FINANCIAL MANAGEMENT FOR A/E/C FIRM LEADERS

AGENDA DAY 1
8:30 AM - 5:00 PM

FINANCIAL FUNDAMENTALS

  • Cash vs. accrual accounting
  • Revenue recognition
  • 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
  • The 3 key metrics that determine profitability
  • Key balance sheet metrics
  • Workshop: How Much Financial Information Should You Share? 

 

BUSINESS PLANNING AND BUDGETING

  • Financial trends in the A/E industry
  • Why most strategic/business plans are a complete waste of time
  • Workshop: Benchmarking Your Firm’s Financial Metrics
  • How does your firm compare to the most successful firms in our industry?
  • How to align your strategic plan, business plan, and annual budget
  • Workshop: Using PSMJ’s Simplified Business Plan Template To Create Next Year’s Business Plan For Your Firm

 

COMPENSATION

  • Establishing a salary envelope for technical/design professionals
  • What are the appropriate salaries for managers?
  • Why most firms’ incentive compensation is counterproductive
  • Workshop: How To Compete With Mega-Firms Who Offer Higher Salaries
  • How to pay bonuses without using cash 

 

MANAGING CASH

  • Workshop: Using PSMJ’s Cash Flow Model To Forecast The Cash Demands Of Your Firm’s Growth
  • How PSMJ’s Excel® template for cash flow management can benefit your firm
  • 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 


AGENDA DAY 2
8:00 AM - 3:30 PM

 

MANAGING MULTIPLE BUSINESS UNITS

  • Why traditional profit center accounting destroys teamwork
  • How to maintain accountability without traditional profit centers 

 

MANAGING OVERHEAD

  • Why low overhead doesn’t necessarily mean high profits
  • Workshop: Benchmarking Your Firm’s Return On Overhead
  • How to cut overhead in ways that strengthen your firm
  • Workshop: Benchmarking Your Firm’s Largest Controllable Overhead Costs 

 

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 Benchmark Data)
  • Pricing to maximize profits under the Federal Acquisition Regulations
  • How can you benefit from lump-sum contracting?
  • The best methods for budgeting projects
  • Using Earned Value Management to keep project under budget

 

OWNERSHIP TRANSITION

  • Factors  that impact your firm’s value most significantly
  • Workshop: What Is The Value Of Your Firm?
  • Should you transition your ownership internally or externally?
  • Most common pitfalls in structuring an internal ownership transition
  • PSMJ’s 6-step process for a successful ownership transition 

 

IMPLEMENTING WHAT YOU LEARNED

  • Prioritizing your personal action plan
  • How to make firm-wide improvements
  • Workshop: Quantifying The Value Of Implementing Your Plans

 

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