Financial management isn’t just standard accounting. It also involves looking at the big picture of your financial performance to make smart business decisions. When you understand what’s going on financially, you can improve and plan for the future. In order to get that understanding, you need to track your time and do some calculations. In this Section Cut interview, Rena Klein, Vice President for Investment Partnerships at Charrette Venture Group, explains why firms need to know things like their utilization rate, break-even rate, and billable ratio in order to understand and enhance their profitability.

Interview Takeaways

• Understand financial management
• Conduct cash and accrual reporting
• Know your utilization and break even rate
• Track your hours
• Increase utilization rates
• Increase billable ratios
• Nix scope creep
• Use best practices to avoid over-delivery
• Have routine projects to up efficiency
• Calculate your hourly rate
• Check for profitability
• Use a fixed fee for greater profitability

Show Links

• Check out Charrette Venture Group
• Connect with Rena M. Klein on LinkedIn
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