It’s every creative’s least favorite task: the business stuff. But mastering financial and operational skills are just as important—some might argue even more vital—for getting your company onto the path to success, even if you’re handing off the bulk of the work to a bookkeeper or accountant. This week, we asked five designers—Helena Clunies-Ross, Melissa Dyckman, Becca Jarrad, Kelsey Kline Haywood and Kevie Murphy—how they manage their firm’s finances.
Hire Help
“Early on, I learned that there are a lot of nuances to the finances of a design firm. For that reason, my first hire was a good bookkeeper. I looked for someone who worked with similar industries and who was knowledgeable about the inner workings of the design business structure. Through frequent check-ins, I’m able to stay up to date on the health of my finances.” —Melissa Dyckman, Melissa Dyckman Interiors, Lahaina, Hawaii
Channel Past Experience
“I’m incredibly grateful for the 10-year career I had in HR before transitioning into design, because it taught me how to run a lean business. I learned how to properly create a budget, determine appropriate wages when hiring, and keep my overhead low. When things became more complex around year two of my firm, I brought in a bookkeeper who specializes in interior design businesses. She implemented processes and procedures to fill the gaps that had formed over time, and educated me on the back-end accounting of my business. I always say she was my first hire—and the one that set me up for success.” —Kelsey Kline Haywood, Kline Interiors, Chicago
Team Effort
“We manage our finances with the help of an excellent accountant and financial advisor, which has been invaluable to us as business owners. Regardless of the size of a firm, having trusted specialists who understand the nuances of the interior design business makes all the difference. Just as we rely on the highest-caliber upholsterers, workrooms, painters and wallpaper installers, we believe in surrounding ourselves with the best advisors we can.” —Kevie Murphy, K.A. Murphy Interiors, Manhasset, New York
Set the Foundation
“I learned to manage our studio’s finances by building strong systems around the business early on. We rely on Studio Designer for all our accounting needs. I also review detailed financial reports on a monthly basis and have a great operations manager and bookkeeper. If you’re a reseller, having a second set of eyes reconciling everything is essential. Custom financial reporting capabilities and a monthly financial team review help us truly understand where each project stands and where we are each month. You learn by listening and doing consistently over time.” —Becca Jarrad, Studio Eidos, Chicago
Two Sides of the Same Coin
“I’ve always been deeply interested in the business side of the practice. The creative and the business side have to go hand in hand; one supports the other. Financial clarity and structure are what allow the design work to exist at a high level. It’s not something I see as separate—it’s embedded in how I’ve built and run the studio from the beginning. Over time, that commercial awareness has simply become inherent to how I operate.” —Helena Clunies-Ross, Helena Clunies-Ross Design, New York and London
