GroupThinq Blog

GroupThinq Is Taking The Business To School

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The measure of your future success will rest on your understanding of academic principles applied in the business world

Since we can’t take our students to see how a real consulting business operates, we’re taking the business to our students using our modern project accounting application with GroupThinq. GroupThinq is used by real consulting firms managing real projects every day, We’re providing you with a glimpse of how a modern consulting office runs. The intent is to expose you to some of the business principles before you enter the workforce. Things like setting up a project budget, creating project phases, tracking your time daily, tracking progress, creating invoices, and managing sub-consultants and other expenses. These are the fundamentals of professional practice in any consulting practice (Interior Design, Architecture, Web-Design Etc.).

 

But I'm a young designer, why do I need to learn about business?

Chances are, you will soon be either working in a professional office, or running your own practice in the not too distant future. Either way, you need the tools to track and manage your time and budgets, to coordinate your time with other people, to create invoices, manage the billings of other consultants and other expenses, and to provide you  (or your boss) with a snapshot of how the organization is doing on a regular basis. Your success will depend on these factors, no matter how impressive your skills as a designer. You don’t need to have a business degree, but you do need to understand some basic concepts. With a bit of practice, these concepts are very easily understood and applicable in daily work situations.

Its about time and how you spend it

To be successful, whether you work for a company or you run your own company, you will need to understand the basic tenants of managing time. “Time is money”, and this is true for almost all design and consulting firms. We sell a service which is usually measured in time. The more effective we become at managing our time, the more competitive and profitable our companies become. We realize that the business doesn’t come easy, that’s why we are using a collective management tool like GroupThinq to make you a better business person, and ultimately, a better designer.

Business is NOT math, it's a mindset

Don’t get too uptight about the numbers, business is about learning a few new definitions and about finding an approach to manage a variety of projects. The right tool will do the math for you. Focus on learning the concepts and you will be running a business in no time. It’s important to constantly remind yourself  that“business” is not math. In fact, it’s more closely related to English , since it’s more about definitions than it is about numbers. So, don’t let the numbers scare you, they are pretty basic. You should try to understand the definitions first, then the numbers will start to make sense later. 

GroupThinq offers students a glimpse into the office of the future. To set up a tutorial for possible adoption at your university, drop us a line at pro-practice@groupthinq.com or follow us on Facebook, Twitter and LinkedIn to get the latest scoop!

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