The unfortunate fact is that if the firm is not big enough, it may really be affected by the irregularity of payment vs team growth. At the same time, firms are having difficulty staffing up to meet the demands of their new clients. Some clients take as long as a year to pay their bills. Almost every single client who came to me struggled with their firm's finances. When I started working as a business consultant for Architecture firms, I started by servicing smaller firms. The problem of not being paid on time proves to be a pressing issue for both: big and smaller firms.
#BUSINESS IN ARCHITECTURE HOW TO#
What strategies do you need to consider for financial profitability? How to diversify your efforts to ensure a stable flow of income and firm growth? What tools do you need to manage your finances in the right way? What are the key most important things to think about as a business owner from a strategy and development perspective? How to price your projects accordingly? Therefore if there was ever a time to say that slow-paying clients are not acceptable, it is now. Post-corona, the AEC industry is facing an unprecedented demand for architecture services. Why? Because, since as architects we don’t get much business education in school one of the common downfalls prove to be mismanaged finances. Well managed firm finances can be a raise to glory but if you fail at keeping them under control they quickly turn into a silent assassin.
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