CEDIA is supporting integrators in developing their integration businesses with the Business Toolkit.
With so much focus on the design and technical aspects of integration, the business end of running a successful company can often get overlooked. It is for this reason that CEDIA has worked with Leslie Shiner, owner of The Shiner Group, to develop the Business Toolkit a collection of resources to help implement key changes in their business as it grows and evolves.
Featuring six white papers and accompanying spreadsheets, business owners can “go in and play” with the information using their own numbers and figures.The six white papers include:
Developing a Chart of Accounts for Integrators
The information contained in this white paper explains the concepts of the Chart of Accounts, along with a recommended structure that is specific to this industry to help integrators in successfully managing the financial aspects of their business.
Understanding Labour Costs
There is a large gulf between the amount paid per hour to a technician, and their billable rate to the customer. This difference must account for the many other expenses required to maintain and equip installation staff, while also covering unproductive hours, and help contribute to overhead and profit.
This white paper explores how to calculate these costs and labour burden rates, and how to track employee productivity that is key to project and financial management.
Pricing Using Markup & Margin
Markup and Margin are terms used daily by anyone selling goods and services. They are often used interchangeably, although they are quite different. Using the wrong one can be very costly!
This white paper discusses definitions, formulas, and advice on how to properly calculate prices to ensure an appropriate amount of profit.
Change Order Management
Change orders are a typical feature of project management. Changes inevitably lead to altered costs, and who pays for those costs — the integrator or the client — can be the difference between expenses blowing out or providing a profit opportunity. Additionally, how these changes are managed is important in maintaining rapport with the client.
This white paper explores the crucial process of change order management, providing advice for sustained or even increased profitability.
Creating a Breakeven Analysis
Breakeven is an important concept in understanding the financial activity of a business, drawing a line between profit and loss. Creating a Breakeven Analysis need not be a complicated task, and with some know-how and simple math can even be used as a tool to set profit goals.
This white paper covers the principles of breakeven, with insight to a simple formula and its use with various scenarios of revenue, margin, and costs to help simplify financial management for business owners.
Creating a Financial Dashboard
Financial management for increased profitability is one of the most important financial functions in the day-to-day running of a business. All of the required information can be found in the financial statements, but that requires a lot of filtering and interpretation for effective use.
The solution is to create a Financial Dashboard to show all the key metrics that are required for efficient management of cash flow and profitability. This white paper explains the recommended structure and reasonings for creating such a beneficial tool.
If you’re interested in obtaining a copy of the Business Toolkit. The toolkit is free to members and priced at $499 for non-members.