ARE YOU READY FOR FOURTH QUARTER?
Time flies, doesn't it? 2023 is speeding by, it's crucial to gear up for a strong finish. The fourth quarter is where the magic happens, plus it’s my favorite season. 😉
It holds the power to make or break your interior design business. Let's dive into some savvy strategies tailored to interior designers like you, strategies that will not only help you achieve your annual goals but also set the stage to start the new year strong.
1. Financial Fitness Check: Your Foundation for Success
Take a moment to reflect on your financial pulse. (READ: Check your CASH!)
For small-scale design firm, maintaining a cash reserve to cover three months' expenses is the goal. But, remember that excessively hoarding funds isn't ideal either. If your financial liquidity is enough to cover the next 90 days comfortably, consider investing in growth. (Yes, you have my permission to spend the money!) Speaking of cash flow, now is a great time to have a look at your client list and start hounding those late payers.
2. Nurturing Talent: Fueling Your Dream Team
In the realm of interior design, your team is your most precious asset. Labor costs like salaries and contractor fees, constitute a significant portion of your expenses (up to 60%). It's an investment worth nurturing!
As the saying goes, "people buy from people" By investing in your team's growth, enthusiasm, and proficiency, your clients will enjoy collaborating with a motivated, skilled, and highly efficient crew. This will drive strong results throughout the year.
3. Seamless Structures: Paving the Path to Efficiency
If you want a strong finish to the fourth quarter, consider setting up simple structures to improve efficiency.
By streamlining internal processes, you’ll make your workflows more efficient, which means a more productive team, which also will give you the competitive advantage to finish the year strong. Consider investing in software that automates time tracking and project management to help set up simple structures and operations in your business.
Speaking of project management software...Need helping deciding what is the best fit for you? Let’s chat and talk it you!
4. Crafting a 90-Day Blueprint: Strategy is Key
As we approach the fourth quarter, it’s time to sit down and devise a sales strategy and marketing plan to finish the year strong.
To help you do this, you should first assess your current year-to-date performance. How was the last quarter? How are you tracking year-to-date? Aside from the goal-setting and sales plan, you should also design an aggressive marketing strategy to set up strong pipelines for the new year.
With year-end fast approaching, now’s the time for interior design firms to devise a plan to get ready and finish strong. You should also use the next three months to assess your financial health, invest in your team, and set up simple structures to ensure a strong start to the new fiscal year. Schedule a call to learn more about how we can help with your business's financial health.
