Yep. It’s TIME!!!
You are officially in your 4th quarter. I know, you don’t want to review your interior design business. You are too busy, right? Well, before you know it, you will even be busier and if you don’t look at your business now, you will hit New Year’s Day with a depressing thud.
You still have time to adjust and tweak your business, so you can end your year on top!
To get the big picture of your business, you need to review your financials. I know…I have an MBA and I still hate the word financials!! The great news is that I use Studio Webware, so I can just run a report to see where my business is. So, what do you do?
- Review your business revenues (revenue is the income that a business makes, usually from the sale of goods and services to clients.)
- How much money have you made so far?
- How much money do you want to make by the end of the year?
Look at your current design projects and determine whether you can hit your revenue goals. If you need to focus a bit, plan on focusing on those design services that make the most profit.
- Do you have clients who need to have their homes ready for Thanksgiving or Christmas/Hanukkah?
- Can you complete some jobs before the end of the year?
- What things are you doing that don’t make you money? This can be a design service or product you sell.
- Can you stop offering the service or product that isn’t making you money and focus on the profitable ones?
What Can You Accomplish in the Last Quarter
How can you be sure to accomplish your financial goals? What other goals did you want to achieve by year-end? How do you want to be set up to have a fantastic year in 2019?
If you are planning any changes in your accounting software, this is the time!! There are many accounting options for designers. I made the HUGE change from Quickbooks to Studio Webware a few years ago and guess what? It didn’t happen overnight. It happened during the last quarter.
I “tried” to change once before and thought it was too hard. Well, I wasn’t committed. Now is your time to commit. I knew I couldn’t do it all alone, so I got help. It was an investment in my business, which I am so happy I made!
The accounting was holding me back from really KNOWING what was going on in my business.
Is anything holding you back? Accounting is one example, but what about all of the other goals you wanted to tackle?
- Develop new design services
- Eliminating the clients who suck up all of your energy and time
- Creating new products to sell
- Adding additional revenue streams
If you can’t do everything this year, push the goal until next year. I always feel like the year goes by so fast, don’t you?!
Take the time! Put it in your calendar NOW, so you can tackle this last quarter with energy. Before you know it, you will be hitting holiday parties and freaking out that you need to get an install completed the day before your ski trip. Ha!
3rd Quarter Business Review
So, let me help you get organized! Download your FREE guide now!
The guide will ask you to:
- Assess your current financials
- Determine what services and products are profitable
- Eliminate services and products that are not profitable
- Focus on profitable parts of your business to reach your year end goals
- List clients, fellow designers and educators to help you finish the year strong
- Get some action items to tackle now!
There is also a part 2.
If you realize you can’t reach a goal by the end of THIS year, you can add it to your 2019 Goals. Maybe you have goals for new products, services or partnerships to seek? Education to focus on? Relationships to develop?
Take the time to do this NOW! 2019 will be here before you know it!!
PS. Make sure to calendar your review time in NOW! So, download your Review Guide:)