10 Smart Year-End Business Expenses For Interior Designers
You’ve looked at your financials for the year and realize you need more expenses. In the words of one of my clients, “I have a load of cash that I need to spend. Otherwise I’m giving it to the IRS.”
Be smart, invest NOW in your success for next year. THE BEST approach to do this is to identify those things that worked in making your year a success. Prioritize that list and start calling those businesses requesting an invoice dated now for an amount that you define.
Here are some suggestions to get your juices flowing!
#1: “Thank You” Gifts:
Realtors, architects, builders, contractors, custom furniture makers…. anyone you want to thank for their commitment, service and partnership.
#2: Business Consulting/Coaching:
Marketing, social media, human resources, operations, finance, life balance….. any consulting, coaching or mentoring that helped you this year is a good bet it will next year!
#3: Enhancements to your office space
I constantly hear how designers’ offices are nothing like they create for their clients. It’s your turn. Get yourself that desk, the best chair, perfect lighting, storage, organizational “stuff” to make you happier, more efficient and ready for bigger projects. Whatever the expense will come back to you twofold in revenue from new projects.
#4: Upgrades in Technology
Is it time for a new computer? Software? Monitor? Upgraded cell phone with the best camera? Printer? Keep thinking. What will make your job easier, create less stress and upgrade your business?
#5: Photo Shoots
Photos of your work are your “bread and butter”. You will have some next year. Call your photographer, ask them for an invoice dated this year of any amount you’d like!
#6: Staff Bonuses
This is one of the best ways to spend money – celebrating your staff. Surprise bonuses for your team. They can all be different amounts or all the same. Make a big celebration out of it. Take them to lunch, or ask them to dig in some drawer like a scavenger hung. Be creative and have fun on how you want to give it to them.
#7: Professional Development
If you have staff, then you should have a professional development plan for each of them. Maybe it’s CAD training, communications training, financial planning training…. look at each of your team members and invest in training to improve their skills.
#8: Business Group Memberships
Do you attend weekly, monthly or annual business group meetings that require fees to join? Pay them now!
#9: Marketing Materials
Business cards, brochures, advertising…. are you doing a mailer in January/February and can ask the printer to invoice you this year?
Color printer cartridges, paper, envelops, boxes, packaging…. stock up on the things you use the most. Maybe pay for your favorite industry magazines in advance.