Financial Management For A/E/C Firm Leaders

Program Format:  Live/Instructor-Led
Program Length:  Two Days
Avg. Attendee Rating:  4.7/5.0
Registration Status:  No upcoming dates and locations. Click here to be notified of future dates.

"This seminar provided exceptionally beneficial benchmarks & methods to evaluate & manage a company."
— Laura Linn, Admin. Services Department Manager, FourFront Design Inc.

Financial Management For A/E/C Firm Leaders

This two-day hands-on workshop is guaranteed to boost profits and increase cash flow in your firm.

More work is coming in the door, you are bringing on more new hires to meet client demand, and it seems that you are seeing respectable revenue growth again.

Is growth enough?

This seems like all good news, right?  Not so fast.  Is growth alone enough to deliver sustainable profits that can drive stronger cash flow and bigger bonuses?  Absolutely not.

Don’t grow your way into bankruptcy. 

What happens two weeks after a new employee fills out her time sheet? She expects a paycheck. Have you been paid by the clients for the time she spent on their projects? Nope. In fact, you haven’t even sent out the invoice yet. Two weeks later, she expects to be paid again... and then again.

Did you know that the average firm spends $36,000 of cash paying new employees before they collect the first dollar for that new employee’s time? And, it takes over two years to break even on cash flow. 

The good news is that a few tweaks in some key financial metrics can dramatically reduce the negative cash flow and time it takes to generate positive cash flow in a growing firm.  

Only use proven best-in-class strategies.

Effectively managing the cash burden of new hires is just one example of what you learn to do at PSMJ’s Financial Management for A/E/C Firm Leaders

Some other valuable takeaways from this program include:

  • See why labor utilization has a poor correlation with profitability and the only key performance indicator that has a 100% correlation with profitability.
  • Permanently reduce your work-in-process and accounts receivable that are causing major working capital drags.
  • Use the secrets that other A/E/C firms are using right now to achieve a 5.0 (or higher!) Net Direct Labor Multiplier.
  • Determine the optimum price for your services in each of your market or service areas.
  • Accurately forecast the cash demands that growth will put on your firm (and get the tips to manage them).

No accounting experience necessary!

Participants in this unique and action-oriented program come from a wide range of backgrounds…from the experienced finance professional who is new to the A/E/C world to the experienced A/E/C professional who is new to the finance world and everyone in between.

Come one, come all!

Because of the interactive nature of this program, we consistently hear from past attendees that bringing their colleagues significantly amplified the value.  That is because we group attendees into teams for various workshops.  By bringing two (or more) of your colleagues, we can set you up as a team focused on your firm and your challenges.  Hit the ground running when you get back to the office.

Leave with knowledge AND experience

We all know that finance can be messy.  Just covering some basic definitions or a speaker going on and on speaking AT you on all things finance is an easy way to get to glazed-over eyes and no tangible changes back at the office.

This workshop includes hands-on team exercises on a wide range of learning points to ensure that you are ready to make improved profits and better cash flow a reality starting on Monday when you are back in the office.  Some of the workshops include:

  • Streamlining your firm’s invoicing process.
  • Forecasting the cash demands of growth.
  • Determining the optimum pricing structure.
  • Benchmarking your largest controllable overhead cost.
  • Negotiating contracts that speed up payment.

WORKSHOP DETAILS

This is a hands-on workshop where you uncover the secrets to best-in-class financial management in the time-based A/E/C business where cash is king.

FINANCIAL FUNDAMENTALS

  • The key financial indicators most firms track and why they aren’t the right ones
  • How to measure the effectiveness of various business development activities
  • 3 key metrics that determine profitability
  • Workshop:  How Much Financial Information Should You Share?

BUSINESS PLANNING AND BUDGETING

  • Financial trends in the A/E/C industry
  • How to align your strategic plan, business plan, and annual budget
  • Workshop:  Benchmarking Your Firm’s Financial Metrics
  • Workshop:  Using PSMJ’s Simplified Business Plan Template To Create Next Year’s Business Plan For Your Firm

COMPENSATION

  • How to establish a salary envelope for technical and design professionals

  • Why most firms’ incentive compensation plans are counterproductive

  • How to pay bonuses without using cash

  • Workshop:  How To Compare Your Firm To Mega-Firms Who Offer Higher Salaries

MANAGING CASH

  • How to get paid faster and reduce WIP to zero (or less!)

  • Workshop:  Streamlining Your Firm’s Invoicing Process

  • Workshop:  Negotiating Contracts That Speed Up A/R Collections

  • Workshop:  Using PSMJ’s Cash Flow Model To Forecast The Cash Demands Of Your Firm’s Growth

PROJECT FINANCIAL MANAGEMENT

  • Cost-based vs. value-based pricing

  • Why most A/E firms underprice their services

  • How to add more value so you can increase your pricing

  • Workshop:  Determining The Optimum Pricing Structure For Each Of Your Firm’s Major Markets (Using PSMJ’s Pricing Model and Benchmarking Data)

MANAGING OVERHEAD

  • Why low overhead doesn’t necessarily mean high profits

  • How to cut overhead in ways that strengthen your firm

  • Workshop:  Benchmarking Your Firm’s Return On Overhead

  • Workshop:  Benchmarking Your Firm’s Largest Controllable Overhead Costs

IMPLEMENTING WHAT YOU LEARNED

  • Prioritizing your personal action plan

  • How to make firm-wide improvements

  • Workshop:  Quantifying The Value of Implementing Your Plans

Click Here for Complete Program Agenda

UPCOMING DATES AND LOCATIONS

Choose the date and city that works for you:

No upcoming dates and locations. Click here to be notified of future dates.

IS THIS PROGRAM COMING TO YOUR ASSOCIATION?

We frequently offer our popular training programs in partnership with state and local association chapters. These partnership programs are a great way to bring high-value and relevant content to association members and an easy way to generate non-dues revenue for associations!

If you would like to learn more about our association partnership programs, click here.

 

MEET YOUR INSTRUCTORS

Just like with every PSMJ program, you can rest assured that your facilitator has been there—bringing decades of real-world experience along with proven skills to teach and inspire you to deliver results when you return to the office.

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David Burstein, P.E. has 30+ years of design firm experience in a variety of management positions, including president of a 100-person planning company and of an 1,800-person engineering company. As a PSMJ consultant, he has helped hundreds of design firms achieve breakthrough improvements in their businesses.

 

 

Brad Wilson

Brad Wilson has more than 20 years of A/E/C industry experience which includes serving as CFO of a successful architecture firm. Brad’s PSMJ consulting experience includes mergers and acquisitions, ownership transition planning, valuation, and various assignments to assist firms with improving their financial management.

 

 

Sharon Lamantia

Sharon Lamantia brings more than 30 years of experience in project delivery and strategic planning in the architecture, engineering, and design field. She most recently was Operations Leader for AECOM, a global, 80,000 person professional services company.

 

 

 

ADDITIONAL DETAILS

Dates, Locations, and Hotel Information

Detailed Course Outline

Workshop Reviews

Refund/Cancellation

 

REGISTRATION BENEFITS

Your registration at this Workshop includes instruction, a workbook, unrestricted access to our Financial Management Digital Toolbox (a $497 value), and continental breakfast, lunch, and coffee breaks on both days.

Of course, like all PSMJ programs, this Workshop includes our 100% money back guarantee.  If, for any reason at all, you are not completely satisfied with the value that you receive from this Workshop, just let us know and we'll refund your registration fee. Every penny.  No questions asked.

 

EARLY-BIRD DISCOUNTS

Our early-bird pricing makes it easy to save a few bucks on your registration and reserve a spot before a program fills up.  Here's how it works:

- When you register 60+ days before a program date, you SAVE $350! 

- When you register between 30 and 59 days before a program date, you SAVE $150!

 

GROUP DISCOUNTS

Discounts are available for 3 or more attendees from the same firm, attending the same program in the same city.  Our group discounts are applied as follows:    

A Group of 3 Or More Attendees = 15% Off Each Attendee 

If you have 15 or more attendees and want to learn about a cost-effective way to train your entire team with a program that is tailored to your needs and goals, check out our in-house training program options here.

 

CONTINUING EDUCATION CREDITS

This Workshop is AIA CES-registered to provide this content.  This Workshop earns you up to 13 LU Hours, CEUs, or PDHs.  Not all state and licensing boards accept these programs for learning units.  PSMJ is a registered provider with the Florida Board of Professional Engineers (provider #0007694).  PSMJ is a registered provider with the Florida Board of Landscape Architects (provider #0002844 course #0007693).  

PSMJ programs are registered with the National Association of State Boards of Accountancy (NASBA) as a sponsor of continuing professional education on the National Registry of CPE Sponsors. State boards of accountancy have final authority on the acceptance of individual courses for CPE credit. Complaints regarding registered sponsors may be submitted to the National Registry of CPE Sponsors through its website: www.nasbaregistry.org. PSMJ education programs Sponsor ID number is 107567. This course qualifies for 13 CPE credits.

For more information, please contact our education team at (617) 965-0055 or education@psmj.com.

 

BOOTCAMP HOURS

Day 1 - 8:30 am to 5:00 pm
Day 2
- 8:00 am to 3:30 pm

 

TRAVEL AND ACCOMMODATIONS

A block of sleeping rooms is reserved for PSMJ Workshop attendees at each location.  To secure our negotiated group rate, please make your hotel reservation (not included with your Workshop registration fee) before the cut-off date and be sure to mention that you are attending PSMJ's Financial Management For A/E/C Firm LeadersComplete hotel information, including room rates and cut-off dates, can be found here.

 

STILL HAVE QUESTIONS?

Do you have any questions about this Workshop? Contact our education team at (617) 965-0055 or education@psmj.com. 


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