Benchmarks for the Interior Design Industry

Profit Is A Choice

English - February 05, 2023 11:00 - 14 minutes - 20 MB - ★★★★★ - 52 ratings
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Previous Episode: Strategies for Hiring Well in Your Interior Design Firm

Next Episode: Selling Authentically in Your Design Business

219: Benchmarks for the Interior Design Industry WITH MICHELE WILLIAMS

Here is a question I get repeatedly when someone shows me their financials, “Is this good?” While many may be good judges of great design – being a judge of great financials can be a bit more difficult if you don’t know what you are looking at or how to compare the numbers you are seeing. In this podcast I will share some benchmarks for financials in the Interior Design industry – and in healthy businesses in general.

Topics Mentioned:

Benchmarks

Financial markers

Trends

Key Thoughts:

Remember that the numbers are just that – indicators. If we don’t like them – then we need to change the decisions that created them. Michele (2:15)

Cash flow is hitting a hiccup due to delays and problems in the installations. Learning to manage the flow of cash in and out of the company will be most important for this upcoming year. Knowing your monthly “nut” and preparing the work to cover that financial nut is imperative. Michele (8:37)

It is important to recognize that these are healthy percentages for companies and to be used as a starting point for comparing your company. Perhaps you have made other decisions to move your money in another direction. At a minimum, know what your tradeoff is. Michele (11:46)

Contact Michele:

Email: [email protected]

Facebook: Scarlet Thread Consulting

Instagram: @ScarletThreadATL

References and Resources:

Scarlet Thread Consulting

Metrique Solutions

Profit First by Mike Michalowicz

Understanding Your Financials®

Profit is A Choice® podcast with Michele Williams

Financial Health Check Up

Metrique Solutions™