Lloyd Princeton

Lloyd Princeton is a management and retained search consultant who specializes in the A&D industry including North American product sales distribution. As principal of Design Management Company, Lloyd is an expert at residential design pricing and is a frequent speaker major corporations, governments, developers, manufacturers and trade associations.

Articles by Lloyd Princeton

• Keep your distance, but maintain personal relationships

  Friday, December 11, 2020

  Just when it looked like remote working had hit its peak, employers are again facing the possibility of workplace closures as cases of the coronavirus surge throughout the country. Many businesses, though, including interior design, depend on teamwork and close personal interaction with customers for their success. While health and safety have to be a priority, they also need to have a strategy and protocols for meeting in person.

• Plan for 2021 looking on the bright side

  Thursday, November 19, 2020

  Mostly sunny with intermittent clouds and showers. That’s my forecast for 2021. It may seem overly optimistic at the moment, what with talk of more shutdowns in the weeks ahead and the standoff in Washington. I am confident, however, that this too shall pass, the ship will get righted, and we will enter calmer waters as the new year gets underway. Having gone through so many months of uncertainty and reversals this year, why should I expect the situation will improve in the next? Despite the recent resurgence of COVID-19 cases in many countries, we are making progress on preventing and treating the virus as well as on producing an effective and safe vaccine.

• Grab this opportunity to finance business growth

  Thursday, October 22, 2020

  You may have seen mentions in the business news of late to "free money." Perhaps you thought to yourself, "how do I get some of that?" In reality, of course, the money isn’t free. But interest rates are so low right now that, relatively speaking, by traditional lending standards it is practically "free," which is to say that the cost of borrowing is not much more than the cost of the principal. That makes this a great time to raise money to fund business expansion and new ventures.

• Have Zoom, will design

  Friday, September 18, 2020

  Interior designers are on the move — literally and virtually. Concerns about health and safety, including the need for social distancing and limited in-person contact whether with colleagues or clients, have uprooted many designers from their offices. In the months since COVID-19 caused large portions of the populace to shelter in place, designers have adapted to working remotely, and more of them have embraced e-design and virtual design service models.

• Uncertainty is one thing you can count on

  Monday, August 17, 2020

  One of the oft-repeated truisms in business circles is that the only constant is change. It’s not hard to see why. Rapid acceleration in technological innovation, communications, global commerce, and mass customization have forced businesses to be constantly on the watch for the next big or new thing and retool quickly to embrace it. Now, add to that not knowing when or whether you can operate your business or to what extent or with which staff.

• Crosscurrents ahead — proceed with caution and optimism

  Monday, July 20, 2020

  Our industry appears to have turned a corner. After a disappointing second quarter in which many clients delayed or postponed projects due to safety and economic concerns stemming from the COVID-19 health crisis, more architecture and design (A&D) firms are starting to see a resurgence in client activity. It may take a while for the industry as a whole to recover, but there is every indication that in the months ahead it will emerge not only intact but even more vital than before.

• Change happens, so explore your possibilities

  Monday, June 22, 2020

  Change and uncertainty often go hand-in-hand, and right now, most people are experiencing a little (or a lot) of both! When change occurs, especially so abruptly, it can be disorienting, even alarming. But change can also be liberating, freeing us from our habitual way of thinking about things and forcing us to reconsider the path we’ve taken and our options for the future. If your professional prospects seem less bright at the moment or especially if you need some guidance, now can be the perfect time to explore "what if?"

• Reshaping your business for the new normal

  Thursday, June 04, 2020

  Even in the most optimistic scenario, the repercussions from the COVID-19 pandemic will have a profound impact on how we go about our lives — and thus, on the spaces we live in — for months, probably years to come. We will need to adapt to new ways of interacting with one another and adopt new behaviors to ensure our safety and that of our loved ones and neighbors. And perhaps as never before, the home will function as the nexus of our daily activities.

• Design’s role in the coming recovery

  Monday, April 27, 2020

  Nobel laureate in physics Nils Bohr wisely observed, "Prediction is very difficult, especially if it's about the future." With so many things in flux at the moment, it is pointless to try to predict what will happen in the coming months or years as countries around the world seek to recuperate from the effects of the COVID-19 pandemic. I do think, however, it is useful as a means of preparation to consider what recovery may look like and how interior design can help to facilitate the transition to whatever the new normal will be.

• Interior design is facing a talent shortage, and it’s going to get worse

  Friday, March 20, 2020

  As anyone trying to hire in today’s job market knows, it’s getting harder and harder to find qualified candidates. From what we’re seeing in my firm, there currently is a talent shortage throughout the industry, in all positions. More troubling, it appears fewer younger people are entering the profession. That could create big problems for firms in the coming years. A number of factors are contributing to the current shortage.

• Firms are hiring again.  Here’s how to compete.

  Friday, February 14, 2020

  With the news that the global and U.S. economies were showing signs of slowing down, A&D firms as a precaution dialed back their hiring plans in the latter part of 2019. In recent weeks, with reports of sustained solid job growth, resiliency in the stock market, and high levels of consumer spending, firms are feeling more optimistic about their prospects for 2020. Once again, hiring plans are back on the table. Recently, in my firm, we've experienced a surge in calls from firms wanting to initiate recruitment searches.

• An acquisition could be your next great business move

  Monday, January 20, 2020

  Consolidation is the name of the game in the architecture and design industry these days. Firms are combining to expand into more practice areas and beef up their menu of services to appeal to a broader base of clientele. On their part, clients are looking for a "one stop shop" of design and build to simplify and speed up project delivery, pushing firms toward a more integrated business model. If you're contemplating what should be your next business move, now is a good time to consider an acquisition.

• Build your business with confidence

  Thursday, December 19, 2019

  Things are looking up. OK, maybe the outlook is not as sunny as it was a few years ago, but it’s not so bad. Growth may be slowing, but there’s still growth. Employment keeps going up. Consumer spending, the engine that drives the economy, is vigorous. The stock market is robust. Concerns that we’re heading toward the next recession appear to be evaporating. On the whole, business owners have lots to feel good about. That said, a lot of factors are in play at the moment that could sway things in one direction or the other.

• Strategies for surviving the next recession

  Thursday, November 21, 2019

  Will we or won't we? The verdict is still out on whether the U.S. economy is headed into recession sometime next year. More worrisome at the moment is the number of other leading economies that are teetering on the brink of recession, such as Germany, Italy and, of late, Hong Kong. Growth is slowing in China and other BRIC countries. And who knows what impact Brexit will have on the European Union economies. Directly or indirectly, any of these eventualities could impede our industry. While there is no cause for alarm at the moment, it’s always wise to be prepared for any eventuality.

• Quality of work begins with quality of life

  Tuesday, October 22, 2019

  Two of the biggest challenges employers face today are retaining employees and keeping them engaged at work. To address these challenges, firms have sought to incentivize employees with additional financial rewards, such as profit-sharing and commissions. They also have increased their benefits offerings to include wellness programs, financial counseling and assistance with student debt. But what most employees really want is a better quality of life.

• Selling interior design services in the 2020s

  Friday, September 27, 2019

  Two inevitable trends will transform the interior design industry in the coming decade. One is the rise of the millennial client. The other is the maturing of e-commerce. These trends are inextricably linked. Designers who want to remain competitive in this changing market will need to innovate their marketing and business processes to attract and retain these clients.

• Older designers need to flaunt their strengths

  Tuesday, September 10, 2019

  Some readers of a certain age may object to my labeling them as "older." I get that. "Old" and "older" are pejoratively loaded terms in our society and in a profession that thrives on creativity, innovation and novelty. The reality, though, is that, like it or not, "old" is how others perceive you. For that reason, it is crucial that you not take your past success for granted. If you want to stay competitive or employable, you need to reinforce your value to your clients or your firm.

• Flex time for interior designers

  Thursday, August 01, 2019

  In years gone by, clients hired an interior designer to execute an entire project. With some exceptions, it was generally understood that the designer would conceive, design, furnish and manage the project from start to finish — in consultation with the clients, of course. Today, that is no longer the norm. On the contrary, clients today have embraced the term "menu of services” quite literally, ordering a la carte and when they wish. This trend has been building for some time.

• Does location impact your interior design business?

  Monday, July 08, 2019

  Recently, a client approached me with an intriguing business dilemma. They felt their firm could be commanding higher fees and earning more revenue if they moved to a more prosperous location. They wanted to know if I could help them determine where that location might be. It turned out that while there is not information about specific businesses, there is data showing some interesting patterns that firms may want to take into consideration when determining their location and evaluating how well they are performing.

• What is your employee value proposition?

  Tuesday, June 11, 2019

  Along with attracting the right talented people, holding onto them is one of the biggest challenges businesses face today. With unemployment at the lowest level in 50 years and employees with proven ability in high demand, promising workers a position and a modicum of job security is no longer enough to gain their loyalty. In today’s highly competitive environment, employers expect a lot from their staff. Now, employees are asking for more in return. And if they aren’t satisfied, they will look for better conditions and opportunities elsewhere.

• Career concerns for working baby boomers in design

  Friday, May 03, 2019

  This year, the last ripple of baby boomers, those born in 1964, turn 55. In two years, the vanguard, those born in 1946, will turn 75. Traditionally, these are the peak retirement years. But times have changed, and many baby boomers find themselves faced with the prospect of being financially unprepared for a retirement that could last 20 to 25 years or longer. If you are a working baby boomer, what should you do?

• Demand for design services currently a mixed bag

  Monday, April 08, 2019

  As I talk with clients around the country, I'm hearing quite divergent views of how business is going these days. The picture that emerges is something of a mixed bag. Some designers are keeping quite busy and have future projects lined up. Others are reporting a decrease in client requests and inquiries. Some of this appears to be sector-driven and some of it regional. What's not clear yet is whether this is a temporary blip or the start of a general slowdown in the industry.

• The future of interior design sourcing

  Monday, March 04, 2019

  Like many other industries and professions, interior design is becoming increasingly digitized. From conception and rendering, to project management, to how designers communicate with their teams and their clients, basic processes and procedures are transferring to digital platforms. One of the areas most affected by this transformation is sourcing and purchasing. What began as a gradual shift towards e-commerce at the beginning of the decade has exploded into a robust online universe of interior design products and services. E-commerce has pulled back the curtain on interior design sourcing.

• The future of interior design is wellness

  Monday, January 14, 2019

  It’s that time again when members of the home décor media roll out their lists of interior design trends for the coming year. While some clients are interested in acquiring the latest look for their home, many of these so-called trends are really just fashion changes or fads that have little impact on how and what professionals actually design. The trend you need to be paying attention is wellness. It’s going to be a game-changer. Clients may not need you any longer to purchase products or pick out paint colors, but they do value your ability to make their homes safer, more comfortable and more functional.

• No response is not a response

  Monday, December 03, 2018

  Have you ever had the experience of trying to get the attention of a store clerk or waiter, only to have them go about whatever they were doing and act like you weren’t there? How did that make you feel? Were you annoyed, angry, exasperated? I’m guessing the one thing you weren’t feeling was satisfied that they had properly responded to your attempt to communicate with them. The point of my example is that most people in a face-to-face situation would consider being ignored or not getting or giving a response as inappropriate and rude. Yet, it is becoming quite common in business communications.

• Designing in many shades of green

  Thursday, November 01, 2018

  Green, or eco-friendly, is now widely accepted as a responsible way to design. Yet, in practice, designing green can take many forms. You need to consider your own as well as your clients’ values when offering green solutions. Even among clients who consider themselves to be eco-conscious and responsible, being green may translate into conserving utilities and faithfully recycling. These individuals want energy-efficient appliances and heating and lighting systems, water-saving fixtures, and well-insulated walls and attics. They also have their eye on another kind of green — money.

• What to know about distributing your products in North America

  Tuesday, October 02, 2018

  North America, and the United States in particular, is one of the largest markets for selling just about everything, particularly home furnishing products. And while the rewards can be great, the cost of entry is also great. The problem is directly related to the size of both the U.S. and Canada, as well as the diversity within each country in terms of regions and their buying needs. If you are a manufacturer considering entering the marketplace, there are a few considerations to know. Additionally, this article is going to focus on the modes of distribution in the design trade community.

• Beware of the slippery job candidate

  Tuesday, September 04, 2018

  Anyone trying to hire in today’s architecture and design community knows how challenging it can be to find good employees. As the pool of high-quality candidates shrinks, some less than desirable ones are making the rounds, hoping the odds will be in their favor. Employers need to be extra vigilant to ensure they make a good hire. Lately, in our firm, we have seen a proliferation in certain types of unsuitable candidates.

• How to re-enter the design job market successfully

  Wednesday, August 01, 2018

  Unemployment is low, and firms are having difficulty filling positions. If you’ve been out of the job market for a while, perhaps raising a family or for other personal reasons, but are ready to start designing again, now might be an ideal time to get back in the game. Even in an employee-driven market like the current one, returning to work after a prolonged absence can be a challenge. You can increase your chances of landing a suitable position by doing some advance preparation before you start replying to job postings.

• Selling design when product is king

  Tuesday, June 26, 2018

  Design today is all about product. Whether the topic is aesthetic, trends, lifestyles, sustainability, wellness, or smart homes, the message coming through the design media and their advertisers is clear: the solution is to purchase the right or best products. That perception is driving investment in making products of all kinds even more easily accessible to the consumer, especially through online and mobile platforms, thus eliminating the designer from the purchasing process.

• Is luxury the only market left for interior designers?

  Monday, June 04, 2018

  As consumers’ appreciation of and desire for good design have increased in the past decade or so, competitors of all sorts have rushed in to try to fill the gap between what consumers want and what they can afford. This has put pressure on designers to lower their fees and work with smaller budgets, thereby reducing their profitability. With little indication that this situation will change anytime soon, it begs the question as to whether the luxury market is the only viable one left for today’s designers.

• Bill everything you earn

  Tuesday, May 01, 2018

  One of the challenges for any kind of service provider, professional or non-professional, is finding the proper balance between delivering excellent service and being appropriately compensated for one’s time and talents. Being generous with your time and going above and beyond what clients expect is one way to ingratiate yourself with them and garner future referrals. Unchecked, however, it can slowly erode your business’ profitability.

• Managing the highs and lows of your design business

  Monday, April 02, 2018

  We will soon be entering the optimum time of the year for home sales, home purchases, home renovations and remodels. As all small business owners know, however, whatever goes up will eventually come down.

• Managing employees’ salary expectations

  Monday, March 12, 2018

  ​Interior design salaries have grown only minimally in recent years. Now, with the national unemployment rate hovering around 4 percent, rising inflation, the much-publicized lower taxes for corporations and the pool of available interior design talent getting smaller, employers should anticipate that they will need to increase compensation to retain and attract good designers and other staff. At the same time, in the face of greater competition and higher prices for products and materials, firms are under pressure to hold down costs and fees.

• Protecting your firm against client disputes

  Wednesday, January 31, 2018

  ​Interior design firms in many parts of the country experienced a surge in business during the second half of 2017. Given the new tax law that takes effect this year, along with strong demand for new and remodeled homes, that trend likely will continue in the months ahead.

• Helping your employees deal with stress

  Wednesday, January 10, 2018

  Interior designers often work under considerable stress to meet deadlines, stay on budget, manage vendors and suppliers, and please their bosses as well as their clients. Not all stress is bad, and not all workplace stress can be eliminated.

• Attracting and landing millennial clients

  Monday, November 06, 2017

  ​Whether as employees or clients, millennials have a reputation for being difficult to work with. I doubt that many millennials regard themselves that way, however. As a group, they tend to be very social and sociable, team- and group-oriented, and purposeful.

• Diversify to grow your revenues

  Tuesday, October 10, 2017

  Interior design business activity has improved in recent months. My wish for you is that you have a prosperous final quarter as we enter the fall design season. However, many designers are not benefitting from the increase in demand, or they may be getting more business but are not realizing the revenues or profits they had hoped for at the beginning of the year. If you are one of them, it may be time to think about diversifying your revenue strategy.

• 5 fatal errors to avoid when setting client expectations

  Wednesday, September 13, 2017

  ​Every now and then a news item crops up about an interior designer or decorator accused of egregiously overcharging or bilking a client. These rare occurrences make sensational headlines.

• 7 steps to rebuild your design business

  Monday, July 31, 2017

  It takes a lot of courage to seek help for a problem — whether personal or professional. You have to make a frank assessment of the situation and then commit to do whatever is necessary to make things right.

• Take the time to close the communication loop

  Thursday, June 29, 2017

  ​If you start something, finish it. That seems like one of those primal, "everything I needed to know I learned in kindergarten," common-sense rules that every professional should know and follow. Not so these days. From what I am seeing in my firm, people today are too preoccupied with getting going on the next thing to finish what they started in the first place.

• Building the steps to design career success

  Tuesday, May 30, 2017

  ​Some days it's all you can do to keep up your demanding workload. It goes on day after day, until one day you lift your head up over your cubicle partition and realize you've been stuck in the same place for months, perhaps years. What happened to those dreams you had when you started your design career? They haven't vanished. In your effort to excel at your current job, you've inadvertently stopped pursuing them. Time to get back on track.

• A values-based business model for interior design firms

  Tuesday, April 25, 2017

  ​Over my many years of business consulting, I have come to appreciate that the best interior design practices are values-based businesses. Please note that I wrote values with an "s," not value-based. I am not talking about how you price your services to make clients feel that you are providing them with good value. I am talking about fundamental values of good business.

• Hiring practices for today’s fast-paced A&D job market

  Tuesday, April 11, 2017

  Hiring in the architecture and design industry has surged again. My firm has been inundated in the past month with requests from employers who are struggling to find the right candidates. Their dilemma is part of a larger pattern as the economy approaches full employment level.

• Consider the cost of maintaining a lean team

  Thursday, March 23, 2017

  ​In times of uncertainty or negative growth, it makes sense to keep staffing to a minimum and draw on freelance or outsourced help when and if needed. When business begins to pick up, however, often the smarter strategy is to add staff in order to keep up with increased demand.

• Employment options for older designers

  Monday, February 06, 2017

  ​A former client wrote me recently to say he had hired two older employees some months ago and has never been happier. Their professionalism and experience has helped his firm to thrive. Regrettably, he is the exception rather than the rule. Not only are designers as a group aging, so are many of their clients. As a result, older designers are experiencing a decreased demand for their services.

• Improve your design business by focusing on what you do best

  Thursday, January 12, 2017

  ​Running a small business is not usually top of mind for most would-be designers. They want to be doing design. Somewhere along the line, they decide to strike out on their own and soon discover that requires them to set up a small business.

• Design business planning in uncertain times

  Friday, November 18, 2016

  ​We are fast approaching the end of 2016. Before you get caught up in the whirlwind of holiday activities, now is a good time to start planning for the year ahead. How do you see your design business shaping up? Will 2017 be a year of growth or a year for standing pat? Should you undertake a new venture or begin to wind down operations?

• Put your design skills to use elsewhere

  Wednesday, October 26, 2016

  For many designers, the idea of doing something other than interior design is unthinkable. It is not just a job. It is their passion. It speaks to how they perceive and relate to the world around them. I get that. I also know there are designers who are struggling to keep their firms afloat because there just isn't enough business. At some point, some of them may need to consider applying their skills in other industries if they wish to continue working.

• 2 for the price of 1: The benefits of a merger

  Tuesday, September 27, 2016

  Each designer has his or her own unique vision and talents. Design businesses, on the other hand, have a lot in common, especially the back office operation. Why duplicate efforts? Share the load with another designer. That allows you — both — to spend more time doing what you do best.

• Another new normal for designers?

  Tuesday, August 23, 2016

  During the period of "conspicuous austerity" resulting from the Great Recession, consumers were reluctant to make new purchases or undertake larger remodeling projects. Designers had to adjust to the "new normal," which meant relying more heavily on design and consulting fees in a more competitive market.

• Is it the economy or your clients?

  Tuesday, July 26, 2016

  In the interior design industry, these are the best of times; these are the worst of times. For some firms business is booming, and their biggest problem is finding qualified talent to expand their staff. Others are struggling, with little reason to be optimistic; worried they may have to close up shop if things don’t turn around soon. Is the difference just bad luck, or is there more to it?

• Beef up benefits to retain employees

  Friday, June 17, 2016

  Unemployment has dropped, salaries are creeping upward and, despite an uncertain construction forecast, firms are hiring to meet current demand. As competition for talent at all levels increases, employers can expect higher and faster rates of employee turnover. Now is the time to take steps to hold onto the employees you have, and one of the key ways to do that is through the benefits you offer.

• A consultation deserves a fee

  Tuesday, May 24, 2016

  "Should I charge for a consultation?" is a question I am often asked when speaking to designers. There is a lot of confusion around this topic. In practice, designers handle consultations in various ways. Some charge, some don't. Some charge if the client hires them, others charge if the client doesn't hire them. Some charge their regular hourly fee, and others charge a fixed price for a prearranged amount of time.

• Before you hire, put job candidates to the test

  Tuesday, April 26, 2016

  Interior designers are on the move, looking to take advantage of the current hiring boom. Since demand currently exceeds supply, if they see an opportunity for a promotion they are going to go for it — whether they meet all the job requirements or not. That puts the burden on employers to validate each candidate's skills and experience.

• Hiring strategies in a tightening design labor market

  Tuesday, March 15, 2016

  ​Despite concerns about the global economy, the U.S. labor market continues to add jobs each month. The U.S. Department of Labor's most recent survey of employers shows the workforce is growing at its fastest pace in more than a decade, and the share of the population with a job is the highest since 2009.

• 5 mistakes to avoid in recruiting for your design firm

  Tuesday, February 16, 2016

  From the employer's perspective, doing your own recruiting makes a lot of sense. Who knows your business better than you or the kind of candidate you're looking for? In reality, though, most employers don't have a lot of training in recruitment. They tend to go by instinct or past experiences. That leaves them vulnerable to prejudices and blind spots that can result in a missed opportunity or a bad hire.

• Proper diligence is key to a successful design merger or acquisition

  Wednesday, January 13, 2016

  2015 was a big year for mergers and acquisitions. Even large, well-established companies like DuPont and Dow Chemical are realizing they have to diversify and extend their sales and distribution channels to stay competitive in the global economy.

• When outsourcing design work overseas, do your homework first

  Tuesday, November 24, 2015

  ​Saving time and money are two good reasons to consider outsourcing rendering and other visualization tasks overseas. However, there's no guarantee you will save either, since the quality and reliability of overseas work varies widely. Before you entrust your designs and firm's reputation to an overseas company, it pays to investigate all your options.

• 5 steps to making the right hire for your design firm

  Tuesday, October 13, 2015

  ​One of the more costly mistakes you can make to your design business is hiring the wrong person. Research of U.S. employers shows a bad hire can cost a company as much as much as $50,000 or more. In addition to bearing the cost of recruiting a replacement, your firm likely will suffer a loss in productivity and possibly lost revenues and damage to your brand or client relationships.

• Interior designers can no longer ignore social networking

  Wednesday, September 23, 2015

  ​I believe in the value of personal contact, and the interior design business is very relationship-driven. The fact is, most designers still get the majority of their new business from personal referrals. That's why when design activity was beginning to pick up last year and experts were urging designers to increase their time on social networking sites, I advised my clients to get back in touch with former clients and invite prospective clients to share a meal. It appeared to me that in the stampede to get on social media, instead of increasing their visibility, designers were getting lost in the crowd.

• Safeguard your designs to avoid theft, lawsuit

  Tuesday, August 18, 2015

  ​Whether it's vetting a design concept or solving problems on site, design projects take teamwork and team thinking. Many individuals may contribute to the final design and implementation. At the end of the day, though, it should be clear to all involved who owns the project and the rights to all concepts, sketches, renderings, presentation boards, photographs, etc.

• As job market heats up, versatile designers are in demand

  Tuesday, July 28, 2015

  There has not been a better time in the past four or five years to be looking for an interior design job. Within the past six months, job listings have jumped from the dozens to the hundreds. Business is on the rise in A&D firms. Many that had to let employees go during the lean years are staffing up again. Architects are taking on more new projects, and that is opening up opportunities for interior designers.