361: Power Talk Friday: Kimberly Merlitti: Does Your Interior Design Business Need a CFO?

A Well-Designed Business® | Interior Design Business Podcast

LuAnn Nigara

Business, Design, Arts

4.8 • 786 Ratings

🗓️ 21 September 2018

⏱️ 72 minutes

🔗️ Recording | iTunes | RSS

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Summary

Welcome to Power Talk Friday! Today we have Kimberly Merlitti, the owner of KMM Consulting, with us. In her experience, Kim has found that accounting and finances seem to scare most interior designers. So she helps them by going into their businesses and taking on the role of CFO. From there she teaches them how to really understand what they need to do in order to become successful as entrepreneurs as well as interior designers. Kim's specialty is helping designers with what she calls Project Revenue Accounting, which is how to manage the revenue of a project that is already in process. Listen in today to find out how Kim helps interior designers to really get to grips with their finances and advance their businesses. KMM Consulting takes on clients from around the United States. Kimberly has 20 years of experience working in accounting for companies such as Swinerton Builders, WRNS Studio and Martin Group. She has her Masters in Accounting from Golden Gate University located in San Francisco, CA. KMM Consulting’s clientele includes a diverse group of service based companies, with the main focus on small interior design, construction, and architectural firms. The goal of her firm is to make the businesses she works for as profitable as they can be by educating them on accounting, cash flow management, tax deductions, project reporting, and business management. Listen in today to find out more. Show highlights: Kim explains the difference between accounting and projection. What Kim has learned the hard way, about the difference between general contracting and interior design. Creating a contract and coming up with the budget for a client. Unknown factors that need to be taken into account when working out a budget. Why you need to start tracking your time. How Kim uses a payroll calculator to help designers come up with budgets. Working out the billing for your client. Restructuring things when necessary, after tracking your hours. Taking the time, as a principal, to teach your staff about efficiency. The importance of understanding regulations. Working out the cost of employees. How to know if it's time to hire somebody. The process of doing the projections. Kimberly works with designers in all states. Other episodes mentioned on the show: krista Coupar # 150 Links: Website - KMM Consulting Facebook - KMM Consulting LinkedIn - Kimberly Merlitti

Transcript

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0:00.0	Have you heard about the exciting new exhibit by the Black Artists and Designers Guild,
0:05.6	which was commissioned by the Cooper Hewitt Smithsonian Design Museum in New York City?
0:11.1	Big news, right?
0:12.6	The Cooper Hewitt's exhibition is called Making Home, Smithsonian Design Triennial.
0:18.2	Now, the batch designers exhibit is titled the Underground Library,
0:23.8	inspired by the Underground Railroad. The Underground Railroad is the clandestine network
0:28.6	established in the early 19th century through which many enslaved African Americans
0:33.6	traveled in search of freedom. This library installation represents a 21st century sanctuary surrounded by art, objects,
0:43.5	artifacts, and books of black legacy.
0:46.9	In reimagining and repurposing the Andrew Carnegie Personal Library,
0:52.7	badge invites you to examine the power of home libraries
0:56.1	and the significance of literacy, remembering that African Americans were denied the right to read
1:02.3	under slavery. I'm honored to share that Window Works in Livingston was asked by badge to create
1:08.7	the flat panels for the windows. We used a custom design fabric
1:12.5	by badge members, and the fabric was fabricated by Stacey Garcia's team at Libatex. So please make a
1:20.0	point to visit this inspired space the next time you are in New York City. The exhibition runs
1:25.5	from November 24 all the way through August 10th,
1:30.0	2025. So you have plenty of time to get this on your calendar. We will put links in the show notes.
1:40.0	Welcome to a well-designed business.
1:46.2	My name is Luann Nigara, and I'm so glad you found this podcast.
1:50.0	Together with my husband, Vince, and our partner, Bill, we have grown our company Windowworks from the ground up.
1:55.7	So I know and I understand the challenges you face in running your interior design business.
	...

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