AUDIO: Where your firm is losing money – and you don’t even know it
July 14, 2013
• The problems are usually fundamental to a business
• “I see it over and over with hundreds of firms”
Those who are not architects, engineers or other types of professionals – but hire them for projects – may suspect the “meter is always running” when it comes to their charges. But a surprising number of these professional firms are losing money and their principals often cannot find the leaks, says June Jewell, a CPA and owner of Acuity Business Solutions consulting of Arlington, Va.
And it’s not just the falls-beneath-the-cushion variety. She says these firms lose an average of $100,000 a year through inefficient and ineffective practices.
“One reason … is that they have these cultural issues that have developed throughout the industry for many, many years,” says Ms. Jewell. “I see it over and over with hundreds of firms.”
She says the problems are usually so fundamental to a business that they will never see why and how they’re bleeding money cause “they’re too close.”
(June Jewell talks about the types of problems she’s seen and solutions to finding and fixing them in today’s exclusive CVBT audio Interview via Skype. Please click on the link below to listen or to download the MP3 audio file at no charge.)
She says the problems have such common threads that she’s confident that she can work with any business that’s doing a few million dollars a year in business “and find $100,000 they’re losing in profits.”
Ms. Jewell has put her ideas and experiences into a new book, “Find the Lost Dollars: 6 Steps to Increase Profits in Architecture, Engineering, and Environmental Firms.”
“The principles in the book really apply to any professional services firm – any firm that sells peoples’ time for a living,” she says.