However, one hire is frequently overlooked in the world of design studios - and it also happens to be one of the most important.

The answer? A finance professional.

While creativity may help design studios attract clients and win awards, it’s finance experts working diligently behind the scenes that help businesses remain profitable.

An internal finance hire will cover a wide range of vital responsibilities, from maintaining financial stability to driving long-term growth and communicating with external partners. Strong finances are the foundation of a successful design studio, so it’s no surprise that a skilled finance professional is a pivotal hire.

In this post, we’ll be exploring the key roles that finance hires play in design studios - and explaining how companies can identify (and support) the perfect candidate for the job.

Why are finance professionals so valuable for design studios?

Finance experts are an incredibly versatile hire for design studios. They’ll wear many different hats across a company, working on everything from day-to-day accounting tasks to longer-term strategic thinking.

While studios (understandably) often want to prioritise creative work and design projects, they also need to manage their finances carefully if they want to thrive as a business.

This is where a qualified, experienced finance hire is a tremendous asset.

Below are just three examples of crucial roles that finance experts play in design studios.

1. Building solid financial foundations

One of the most important functions of a finance hire is keeping a design studio financially stable and positioned for growth.

Finance experts will take on many critical tasks, including managing budgets, monitoring cash flow, and building data-driven reports. This enables design studios to remain profitable by controlling expenditures and maintaining financial health - while also identifying potential pitfalls and revenue opportunities.

Companies can’t pursue growth without a stable financial foundation, which is why a finance hire is so important for ambitious studios.

A finance expert won’t just look at short-term financial health, either. They’ll also help studios to plan for various scenarios, develop future-facing strategies, and build sustainable revenue streams. All of this is absolutely key for long-term success.

Finally, finance experts act as bridges between any external teams (i.e. accounting, operations) and internal studio leaders. Since a finance professional will have an in-depth understanding of day-to-day processes/priorities, they can ensure seamless collaboration with outsourced teams, improving efficiency and preventing miscommunication.

2. Driving operational efficiency

A strong finance hire will also help a design studio to drive efficiency across the board, enabling them to save time, reduce costs, and optimise resources.

(And in the intensely fast-paced world of design, improving efficiency is key to delivering better work and generating more revenue.)

For example, finance professionals will often analyse internal processes (e.g. billing, invoicing, reporting) and make significant changes to boost productivity. They may introduce superior processes to increase cost/time efficiency, or recommend new systems/software that will benefit the entire studio.

Finance hires will also keep an eye on cost management, monitoring income/outgoings to identify potential issues or opportunities. A big part of this will be pulling together accurate, digestible finance reports that studio founders can use to inform decision-making.

But while reducing expenses (and boosting revenue) is great news for a design studio, the importance of saving time shouldn’t be overlooked.

A 2021 survey found that executives at 90% of architecture firms were responsible for managing operations, meaning operational support from a finance hire is likely to be a game-changer for many studios.

When finance hires take the lead on operations, it frees up time/resources for creatives and business leaders to focus on other tasks - such as pitching for clients, developing design work, and building new services.

3. Supporting creative professionals

Finance hires aren’t just important for profitability and efficiency, either.

They can also offer significant value to creatives working in design studios.

As we’ve mentioned, finance experts will cover a range of day-to-day tasks and operational responsibilities that free up precious time for creatives. Rather than getting involved with finance queries/admin jobs, architects and designers can focus on doing what they do best.

Finance hires will also share data-fuelled insights to support creative projects. They can highlight the most profitable business opportunities for studios, and even help design teams to develop, price, and launch new services.

Creative ventures need to be balanced with financial realities, and finance hires provide design studios with the guidance they need to make better business decisions.

How can design studios ensure they’re making the right finance hires?

While finance hires can make a massive impact on the success of design studios, it’s crucial to secure the right type of finance hire.

For example, if a studio is struggling to keep up with basic accounting tasks, they may need to prioritise a junior hire who can handle the transactional side of things. On the other hand, if a studio already has the day-to-day covered, they may want to attract a senior hire who can focus on long-term planning and growth strategies.

The key for design studios is to identify their current skill gaps and financial priorities.

Once they understand this, it will become significantly easier to identify finance hires with the right skills, qualifications, and experiences to make an impact. This is also where a specialist recruitment partner can be incredibly useful, as they’ll tap into an extensive network of finance professionals to find the perfect talent for the job.

However, it’s also important to consider the cultural fit of finance candidates.

Finance hires will need to understand the creative industry and align with the values of a potential employer. At Harmonic, we focus heavily on assessing both core skills and cultural fit when shortlisting candidates to ensure a successful hiring process for design studios.

What’s the best way for design studios to bring a finance hire into a creative environment?

We often think of creative specialists and finance experts like chalk and cheese.

(And in some ways, this may be true.)

Designers and architects may want to pursue projects that spark their creative interests, while finance hires will focus on resources and profitability. Creatives may want to work independently, while finance professionals will often want to implement robust processes.

However, this doesn’t mean that the two departments can’t establish a smooth, successful working relationship.

Below are just a few ways that design studios can maintain harmony between finance hires and creatives, and build a collaborative working environment:

• Encouraging open, regular communication between finance and creative teams. This could involve weekly/monthly meetings, dedicated channels for suggestions, and the creation of a culture that encourages feedback/flexibility.
• Implementing joint decision-making processes. While finance/creative teams may have different priorities at times, if everyone feels involved and acknowledged in business decisions, it’s far less likely to cause friction.
• Sharing regular finance updates with the creative team. Finance departments can often feel quite detached, but if creatives are kept up-to-speed with new developments (and recognised for their efforts) it can be hugely beneficial.

If design studios want to take their business growth to the next level, a finance hire is absolutely critical.

Finance experts will help to deliver sustainable profitability, operational efficiency, and strategic thinking for creative studios. By nurturing a productive relationship between finance professionals and creatives, employers can set themselves up for significant growth.

Balancing creative ambition with financial stability is a recipe for success!

If you'd like to get in touch to discuss recruitment for your business, please contact Nadine at [email protected]