Singapore-Mumbai, 14th March 2011
I am slacking! This is the second time in a row I am “late” with my blog, but, hey I said I would be a bit more relaxed this year and not stress if I don’t make it in time for my daily blog. As I am writing this I am in the airport lounge but with little time left before boarding you will only see this uploaded on arrival in India…
Being a lighting designer is probably simpler than being an accountant, at least so it seems to me. But alas…accounting and project administration is part and parcel of running a lighting design practice and today was such day in which I had to do heaps of project administration prior to my trip. Contractual issues, billing and invoicing, project files for the trip, etc. The point is these are mostly non billable hours and if they are, they are somewhere hidden as part of our design work billing.
It has always been one of the most challenging parts of running a lighting design practice…how to bill for unbillable hours. Somehow you need to incorporate these cost in your overall budget planning and fee pricing cost. Getting hold and control of your overhead costs is key. Fixed costs can be budgeted for, but variable costs are unpredictable and can create big dents in your cash flow if not careful.
I have said it before our main commodity is time. Yes experience and expertise is the base of our services but in the end we deal in time. If we cant control or better be in control of our time we are in trouble. We need to define our service to the client in terms of deliverables against time… easier said then done as the client always wants more…Up to us to find the balance between reason and goodwill…
My pick for Light Watch is again related to LED… over the weekend they had a LED illuminated kite flying competition in Singapore. It is becoming popular all over the world….