If you're the principal of an interior design firm, whether renowned or newly established, taking a step back to review your firm's operations is a worthwhile task to perform regularly. However, with multiple concurrent projects and conflicting internal and external pulls, keeping tabs on all the moving parts that contribute to your firm's success can be challenging.
No matter what "success" looks like for your interior design firm or how you define it, there are several aspects to consider when running a business if you want it to succeed. Here are six ways to set your interior design business up for success.
1. Focus on Employee Retention
"You're only as good as your team." There's a reason this saying has stuck like glue in the business world for years. You can't run a busy interior design firm all by yourself; therefore, your employees play an integral role in your firm's success.
Focusing on employee satisfaction will maximize employee retention. Provide constructive feedback and appraisals - it will benefit your employees and your firm's performance. Offer flexibility wherever possible to achieve a healthy work-life balance, which will, in turn, encourage productivity and creativity.
Ensuring there are suitable systems and processes in place will significantly contribute to a harmonious workplace and happy staff. Investing in a project management software like DesignDocs takes unnecessary pressure off your team and helps them manage design projects seamlessly from start to finish. This prevents burnout by freeing up plenty of time to do what they love - design.
2. Have a Plan
Can you say with certainty your firm's short and long-term goals? Have you developed a strategic business plan to help reach these goals? Lack of direction can leave a business treading water instead of achieving success.
While it's essential to aim high when setting goals, they must be realistic; uncontrolled growth and expansion can be a detriment to your firm's success without the proper resources. If you're wondering whether or not the time is right to hire more staff, then make sure you can decisively answer some of these core questions before looking to recruit.
3. Keep Detailed Financial Records – and Review Them Regularly
Regardless of the products or services a business provides, it'll never succeed if the finances aren't in check. Regularly looking at your firm's accounts will help you understand what's working and what isn't. This knowledge ensures the business is on the straight and narrow.
Confirm that whatever business management software your firm uses provides accurate and timely financial information so that you can make informed decisions regarding its growth and success.
As an integrated project management and accounting software solution, DesignDocs financial reports allow you to analyze your firm's numbers on a project-to-project basis. This gives you critical insight into your firm's profit trajectory and enables you to easily see where you stand financially. From budget and gross margin reports to sales and profit reports, these tools are available to you at all times with DesignDocs.
4. Provide Exceptional Services to Your Clients and Keep Them as the Focal Point
Keeping clients happy is not only crucial to their current projects' success, but it also affects their desire to work with you again on future projects. Word of mouth is everything, and a positive experience on their end means they're more likely to recommend your firm to their family and friends should they ever be looking for an interior designer.
To provide exceptional services, keep in mind the various touchpoints throughout the customer journey. Where do you have the chance to impress, surprise, and exceed their expectations? You might consider implementing a client-appreciation plan, such as holiday or anniversary gifts, or something special at project completion. It's not just the project reveal they'll remember in the months and years to come – but the whole experience of working with your firm.
DesignDocs helps you deliver those WOW moments throughout the entire design process by maintaining and improving your client relationships in more ways than one. Detailed and aesthetic reports impress clients and give them peace of mind that you have their project under control. In addition, automated project management software means fewer things fall through the cracks. Your team can also better allocate their time across various projects, producing higher-quality work to satisfy clients.
5. Develop a Strong Brand
Branding isn't just about a logo, tagline, or name. It's the feeling or emotion that is evoked when your company comes to mind. The most successful brands clearly communicate who they are and what they stand for. A clear brand image creates trust and credibility, which are integral to a brand's success.
When establishing or amplifying your design firm's brand, be clear on what it is and what you want to be recognized for - then have fun with the marketing! Is your firm's presence strong on social media? Are you using these channels to showcase design work that best represents your desired brand image? Does your website prioritize SEO? Is it easy to navigate on both desktop and mobile? Does it load quickly? Consider how you could use paid advertising to reach a wider audience, such as a Google Adwords campaign or a show-stopping print ad. PR can also be a worthy investment when looking to increase your brand's credibility over the short and long term.
6. Be Innovative in Your Approach
These days, most markets are saturated with multiple companies offering products or services at varying price points, and the interior design industry is no exception. To stand out, you must have a clear point of difference or something that sets you apart from your competition. In other words, you need to recognize your unique strengths and capitalize on them.
When prospective customers weigh up what your firm can bring to their project, make sure they are never left guessing. While playing into your strengths, you should also be assessing your weaknesses. Understand your business' Achilles heel and think about ways to overcome it. Even consider how you can turn these weaknesses into strengths – you may be surprised.
