WHAT’S NEW
MANAGEMENT FOR DESIGN Spring 2014
Top financial mistakes faced by design firms Most designers will agree that financial acumen is not their strong suit. However, when it comes to business success, financial know-how can make or break your business strategy. Is your design business making financial mistakes?
The top 5 financial mistakes made by design businesses are listed below: 1.
Failure to plan is your biggest foe. Budgeting and forecasting regularly will help to even out cash flow and by being aware of upcoming project costs, businesses can better prepare for months when money will be tight. By planning ahead, measures can be put in place to ease the financial strain of project-based workflows, allowing businesses a clear picture of individual project finances as well as the big picture business forecast.
2.
Stay on top of cash flow and accounts receivables. With multiple projects running simultaneously and with different payment milestones, it can
