Like many businesses in the arts sector, interior design companies are often laser focused on bringing together creative minds, and fail to establish sustainable business practices in the process. Unfortunately, all organizations are subject to financial and legal pitfalls, which means it is essential to consider your risks and implement the right business practices to circumvent these issues.
At VillaNOVA Insurance Partners, we are committed to finding excellent solutions that are tailored to the needs of each of our clients. We have worked with a variety of interior design companies, and have identified a few common practices that have proven to help these types of businesses succeed in the long-term. Continue reading to learn a few implementations that could transform your interior design company.
Interior design insurance
Operating an interior design company often means working on site in other people’s homes or commercial buildings. While moving around furniture, taking measurements, and experimenting with decor, your staff is at a high risk of causing damage to your clients’ property. For this reason, having access to a business insurance policy that is tailored to interior design is of the utmost importance. Our business insurance covers professional liability, property damage, and more. By investing in the right interior design insurance, companies can avoid up to hundreds of thousands of dollars in repairs in the event of an employee error. Our team is happy to provide assistance in finding a policy that covers every aspect of your business.
Look after your employees
As with any business, it is important to take care of your employees by offering them a sufficient salary and benefits. Offering an employee benefits package increases the likelihood of interior design companies to attract and hold onto talent. This is especially useful for new design firms that may not have the capital to offer a competitive salary. Rather, employee benefits are a top priority for many individuals. From wellness support to employee education, there are a plethora of ways in which offering the right benefits package can improve morale in the workplace and motivate your team to produce excellent interior designs.
Establish an accounting department
Staying on top of the books is one of the most critical components of ensuring the success of your business. Interior design companies often have ongoing portfolios for months on end, which can make it difficult to keep track of invoices and payments. Additionally, interior design businesses have access to a range of unique tax exemptions based on the materials they use to carry out their services. An experienced accountant can help ensure the ongoing profitability and professionalism of your organization by managing payroll, creating long-term financial strategies, generating periodic reports, and forecasting for the future.
Hire legal consulting services
Making sure your interior design company is in compliance with local and federal laws and regulations is the first step that you should take upon setting up your business. While it is possible to do this without the help of a legal consultant, a specialist in this field will be able to help you assess and mitigate legal risks, review employment contracts, manage claims, develop a safety team, and much more. These resources can save interior design companies a tremendous amount of trouble down the road. At VillaNOVA Insurance Partners, we offer premier legal consulting services to help protect and maintain the legitimacy of your business.
Are you an interior design company owner looking to implement or improve your current business practices? Offerings such as interior design insurance and legal resources can help uphold the profitability and level of professionalism within your business. Contact us today to learn more about our products and services.