Seven Tips for Making 2016 Your Most Profitable Ever
Transcript of Seven Tips for Making 2016 Your Most Profitable Ever
Seven Tips for Making 2016Your Most Profitable Ever
AEC Management Solutions, Inc.
Presenter: Herbert M. Cannon
732-705-5098
Who is Your Speaker?
• President of AEC Management Solutions, Inc. with 25+ years experience with high profile clients
• Practice is dedicated to helping architects and engineers earn the profits they deserve for their creative efforts
• Seminars• Practical Project Management
• Pathway to Profit
• Ownership Transition & Valuation
• Consulting Services• Ownership Transition & Valuation
• Incentive Compensation Plans
• Management Audits
• Strategic Plan Facilitation
• Stop Admiring the Problem
• Master Your Key Performance Indicators
• Charge What You are Worth
• Stop Wishful Thinking
• Stop Working for Free
• Collect Your Money
• Incentive Compensation
The Seven Tips
• Invest in Hardware
• Invest in Software
• Invest in Training – Most firms don’t
• Make Reports Available On-Line
• Invest in Customizing the Reports
• They then believe that this alone will produce profits
Produce Great Information
• Don’t Live in a Depression Mentality• Any Project, Any Client, Any Price
• Working 50-60 Hours per Week
• Cost Based vs. Value Pricing• Las Vegas Geo-Tech firm
• No Price Differentiation for Commodity vs. Specialty
• Not Charging for a Premium Level of Service
Stop Undercharging
• Analysis of where the company is now
• What works well?
• What needs the most improvement?
• Where do we want to be in 3 Years?
Strategic Planning SessionDefining the Plan
• Sales Volume
• Services Offered
• Client Types
• Project Types
• Number of Offices and Locations
• Number of Employees
Strategic Planning SessionDefining the Plan
• Marketing
• Organizational Structure
• Project Management &Delivery
• Financial Systems
• Information Technology
• Ownership
• What, Who and When
Strategic Planning SessionImplementing the Plan
• Unable to Say No to the Client
• Afraid to Ask for More Money
• Put the Clients Needs Before Their Own
• Afraid of Losing a Job Over Price
• Breaking Even is Not the Goal
• Letting the Clients Give us Their Problems
Working for Free
• Industry Average is 67 Days of Sales Many are far worse
• Collections are a Process not an Event• Proposal/Contact
• Kick Off Meeting
• Invoicing
• Follow-up
Collecting Your Money
• Reward Results Not Effort
• An Incentive Plan is Not a Bonus Plan
• Make it Clear How to Earn an Incentive Payment
• The Rewards Must be Substantial
• Payments Should be Made Quarterly
Incentive Compensation
• The Capital Needed to Invest in the Best• People
• Training
• Equipment
• Software
• Facilities
• Technology
• Marketing Materials
Profits Provide
Seven Habits of Highly Ineffective Seminar Attendees
Showing up late or leaving early
Not Networking
Not Participating
Not Turning off Cell Phones
Not Sharing
Not Acknowledging Sponsors
Not Filling Out Evaluation Forms
Seven Habits of Ineffective Financial Managers
Mistaking Quantity for Quality
Being Reactive not Proactive
Rewriting History
Being a Scorekeeper
Presenting the problems with no possible solutions
Ineffective use of the Software
Wishful Thinking
Seminars, Workshops & Services◦ Ownership Transition & Valuation Seminar◦ Practical Project Management Seminar◦ Pathway to Profit Seminar◦ Ownership Transition & Valuation Services◦ Strategic Planning Services
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AEC Management Solutions, Inc.