AEC Pulse Blog

10 Financial Commandments

Posted on: 10/23/14

Written by: PSMJ Resources, Inc.

Topics: Business Development, Financial Management

1. Thou Shalt make a profit on every job.

2. Thou Shalt have a darn good reason, well in advance, for making a profit.

3. Thou Shalt Not prepare a project budget without a well-defined

scope of work.

4. Thou Shalt Not change the scope of work without a corresponding change in the schedule and/or fee.

5. Thou Shalt get your invoices out on time.

6. Thou Shalt Not begin work without a signed contract—or a written authorization to proceed.

7. Thou Shalt Not allow time or reimbursable expenses to accumulate without invoicing.

8. Thou Shalt Not grovel and seek additional work from a client who has not paid the bill.

9. Thou Shalt Not continue to work on a project for a client who has not paid the bill.

10. Thou Shalt document everything.

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