Managing the ups and downs of any business can be challenging. For a niche market like interior design, where the business cycle is heavily influenced by home sales, managing cash flow can be the difference between long-term success and short-term failure. Here are a few tips for managing the highs and lows of your design business, from an article at MultiBriefs.com.
Warmer weather tends to activate the building trades, leading to increased housing construction. Despite the unpredictability of the weather this year, you can be sure that builders and contractors are ramping up for new projects across the country. This is like manna from heaven for those of you who’ve endured a slow winter. But, this also means you need to have your ducks in a row, and your contractors, subs, and suppliers lined up and ready to get to work on your behalf.Perhaps ironically, however, you also need to make plans for the next downturn in the business cycle, if you hope to be around for the next upswing.Planning for the Slow Times
- Review your income history – Cash flow is rarely constant. You should anticipate fluctuations in revenue from month to month. A review of the past two or three years should give you a pretty good idea of these fluctuations. Establish a baseline of your expectations and make your plans accordingly.
- Set a baseline for expenses – While many of your monthly expenses will remain constant, such as office rent and insurance, others will vary. Once you establish a minimum, you can compare these to your income history and determine the months when expenses might exceed revenue. You can now plan for future negative cash flow months and set aside funds to cover them.
- Trim the fat – Develop a list of expenses that could be eliminated or postponed during slow periods to help reduce monthly outlays. For example, during the summer vacation period when business tends to soften, it probably is not worth it to purchase paid advertising. Instead, use the time to plan your marketing strategy for the fall and get a leg up on your competition.
- Keeping staff and subs – It is not the case that everyone you work with will be as diligent as you in planning for slow months. If you lay them off when business is soft, you can’t be sure they’ll be available again when you need them. Instead, try to anticipate those slow times and plan for necessary activities, such as annual or quarterly administrative tasks, vacation time or professional development.
- Make a plan for yourself – Assuming you have worked out your cash-flow forecast and budget for the year, consider how you can best make use of the time during lulls. Investigate new areas of business or new markets for your services, as well as devote time to building relationships with potential clients or persons who could refer clients to you. You may also want to pursue other forms of income, from dealing in real estate to designing and producing products, to offering classes and writing books or articles or pursuing a hobby that will help you to bring additional revenue into your design business.
Every business struggles with cash flow from time to time. By anticipating your needs before they develop, you’ll be able to respond more efficiently and with fewer hiccups. As a last resort, even a short-term loan may be needed yet, if you're ready for it, you’ll also have a plan for that, and will be able to stick to the terms and keep it short term.Looking for more interior design tips, trends, and ideas? Get in touch with TD Fall today.
If you’ve been paying even modest attention to social media lately, you're sure to have noticed the trend in “tiny homes” as a way to battle the high cost of buying a house. But, even for homeowners who do not choose to live within less than 500 square feet of space, simplifying their lives by getting rid of excess “stuff” has become something of a trend.According to the website 
Heart Wood is the quietest shade of the bunch. AkzoNobel calls it a “grown-up pink” that echoes the look and feel of natural wood and leather. If you aren’t familiar with AkzoNobel, they are a paint and coating company headquartered in Amsterdam.The firm’s Global Aesthetic Center works with design and color experts around the world who look at technology, art, design, nature, architecture, and even fashion and music before selecting a color of the year. This year, they felt that people around the world are looking to escape the noise of everyday life when they are at home. Heart Wood brings that sense of calm, relaxation, and solace.PPG Pittsburg Paints – Black Flame
To select PPG’s color of the year, the global paint company has their top 20 color experts from all over the world meet for three days to present and debate their selection. This year, they crowned Black Flame and claimed it will be the “new neutral”.Black Flame is black with a hint of deep indigo. This shade was selected to satisfy consumer’s need for privacy, optimism, and a search for things classic yet modern. This color fits the bill. It’s timeless like the little black dress; it looks great on everyone and provides an excellent canvas to highlight other colors and accessories. This idea translates perfectly into interior decorating.Benjamin Moore - Caliente
Caliente is the wild card of the bunch. This daring, energetic red is a bold choice. Benjamin Moore takes months to examine research from industry shows, fashion, and architecture seen around the globe. Red was seen prominently; in January’s Women’s March in Washington DC, in popular TV shows like The Handmaid’s Tale, and in Stockholm Royal College of Music’s concert hall.Caliente has a slight brown undertone, so it’s not a dull primary red. It evokes a sense of change, strength, and confidence. Use it to create a strong focal point or a lasting impression.Sherwin Williams – Oceanside
Oceanside is a gorgeous deep teal, almost a jewel tone. Reminiscent of the ocean and inspired by global travel, Sherwin Williams believes it will satisfy a homeowner’s search for adventure in a shade that is a balance of old and new.After examining influences from all over the world, their experts selected Oceanside for its versatility. It’s suitable for traditional spaces as well as modern; it invites a sense of clarity and is known to boost creativity. This is a color you can bathe your walls in or use more deliberately for points of interest.Looking for more new design trends, tips, and ideas? 
A hot new trend in kitchen storage is hiding away the appliances that are used most often – while keeping them accessible to the entire family. Sometimes referred to as an “appliance garage”, the family’s most used appliances are always plugged in and ready to go without cluttering the countertop.Hidden Appliances are a Huge Kitchen Must-Have
While single sinks have become popular recently, that trend is beginning to wane. Not only are double bowl sinks making a comeback, but prep sinks are also becoming increasingly popular. Adding features to kitchen islands, such as wine coolers and/or other storage, will also go a long way toward making your efforts feel personalized to the client’s needs.Don’t Sink Your Kitchen Design with a Single
Prep Sink in Kitchen Island
Multi-Use Kitchen Island
Designing the dream kitchen for others is always a challenge but, by keeping an eye on what’s possible, you can offer something unique to even the most discriminating clients.Looking for more new design trends, tips, and ideas? 
The American Society of Interior Designers (ASID), in partnership with Cornell University, Delos, and the Innovative Workplace Institute, have released the results of research into the impact of innovative workplace design on behavior and performance, how spatial design supports organizational goals, and the impact of design on human, organizational, and environmental sustainability.While the results may seem somewhat self-serving, that an organization of designers would reveal that “innovative design” has a profound effect on the work environment and productivity, it is no less true and should not be discounted. And, while the results of the group's research are too extensive to list fully here, we would like to share the high points and suggest you 
Protecting your design clients from poor quality products should be a priority for any interior designer. Whether we’re talking about cheap paint that will not last, inexpensive rugs that unravel, or furniture that does not meet acceptable standards, since you're the expert they’ve hired to improve their space, it’s up to you to ensure that quality matches the price.A recent article in the 
The Underwriters Laboratories, better known as simply UL, is a global safety consulting and certification company. Founded in 1894. They are headquartered in Northbrook, Illinois, with offices in 46 countries around the world. Perhaps best known for safety certification of electric appliances and components (at least here in the US), as of 2011, UL diversified into indoor air quality standards, by acquiring GEI.The 
It’s the time of year when so many of us set goals, both personal and professional, with an eye toward improving our lives during the new year. One problem: more than 80% of us fail in our resolutions each year. If you’d like to improve the outcome for yourself this year, it’s time to take a different approach. For your design business at least, focusing on your ideal client profile for lead generation and growth should be helpful.Your ideal client is someone who finds the perfect solution to their problems or needs in the services or products that your company provides. The Ideal Client will be loyal to your company, frequently uses or buys your products or services, and is likely to recommend you to their friends and colleagues.Beyond this, your ideal client is someone with whom you enjoy working on design projects that are also profitable. In other words, don’t resent you making a living from the work you do for them.As a starting point, the following questions will help you define who those people and projects are: