160: Building Profitability Into Your Design Business
160: Building Profitability Into Your Design Business
with Michele Williams
When I started my podcast journey in September of 2018, I knew I would only do it if I could have the time and resources to do it well and consistently. I have now wrapped up 3 full years of podcasting and this is the start of year 4. Thank you all for continuing to be willing to listen, share, and talk about the choices that make our businesses and lives profitable. I would love for you to leave a review of the podcast on your favorite listening device. I believe there is more to be done and uncovered – so cheers to the beginning of year 4 of Profit Is A Choice.
Topics Mentioned:
Review
Profitability
Strategic Plan
Listen to the Episode
Every year I have done a wrap up of the prior year and what I learned. Because, like you, I am always learning and growing. This is what makes hosting and producing this podcast so profitable for me. Don’t get me wrong – there is a lot of expense to create a podcast like this, but the payoff to hear your stories and dig in deep is well worth the effort and investment.
I am starting this yearly reflection with Episode 109.
Brandi Bernoski began my podcast year with the conversation about updating our digital strategy. She challenged us to consider the consistency of the digital experience we are creating for our viewers.
In episode 110 I asked you to begin with the end in mind. This meant to consider how you want things to end up – and plan backwards. This has been so helpful for me in all relationships and in the building process.
Traci Reuter described the difference between organic posts, boosted posts and paid advertising and helped us consider a plan for what we might need in our business and when.
In episode 112 I shared 6 ways to remove overwhelm in your business. Two of my favorites are to stop and breathe, then focus on the next ONE thing. The other four ideas aren’t too shabby either.
Brad Clinard shared what financial independence really means for our lives and business and how working with a financial planner can allow us the freedom we desire.
In episode 114 I share how to create barriers to entry for your design firm. In other words, what are your non-negotiables? Not everyone is your client.
Jeremy and Chandler Quarles share how they have integrated their business into their life so that they can create not only the business experience they desire – but the family structure they also desire.
Episode 116 offers pre-planning tips for the new year. This is the beginning of the strategic planning focus that I will cover in the next solo episodes.
Shanna Quinn offers us a look into job costing in our design firms. Why this is important and how to do it. I often hear the question – am I making money on this project? Job costing can help track this from the start.
4-year end steps to prepare your business follows in episode 118. Focusing at the end of a year for the new year is key to removing stress.
Kris Plachy guides us in leadership and hiring. Her insights into how to lead with grace and understanding are great reminders.
Krissy Peterson shares how she determines which projects to take. We look into a cost analysis of benefits to see if the new opportunity is a good fit. This is great for those of you whose phone keeps ringing, and you cannot say yes to everyone.
Episode 121 is focused on year end planning in the areas of HR, marketing and finance. Breaking up these important tasks can often allow you to get it all done.
Tracie Bresnahan shared her journey to scale her workroom. In this episode we talk about her moving to an outside location, and she has just completed this move.
Anastasia Harrison shares her business model and how she has integrated architecture into her design business. Many designers have considered this – and Anastasia shows the benefit.
Ceil DiGuglielmo and I review the year as we have for the past two years, and see how we have changed our planning model. This year we discussed the impact of the pandemic and other changes in our industry.
I started out 2021 with a focus on finding your WHY in episode 125. I really believe if we can know our WHY and keep it top of mind, not just a side exercise to do, that it can guide how we build our business and make decision making easier.
Katie Saunders shared the top ways to define our brand beyond our style. Meaning, our brand is not just the aesthetic we use to design. Branding is so much deeper, and we have a great conversation about it here.
Lori May shared how building relationships and collaborations with vendors has been the basis of her business success. Finding the businesses whose why and values align is so important.
Strategic plans are the conversation of the year for me. In episode 129 I share with you why you need one. Actually – I share 5 reasons you need one.
Julia Hash built her drapery workroom on purpose, and she shares with us how she started being intentional from the beginning.
Ok, I talk about getting ready for the strategic plan and in episode 131 I tell you how to do it. So, please, give this one a listen and try to start your plan. You will thank me – I promise.
Rose Zefferino has a background in construction, and this knowledge and skillset has greatly impacted her opportunities and business growth. In her episode she shares how this can be important for your design firm.
Let’s talk team. Yep – episode 133 is all about building your dream team. You know when someone is not in the right seat in your business. Learn how to get the right butts in the right seats.
Laura Licursi joins us to share how we should hire the best assistant for our business. Laura shares the different types of outsourcing we can do – from independent contractors to agency hires. Learn the difference and select what works for you.
Jack Tompkins and I had a great discussion on why we need to understand our business finances and how to get a visual that helps us quickly make decisions.
Courtney DeRonde is a CPA, and she shares the mistakes we want to avoid when scaling our business. This is a must listen – no matter where you are in your business growth. Her number one suggestion was to make sure you have timely, accurate and relevant financial information when you need it.
Episode 138 is a great follow up. I share how to set money goals in your business. If you are just taking what comes, instead of creating goals to go after – this needs to be on your listen list.
Crista Grasso shares how we can incorporate her Lean Out Method to our business. This helps us focus on what is most important at all times instead of getting caught up in the busy work of our business.
Remember those money goals we set in episode 138? Well, in episode 140 I share with you how to manage those goals. Because making them and not managing to them is useless.
Jessica Harling and I chat all about how to attract and keep good employees. In this last year, I know this has been a challenge for many of my clients. Gaining and retaining the right talent is so very important as you scale your business.
I took my business on vacation, and I tell you all about it in episode 142. It was fabulous and I highly recommend!
Diane Diaz shares with us how to create influence in our work and our life. While we might not want to be the next Instagram or TikTok star, we do want to have influence so that our ideal clients will trust us to do the work we say we can do.
All these goals I help you set – well in episode 144 we talk about how to create a stress test for the goals to make sure they are attainable.
Being a serial entrepreneur is not a bad thing. Morgan Motsinger joins us to share how creating business is fun for her and how she had to find integrators to keep the businesses running.
Lane McNab jumped in the deep end when she started her business. Critical thinking was the key that kept her from drowning. She shares in episode 146 how she has used critical thinking to grow her business and also to add in new income streams.
You hear it all the time – and it is true. Mindset is everything. Episode 147 is where I challenge you to the idea that your mindset it the first place you need to focus on scaling.
Desi Creswell wants us to work with ease. And so do I. Desi shares how to become laser focused so that we are not wasting time and effort on the wrong things in our business.
Having fun yet? Many of you are worn out and so are your team. In episode 149 I share ways to bring fun back into the workplace. And we all need some fun.
Stacey Brown Randall is back talking about creating referral layers. Since meeting Stacey, I really do focus more on understanding referrals, how to handle them – and how to give them. Another great episode.
Episode 151 is about how to give a mid-year review for your team. Every review does not have to have a financial reward. However, everyone wants to know what they are doing great and where improvement is needed.
Insurance is something we all struggle to either understand or wonder if we have enough – or too much. Michelle O’Connor breaks down what we need, when we might need it, and how to work with the right agent.
July is a great time to review your strategy and set new goals. And in episode 153 I tell you how to do it. Seriously, if you can’t tell that I am all about creating an intentional strategic plan – one that is really usable – just look at my solo podcasts throughout the year for a hint.
Lesley Myrick has had to stop and start her business many times. She shares in this podcast her formula if you will for a restart. She has some great ideas to get back into design in a new area where you know no one.
If you are the owner of your business, chances are you are also the CEO. Episode 155 is focused on defining the CEO role, and then making time to do it. We all need to be reminded of this – including me.
Catrina Maxwell was my photographer for my brand shoot this year. The experience was so amazing that I had to have her on the podcast to talk about it. Listen in as she shares what she did to make it so amazing.
Every business has a weakness, maybe more than one. In episode 157 I share how to identify the company weaknesses and use those as a plan for hiring.
Ever been stuck in your business? Yea, I thought so. Misty Molloy and I have a great conversation about how to get unstuck in your business. What is it that will allow you to move forward? Learn how to identify that in this podcast.
Chad Smith shared SideDoor and how it can be used to create more revenue in your design firm. What is so cool is that it can be used in more than one way – for the new designer and even for the most experienced designer.
Reviewing a year like this really reminds me of the varied experiences in our industry and it allows me to think bigger than I might sometimes think on my own. It can do the same for you.
You may know this, but each of my podcasts is also a blog post. Meaning, you can go to the podcast episode on my website and read the notes. On my solo podcasts, the full text is there. On interviews, at the bottom is the transcript. This is always helpful if you need to read instead of listen.
Profitability is more than money. Each of these episodes helps build a business piece by piece that makes it more efficient, fun, and focused. And all of this is profitable in some way.
If you have an idea for a podcast topic, email me at Michele@ScarletThreadConsulting.com . I also invite you to check out the 7-figure Case Study on my website at www.scarletthreadconsulting.com in the resources section. Keep listening to the podcast and implement what you hear that might work for you – and be intentionally profitable, because success and profits don’t happen by accident.
Key Thoughts:
In episode 112 I shared 6 ways to remove overwhelm in your business. Two of my favorites are to stop and breathe, then focus on the next ONE thing. The other four ideas aren’t too shabby either. Michele (3:24)
Strategic plans are the conversation of the year for me. In episode 129 I share with you why you need one. Actually – I share 5 reasons you need one. Michele (8:48)
Reviewing a year like this really reminds me of the varied experiences in our industry and it allows me to think bigger than I might sometimes think on my own. It can do the same for you. Michele (19:46)
Contact Michele:
Facebook: Scarlet Thread Consulting
Instagram: @ScarletThreadATL
Website: ScarletThreadConsulting.com
LinkedIn: Michele Williams
References and Resources:
AIM Masterclass - Watch now
Play to Your Strengths - EP 35 with Darren Virassammy
Who Should I Hire First: Admin Assistance or Junior Designer? by Michele Williams