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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