Designing Your Design Business – New Year’s Business Detox

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A new year is traditionally a time for making personal changes, often including a detox to make the body feel better and improve energy levels. Others remove clutter from their houses and/or garages as a way to free up space and clear their minds. Then again, though rarely thought of, a business detox presents opportunities for reducing stress, increasing energy levels, and improving overall health.

What do we mean by a “business detox”?

It’s not about “defining your mission”, “articulating your vision”, or even “setting realistic business goals”. While there is nothing wrong with those (and, in fact, they have great value), a business detox is more like a body detox; an effort to cleanse your business by removing impurities and toxins that may reduce profitability, and could be getting in the way of enjoying your work.

Perform a Business Cleanse

These include the things that make running your design business stressful (and less than enjoyable), such as:

  • Collections – Outstanding invoices are a real drag. Knowing you’ve completed a project but have yet to be paid is stressful and emotionally exhausting. It’s time to get busy on collections by creating a list of anyone who owes you money, contact them and demand payment, then follow through on any payment schedule you agree to. Diligence is the key to getting paid all you're owed.

  • Clean up old debt – Owing money is no more pleasant than being owed so, make a plan and do all you can to pay down your business debt and try to work on a cash basis as much as possible. You’ll be very pleasantly surprised by the sense of freedom you experience from dumping business debt.

  • Flush stale emails – Hate to say it but, that email link to an article you had to read – from five years ago – needs to be deleted. If you haven’t had the time, or the inclination, to take action on emails that are 4-6 months old, you probably never will. So, DELETE. If, on the other hand, you have important communications that need to be saved, schedule some time to set up folders for them, then schedule a time for following up – so you can finally get rid of them! 

  • Fire problematic clients – This may include some of those “slow pay” clients you've put on your old debt list. The old adage “The customer is always right” is not (and never has been) true so, when they are more trouble than they're worth, get rid of them. You would do well to remember though, that some clients are profitable despite the problems they cause and, in the long run, may still be worth the hassle. Schedule some time to detox your client list by cherry-picking the ones who spend enough that you want to keep them; then, go ahead and fire the rest.

  • Dump non-supportive suppliers – Not all suppliers are created equal, and neither are all sub-contractors. Life is too short, and business too demanding, to have to work with companies and people you dislike and who refuse to support you. Make 2020 the year you finally choose to detoxify your supplier list, and while you're at it, get rid of those subs who think they’re doing you a favor by working with you, too.

One last tip to help you detox your business is – delegate tasks that you should not be doing every day. You can easily outsource things like billing, tracking, and even project management. This will give you the time you need to better serve existing clients, acquire new clients, build relationships with suppliers and sub-contractors, and run your design business the way you imagined when you began.

Looking for more tips on designing your design business, how to perform a business detox, new home design trends, designer marketing tips, and product ideas? Get in touch with TD Fall today.