Last month ASID reached our to Marc Molinsky to provide some insight for designers who want to maximize efficiency and profitability for their businesses.
Check out the article here: Finance for Designers: Challenges, Opportunities and Best Practices
In these difficult financial times, it is more important than ever to clearly explain your fee structure to prospective clients. In one of my prior blogs, we established that a typical interior design business needs between a 20-30% of markup JUST TO BREAK EVEN on office overhead expenses. Therefore, given that average markups range between [...]
Interior designers face many challenges when it comes to managing the endless financial and operational variables that exist on a project. From client receivables and vendor payables, to the status and production of purchase orders, and to meeting tight client deadlines – among others — it is quite an undertaking to run a successful interior [...]Continue Reading →
A recent survey of American executives performed by Accenture illustrated the growing trend of outsourcing of “non-core” business functions across all major industries. Outsourcing is rapidly becoming a new business “norm” because it offers significant efficiencies, cost savings and other competitive advantages.
Research suggests that interior designers spend nearly 70% of their time on administration [...]Continue Reading →
DesignerAdvantage, Inc. has been managing the bookkeeping and back office operations of interior design businesses throughout the country for over ten years. Over that time, we have proven — with our existing customers — that an interior design business with annual gross revenues in excess of $400,000 should be achieving a net profit equal [...]Continue Reading →
Here is a little more background information on 1099′s, in case you are unfamiliar with what they are:
The basic idea of a 1099 is that the IRS requires that you report income paid to vendors which do not have an established business (that would file it’s own return). A 1099 is essentially a W-2 [...]Continue Reading →
If you do not have access to real time, accurate financial reports, you are running your interior design business with blinders on. You must hold your bookkeeper accountable for providing you weekly reports on accounts payable, accounts receivable and cash flow as well as monthly profitability reports. If you are not getting this information on [...]Continue Reading →
DesignerAdvantage has been managing the bookkeeping and back office operations of interior design businesses throughout the country for over ten years. Over that time, we have proven with our existing interior design customers that a design business with annual gross revenues in excess of $400,000 should be achieving a net profit equal to 25% of [...]Continue Reading →
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