WHAT’S NEW
MANAGEMENT FOR DESIGN Summer eMag Spring 2014
Top financial mistakes faced Business Intelligence by design firms for the profession
Most designers agreeare that financial acumen isthe notrelease their strong Management forwill Design excited to announce of oursuit. However, when it comes totools business success, financialfor know-how can make or new Business Intelligence specifically designed Architects, Engineers break your business strategy. and designers. Like most businesses you are probably used to seeing a variety of reports that track how your business is performing. These typically Is your design business making financial mistakes? will include your profit and loss statement, balance sheet, your cash flow statements, and perhaps project specific reports. Drawing on our extensive experience and expertise working with professional services businesses our Business Intelligence tool allows you to access, view and analyse your business performance at anytime from anywhere. Not only can we provide the ability to interrogate the information on the spot but we also forecast your business performance into the future from any financial system.
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
