Workshop Review: Financial Management for Service and Consulting Businesses

Many of the businesses that make up the built environment industry have service-based business models: architects, interior designers, engineers, accountants, publicists, strategists, brand designers, photographers, and more.

Without careful financial management, service-based businesses can suffer from narrow profit margins, with projects running at breakeven or even at a loss, reducing the possibility for growth. Only through growth can we start to realize the economies of scale that yield improved business performance, so taking care of our margins at every stage of business growth becomes a critical skill for business leaders.

This online session, led by Brick & Wonder member Yotam Kedem, addressed invoicing and recovery, financial tracking and forecasting for service-based business models, and the effect of contracts and team time management on the delivery and profitability of a project.

About the Workshop Leader

Yotam is a Partner and the head of the US office of Precise. The company provides financial management and control services for Architectural and Engineering firms in the US, London, Israel, and Greece. With more than 27 years of experience, and a staff of over 300 employees, serving some 600 A/E firms, Precise has become the world’s largest provider of financial management services in this sector.