“Start with the end in mind.” – Stephen Covey
You know as well as I do that you don’t hop on the highway and assume that you’ll figure it out as you go. You MUST pick a direction first – if not your exact destination. If you start out heading south from Chicago, you definitely will not end up anywhere in Canada.
In the same way, you MUST create a financial plan for your business. With a plan, you’ll be heading in a clear direction and you’ll be well informed when it comes to the choices you need to make along the way.
The good news is, that it’s never too late to create your financial plan. You simply have to make a decision about where you want to end up.
So here’s the question: Do you want to have a more profitable business?
Even if you’re on a path of flying-by-the-seat-of-your-pants, receipts shoved in your glove compartment, and a ziplock of important papers that you hope no one ever comes looking for, it’s not too late.
You can start today.
My clients come to me at any number of stages on their business journey. Many of them have already tried it on their own and they realize they need some help. They need direction.
But no matter where they are, I always encourage them to: START WITH THE END IN MIND.
How to start with the end in mind when managing your cash
Where you are
When we first begin working together, I take my clients through an in-depth exercise to help them uncover and articulate what is challenging their profitability and what might be holding them back from building the profitable business they dream of.
Where do you want to go
Next, we get really clear on what success looks like. Not everyone wants to retire at 50 and not everyone wants to buy a mountain home. What does success look like for you? Success in the short term and the long term are both important to identify.
What comes next
Both of those elements – Where you are today and where you want to end up – directly affect what I recommend for you to do with your business.
- You might need to spend less money for a season
- You might need to save up some cash so that you’re ready for your tax bill
- You may need to invest in some new team members, whether you’re hiring or outsourcing. An interior design bookkeeper is a great place to start.
- You may need to start paying yourself better
Profitability for Interior Designers
No matter what recommendations I make, they are all completely tailored to you and your unique business, and they always use Profit First as a guide.
In my 25+ years of experience as an Accountant/ Bookkeeper, I haven’t found a more practical, applicable approach to structuring your business so that you’re profitable ASAP.
Most interior designers went to school to be a designer. They want to make great spaces for their clients and don’t have a lot of mental space for keeping track of their accounting.
Get Started Today
If you’re ready to work with someone like me, fantastic. Schedule a call today and we’ll dive right in.
If you’re wanting to start today on your own, here are some helpful questions that will help you start with the end in mind.
Take some time to write down your answers and really allow yourself the space to process these questions thoughtfully.
- What are the external challenges your profitability is facing? (ie: This could be you have to track people down to pay their invoices, you are looking at a huge tax bill, etc.)
- What are your beliefs and feelings about money and how does that affect the way you approach your profitability today? (ie: Were you raised in a home where your family never talked about money?)
- How do you define success for your Profit First implementation? What do you expect to happen?
- How will your life be different if you have profitability you can count on?
- Consider the way you work best with people on your team and other vendors that help you with your business. Does it feel like it would be helpful to hire a coach to help you implement Profit First?
I would welcome the opportunity to talk you through these questions – and more! Schedule a call today to get started.
Now that you know where you’re going, it’s time to start filling in the details about the entire roadmap. Check out these helpful blog posts for more: