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Cash Flow Management Tips for Small Firm Architects - Shared screen with speaker view
Emily Hall
27:38
Schedule a 30-min consultations with us:
Emily Hall
27:40
https://meetings.hubspot.com/emily174https://meetings.hubspot.com/todd122
Julie Kriegh
33:02
How did you arrive at a salary scale for everyone in the firm and is it transparent to your employees?
Emily Hall
33:32
Thx Julie - will ask that at end
Julie Kriegh
34:45
What is the amount of the retainer?
Emily Hall
35:24
We’ll be talking about retainers a bit more and I’ll make are to ask when that comes up
Emily Hall
35:29
*sure
Emily Hall
37:13
attendees are muted
Craig Vaughn
37:13
Cash flow is important. We collect a 10% to 20% deposit up front and invoice bi-weekly. When clients balk, we tell them that "we are not bankers..." We track our WIP against the deposit and when it gets close, we slow our work progress and start making phone calls to speed up collection.
Julie Kriegh
37:20
What benefits do you offer your employees?
Julie Kriegh
41:44
Really interested in roles and definitions of those roles as well as how those employees might grow in the firm- how do they move up in a small firm vs having to leave for them to move up and advance.
Emily Hall
42:12
Owen, we’re actually planning a future webinar specifically about “how to outsource bookkeeping” - but we can get you that info
Emily Hall
42:50
Nancy, Matt will be soaking about “best practices for Collections calls in a moment
Emily Hall
42:54
*speaking
Emily Hall
43:27
Julie B, Matt will be speaking about Public work collections as well
Julie Kriegh
43:51
What is your billable % expectation for you employees and yourself?
Julie Kriegh
46:22
Do you have employees help to create the proposals?
Julie Kriegh
48:40
Do you have templates for tracking docs?
Chris Kennedy
50:39
What is the goal for operating cash flow? Cash for the next X weeks or months?
Emily Hall
51:03
Chris, I’ll ask that at the end —
Emily Hall
51:48
Julie, we’ll get as many of your q’s answered as we can - but some we may do after the webinar offline with you
Dawn Zuber
57:02
In addition to what Matt said, don't resume work until they've paid in full AND have them pay for at least some future work up front before you resume work (i.e. ask for an additional retainer).
Craig Vaughn
58:50
Retainers: we hold our retainers in a non-interest bearing checking account, separate from our operating account.
Chris Kennedy
59:49
What about forms of payment that speed up getting paid? Is taking credit cards recommended? Is adding for the percentage suggested?
Chris Kennedy
01:03:35
ACH payments have been well received by our clients. These cost us 0.50 per transaction.
Craig Vaughn
01:04:54
My opinion, ACH is great. Not a fan of credit cards, though. A 2%-3% credit card fee reduces your profit by that amount... so a 15% profit would be 12%...
Craig Vaughn
01:09:16
Thanks, Lindey and Lindsay.