Seven Tips for Making 2016Your Most Profitable Ever

AEC Management Solutions, Inc.

Presenter: Herbert M. Cannon

hcannon@aecmanagementsolutions.com

732-705-5098

Who is Your Speaker?

• President of AEC Management Solutions, Inc. with 25+ years experience with high profile clients

• Practice is dedicated to helping architects and engineers earn the profits they deserve for their creative efforts

• Seminars• Practical Project Management

• Pathway to Profit

• Ownership Transition & Valuation

• Consulting Services• Ownership Transition & Valuation

• Incentive Compensation Plans

• Management Audits

• Strategic Plan Facilitation

• Stop Admiring the Problem

• Master Your Key Performance Indicators

• Charge What You are Worth

• Stop Wishful Thinking

• Stop Working for Free

• Collect Your Money

• Incentive Compensation

The Seven Tips

Stop Admiring the Problem!

Start Taking Action!

• Invest in Hardware

• Invest in Software

• Invest in Training – Most firms don’t

• Make Reports Available On-Line

• Invest in Customizing the Reports

• They then believe that this alone will produce profits

Produce Great Information

Master Your Key Performance Indicators

Charge What You are Worth

• Don’t Live in a Depression Mentality• Any Project, Any Client, Any Price

• Working 50-60 Hours per Week

• Cost Based vs. Value Pricing• Las Vegas Geo-Tech firm

• No Price Differentiation for Commodity vs. Specialty

• Not Charging for a Premium Level of Service

Stop Undercharging

Working Hard and Hoping for the Best is not a Plan – It is Wishful Thinking

• Analysis of where the company is now

• What works well?

• What needs the most improvement?

• Where do we want to be in 3 Years?

Strategic Planning SessionDefining the Plan

• Sales Volume

• Services Offered

• Client Types

• Project Types

• Number of Offices and Locations

• Number of Employees

Strategic Planning SessionDefining the Plan

• Marketing

• Organizational Structure

• Project Management &Delivery

• Financial Systems

• Information Technology

• Ownership

• What, Who and When

Strategic Planning SessionImplementing the Plan

Working for Free is not Client Service

• Unable to Say No to the Client

• Afraid to Ask for More Money

• Put the Clients Needs Before Their Own

• Afraid of Losing a Job Over Price

• Breaking Even is Not the Goal

• Letting the Clients Give us Their Problems

Working for Free

Collect Your Money

• Industry Average is 67 Days of Sales Many are far worse

• Collections are a Process not an Event• Proposal/Contact

• Kick Off Meeting

• Invoicing

• Follow-up

Collecting Your Money

• Reward Results Not Effort

• An Incentive Plan is Not a Bonus Plan

• Make it Clear How to Earn an Incentive Payment

• The Rewards Must be Substantial

• Payments Should be Made Quarterly

Incentive Compensation

Reinvest Your Profits

• The Capital Needed to Invest in the Best• People

• Training

• Equipment

• Software

• Facilities

• Technology

• Marketing Materials

Profits Provide

When You Have the Best to Work With – Great Results are Possible

Seven Habits of Highly Ineffective Seminar Attendees

Showing up late or leaving early

Not Networking

Not Participating

Not Turning off Cell Phones

Not Sharing

Not Acknowledging Sponsors

Not Filling Out Evaluation Forms

Seven Habits of Ineffective Financial Managers

Mistaking Quantity for Quality

Being Reactive not Proactive

Rewriting History

Being a Scorekeeper

Presenting the problems with no possible solutions

Ineffective use of the Software

Wishful Thinking

Seminars, Workshops & Services◦ Ownership Transition & Valuation Seminar◦ Practical Project Management Seminar◦ Pathway to Profit Seminar◦ Ownership Transition & Valuation Services◦ Strategic Planning Services

Subscribe to our free Newsletter◦ www.aecmanagementsolutions.com◦ hcannon@aecmanagementsolutions.com◦ Phone: 732-705-5098

AEC Management Solutions, Inc.