Profitability per project is a vital metric for the successful design professional. Whether you work on an hourly or flat fee basis, knowing which projects and categories of goods are profitable can help you direct sourcing options, marketing efforts and long-term plans to your maximum benefit.
In this course, Julia Nikishina, whose company specializes in outsourced accounting services for interior design firms, will discuss how to determine the financial health of your firm. By workshop’s end, you’ll be equipped with the skill set needed to determine the true profitability of a project.
In this class, attendees will learn how to:
- Differentiate between product profit and design time to determine the true profitability of a project
- Ascertain the cost of each employee
- Effectively assess fixed and hourly fee projects to understand which structure is more profitable
- Determine an accurate record of hours worked per project, including non-billable, in order to measure and optimize profit
- Utilize vendor relationships advantageously to ensure the highest amount of markup per product
After this class, attendees will have:
- The skill set to review profit by project, based on both design time and product expenditure
- An understanding of the true cost of employees and their productivity
- The knowledge of what an ideal vendor relationship should be
This workshop is conducted through Zoom webinar. All you need to join is reliable internet access and computer speakers with good volume.
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