Project Fee Budgeting for Architects Sadly, there’s no way for an architect to guarantee their projects will be profitable, let alone earn a minimum 20% Net Profit at the completion of any project. There are however ‘best practices’ to apply to ensure that a project is profitable and to even successfully earn a minimum Net Profit of 20%. In my professional opinion, one of the best practices to apply in advance of providing a client with a proposed fee is to always invest the time and expense … [Read more...]
How to Build Sustainable Recruitment Strategies for Small Firm Success
Recruitment Strategies for Small Firm Architects Recruiting new employees is one of the most important things a professional services firm can do to be sustainable. A solid recruitment strategy not only reduces employee turnover and minimizes cost, it also builds the firm’s reputation as one that actively invests in building sustainable futures for its employees and clients. Growing a firm is completely reliant on recruiting, retaining and coaching new talent – and such activities require as … [Read more...]
Three Financial Basics
Every
Entrepreneur Architect
MUST Understand
Financial Management Terminology for Architects For many design professionals the subject of Financial Management is complex and can become problematic if the terminology used in the discussion or writing of this subject are not precise. For clarity, the term, Financial Management, refers to the accrual-basis accounting process of a professional design firm. Accrual-basis accounting is primarily used to determine true profitability and the metrics, or key financial performance indicators … [Read more...]
The Power of
The Profit First Architect
We Would Do It for Free If We Could We architects have deeply rooted positive passion for what we do. As artists we love to manipulate form and space in order to impact the lives of others. We are thrilled every time we walk through one of our structures. Our fuel is the excitement and emotional reaction that others have for our art. We love being architects. We are making the world a better place with every new project and we would do it for free if we could. …and that, right there, may … [Read more...]
My 5 Rules for Developing Contract Documents for Small Firm Architects
It may be the most critical step in the entire process of acquiring a new architecture client. We may have perfected our marketing, developed a strong reputation, executed a flawless sales process and have received our prospective client’s eager authorization to proceed with a new project. We may have done everything right and find ourselves at the point where, to make this new relationship official, we need a signed legal document. We need a contract. Hand shakes are only as good as your … [Read more...]
Toward A New Architectural Business Model
So you call yourself an Architect too? So many people call themselves architects: the software developer, the campaign manager, the author, the enterprise strategist - so on and so forth. But can we as architects call ourselves doctors, managers or authors? The title just doesn’t seem fitting. So why is it that so many can freely call themselves architects of in their professions? It is because an architect is so much more than a person who designs buildings. An architect is an individual … [Read more...]
Almost 40 Tips for Starting an Architecture Firm
This article was written by architect Timothy Ung of JourneyofanArchitect.com. It is being republished here at EntreArchitect.com with permission from the author. Enjoy! Almost 40 tips for Starting an Architecture Firm After obtaining my license as an Architect in New York, I brainstormed several long term goals and decided to start a personal blog, develop design projects, and learn everything that I could about starting an architecture firm. So I purchased several inspiring books … [Read more...]
What Was I Thinking?
Four Lessons in Telling the Truth
My First Assignment Many years ago, before Annmarie and I started our residential architecture firm, I was a project manager with Kaeyer, Garment & Davidson Architects in Mt. Kisco, New York. I worked very closely with the senior partner at the time, Dick Kaeyer. My first assignment as Project Manager was a major addition and renovation project for a church and facilities in Yorktown Heights. Dick designed the project and I developed it through construction drawings. Then, in order to … [Read more...]
4 Simple Marketing Strategies for Residential Architects
Marketing Strategies for Residential Architects Have you listened to my interview with co-founder of SALA Architects, Dale Mulfinger, FAIA over at EntreArchitect Podcast? It was a fantastic discussion about how SALA was founded and the journey to where Dale finds himself today as a principal at the firm, a teacher and an author of several books published by Taunton Press. If you haven’t yet listened to the episode, you can subscribe to the podcast at iTunes or listen directly from the website … [Read more...]
Culture is Critical for Success at Your Architecture Firm
A Culture at Your Architecture Firm Will Make or Break Your Firm As your small firm grows beyond its infancy of the sole practitioner and you develop a strong team, the culture of your firm will evolve. The different personalities and experiences brought to your firm will mix and a firm culture will develop; with or without your guidance. You are a busy architect seeking your next contract and working hard to complete the current projects on the boards. You just need to get the work done. … [Read more...]
The 21 Rules for
Success in Architecture
The following is a compilation of my professional practice lecture on the last day of class. Instead of recapping the course or giving a final exam, I share with my students a presentation titled Advice as You Finish School and Start to Practice. I present a series of statements followed up with a brief explanation. Advice as You Finish School and Start to Practice... 1. GET STARTED ON YOUR CAREER PATH You can start earning AXP (NCARB Architecture Experience Program) hours right … [Read more...]
How Project Accounting Will Transform Your Architecture Firm
Take the Time to Examine Project Financials—You Won’t Regret It Your projects have many moving parts, and sometimes tracking their financials might seem overwhelming. You might not get all the information you want or maybe, you don’t even bother to determine the profitability of each project because it would involve too much time. It’s completely understandable, but if you want to get serious about boosting your firm’s efficiency and profitability, you need to start monitoring your project … [Read more...]
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