138: How to Easily Set Reachable Money Goals in Your Design Firm with Michele Williams

Are you feeling overwhelmed with work? Many businesses are right now due to the massive desire our clients are having to control where and how they live since we are spending more time at home. On this podcast, we are going to discuss how to delegate work without dumping it. There is a difference, and you might be surprised to know many of us thought we were delegating work when really, we were just dumping it off on our teammates. Let’s break this down together.

Topics Mentioned: 

• Key Performance Indicators (KPIs) 

• Gross profit 

• Expenses 

• Net Profit 

Key Thoughts:

• You have heard it said before that you get what you inspect, not what you expect. Michele (01:15) 

• Having a number that you are reaching for allows you to break it down into daily, weekly, monthly, or quarterly goals. Michele (03:54)

• You have heard it many times on this podcast and in my training, our aim, if product is a large portion of our sales strategy, is for COGS to be 40-60% of total income. Michele (06:16)

• These are starting percentages, and they are attained by being very clear in your decision making about where money will be spent in your business. Michele (10:25)

• Before we can even manage to these numbers, we need to know what they are, if they are attainable, and have clear decision making in our firms that allow us to know what to do and how to do it to get what we need. Management comes after that. Michele (14:17)   

 

Contact Michele:

• Email: [email protected]

• Facebook: Scarlet Thread Consulting

• Instagram: @ScarletThreadATL

 

References and Resources:

• The Designers' Inner Circle - Become a Member Today

• Pricing without Emotion®

• Understanding Your Financials™

• Master Your Profit® Course