November - Free Webinars -Creating a Profitable Business Model & Project Management Efficiencies with Ivy
Creating a Profitable Business Model & Project Management Efficiencies with Ivy
Reisa Elden – Head of Events – Ivy Design Software
Wednesday, November 20, 2019 – 12:00-1:00pm ET
To register, create an account. Registration closes 2 hours before event begins.
This webinar is designed to teach designers how to leverage technology. Designers run their businesses in many different ways, but there are some key categories we have discovered that can be a game changer. Below is a short recap of the points we will address.
Learn to track all of your time - even time that you are not billing out to your client which needs to be tracked. There's no way to understand your overall profitability unless you use a time tracker. Also, take a look at your numbers - look at your numbers every day using software built for interior designers such as Ivy that will enable and empower you to take your business to the next level.
Think about what you can outsource and how you can layer these costs into project fees and bill out to your clients. A good example is leveraging the Discover section via your Ivy account to hire a designer to do your CAD drawings or hiring a bookkeeper to manage your monthly reconciliations.
Be sure to charge your value - don't feel bad charging what you are worth. Understand your billing structure. Leverage the Ivy community to help you understand what other designers are charging, how they communicate their structure to their clients, and view what other designers' contracts look like.
Finally, your goal is to be at a 40% GPM - margin is different than markup. Have this be your end goal - you won't be at a 40% gross profit margin out the flood gates, but if you understand the path of how to get there, you can. Leverage purchasing agents and receive payments via online payments and stop spending time on administrative work that doesn't drive your bottom line.
At the end of this session you will:
- Understand how to save time and money by managing your billing, purchasing and administrative tasks in one place.
- Evaluate how to track your time and understand how long things take to ensure your overall profitability is at 40% gross profit margin.
- Discover how outsourcing can be your best business decision by using the tips and tricks presented to take your business to the next level.