With Numbers?
By Drue Lawlor, FASID Director of Coaching at Gail Doby Coaching & Consulting “Beware of little expenses. A small leak will sink a great ship.” -Benjamin Franklin Talk about these topics at GE: Even if you’re creative, you need to understand them, negotiating pricing with manufacturers at market, expand or stay lean. Are you overwhelmed…
Read MoreProfit Is What You Keep; Not What You Earn
By Gail Doby, ASID CVO & Co-Founder, Gail Doby Coaching & Consulting & Design Success University Designers, I often find, are not always clear on their financial goals. Frequently, they confuse revenue with profit. Revenues are what you bring in to your firm by way of sales. Profit is how much of that money you…
Read MoreInterior Designers: Love Your Numbers!
Today we’re sharing a quick quiz you can take without anyone seeing your answers. Take just a few minutes and discover your personal Financial Savvy Score. Give yourself a 1 for each YES and a 0 for each NO: 1. YES NO You know the difference between net profit and net margin. 2.…
Read More3 Tips to Avoid Fee Fiascos
Are you ready to make the changes necessary to transform your business? I hope at least some of you will act on these 3 tips that can help you transform your results. Mistake #1 – We push consumers to do business our way rather than how they prefer. Research has shown that clients prefer fixed…
Read MoreCreating Your Budget
By Gail Doby, ASID CVO & Co-Founder, Gail Doby Coaching & Consulting & Design Success University Many designers want to know how to earn more money from their business. I tell them it starts with establishing a budget. It’s a lesson new business owners often learn the hard way after years of bringing in a…
Read MoreNever Miss Another Deadline
By Gail Doby, ASID CVO & Co-Founder, Gail Doby Coaching & Consulting & Design Success University Fulfilling your obligations is the mark of a true professional, and that includes meeting deadlines. If you struggle to keep on top of your commitments, take some time to think about what’s getting in your way. It usually comes…
Read MoreAre Your Interior Design Fees High Enough?
Many designers set their fees based on what their peers charge, and that is the wrong way to set your fees. How much do you want to earn per year? At the most, you will be able to bill 50% of your time if you are the CEO of your business, so if you work…
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