Business Models, Studios, Estimating, Invoicing and Budget Management: Workshop Challenge Week 2

As already mentioned in previous posts, this week was all about budgeting and project management. I thought of compiling everything in one document where is can serve as a record for a typical design project were it includes the client profile, briefing, timeline, estimates/invoices, and correspondence from suppliers as well as balance sheets. As you will see below, the document says “for internal use only”. You can read all about the work-in-progress here.

Below is the whole document I submitted for this week’s challenge.

I started off with an overview of who the client is and what is requested from him. In this case, this includes an explanation of the client’s business profile and event in question. Following this is a list of deliverables and a timetable of how the work will be distributed over the course of the set timeframe. I have also included a section for outsourcing services. It important to make note of anything work done by freelancers and/or outside the design studio, for it effects the total price. Might seem obvious but it is often overlooked. Lastly, I included a copy of the estimate sent to the client as well as a copy of the balance sheet outlining all the expenses.

Such an exercise was not something I normally do. Accountancy may not be my cup of tea, but it is good to have some knowledge in this regard, nonetheless. If considering running a business, it will come in handy when drafting an estimate, for you can have a rough idea whether there is a good profit margin. Although if I were to go freelance, I would still look for a professional as soon as I could afford it.