Charrette Venture Group: Financial Management Basics for Small Firms (w/ Rena M. Klein)

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 managementConduct cash and accrual reportingKnow your utilization and break even rateTrack your hoursIncrease utilization ratesIncrease billable ratiosNix scope creepUse best practices to avoid over-deliveryHave routine projects to up efficiencyCalculate your hourly rateCheck for profitabilityUse a fixed fee for greater profitability

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