Architects who start their own practices often face a classic entrepreneur’s conundrum: pay the business or pay yourself. This situation is born of some mindset problems that can and must be resolved in order to build a sustainable and thriving architectural practice.
A mid-year check-in with your practice can ensure that you are on pace to meet your revenue goals before the end of the year. Here are our three top recommendations for you to take on this June. Each practice booster focuses on one key area of the business – finance, operations, and sales and marketing – to ensure well-rounded success before the end of 2021.
As we look to wrap up this year, we would like to offer you our top five business improvement tips for 2021. Each tip is meant to advance your business to the next level, no matter where your practice was in 2020.
Cash flow management can determine the survival of a business. While there are other factors that need to be considered in a business beyond cash, it is undeniable that cash is usually front of mind. A ‘cash flow project’ is a project that an architecture practice takes on to pay the costs of operating, such as employee’s wages.