The material for preparing an annual budget, an annual profit plan, developing project fee budgets, and calculating billing rates—is the stuff of financial planning. Each is a type of forecast that serves as a benchmark for financial management. Annual profit plans and annual budgets are your firm’s financial goals expressed in dollars—your vision of what you hope your firm will achieve in the coming year. Accurate project fee budgets and profitable billing rates are your tools for achieving … [Read more...]
7 Key Financial Performance Indicators for a Successful Architecture Firm
This is a guest post written by Steve L. Wintner, AIA, Emeritus, an architecture management consultant and co-author of the book, Financial Management for Design Professionals: The Path to Profitability. To learn more about Steve, his firm Management Consulting Services or to dive deeper into the subject that Steve is sharing with us here at EntreArchitect™, visit his website at ManagementConsultingServices.com. I am often asked, "How might I make my small firm more financially successful?" … [Read more...]