EP 320 | Profit Per Project with Julia Nikishina

April 18, 2023

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Profitability per project is a vital metric for the successful design professional. Whether you work on an hourly fee or flat fee basis, knowing which projects and which categories of goods are profitable, can direct sourcing options, marketing efforts, and long-term plans for success.

In this episode we learn:

  • profitability per project should be looked at in two ways—product and design hours (time)
  • tracking time allows you to verify the validity of your fee structure
  • every employee has a ‘cost’ to the bottom line, which should be recouped
  • fixed and hourly fee projects require analysis of resources (including time) to understand if the goal of the work has been achieved
  • having a true understanding of the hours worked per project (billable and non-billable), allows you to accurately measure profit based on time

 

DESIGN INTERVENTION

If you aren’t growing, you are shrinking.

About Julia Nikishina

An immigrant, originally from Ukraine, Julia knows what it means to work hard and has been providing personalized tax planning services since starting the firm, always seeking to ensure the success of her clients. With a background and degree in finance from American University, Julia enjoys working with clients to help them navigate all aspects of their business accounting.

www.newagefinancialconsulting.com

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Legal Disclosure | This podcast is for educational purposes only and should not be used for any legal decisions. Kimberley Seldon Design Group, Kimberley Seldon Productions Inc., Kimberley Seldon Design and Media, Inc., Business of Design™, or any of its affiliated companies or staff is not responsible for any errors or omissions effecting accuracy in any content, and they will not be held liable for the use or misuse of information, facts, details or any other aspects should there arise any defects, errors, omissions or perhaps inaccuracies. Extensive research has been conducted to put this podcast together for the purpose of educating our industry in order to better serve the public. Care has been taken to acknowledge ownership of copyrighted material. The advice and strategies contained herein may not be suitable for every situation. This work is offered with the understanding that we do not render any legal, accounting or other professional advice. Seek the advice of a lawyer and/or other competent professional person in all matters of law. Further, listeners should be aware that internet websites mentioned may change or disappear between when this was recorded and when it was listened to.

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