There is an art to making money, and there is an art to keeping it. No matter how good you are at generating new business or maximizing your profits, your efforts will be in vain unless you also exercise care in managing your money well. Among the top five reasons the wealthiest Americans give for how they acquired their wealth, the first is hard work, but not far behind are smart investing and frugality.
Managing your business’s money involves more than minding your cash flow and reviewing your P/L statement each month. In addition to having a business plan for how you’ll keep the money coming in, you need a plan for how to keep it from flowing out. You want to minimize your expenses and optimize your overhead. You also need to be hyper-aware of the taxes you pay, how you protect your assets, and how you limit your liability. That includes having the proper insurance and business practices in place to safeguard against possible lawsuits or other damages.
Most design business books focus on the operations side of a firm’s finances rather than wealth management. That’s why I have teamed with some of the leading advisers in the industry to produce a new book, Designing for Wealth: Four Keys for Interior Design Success. You do not need to be rich to be wise with your money. You will find this book a valuable resource, loaded with tactics to set you on the right path or augment strategies that you already have in place. For more details or to order, visit the Products page on our website.