Every day we speak to partners, directors and CEOs of architectural practices who are frustrated. We hear the same confessions every time...
- We don’t know if the project we’ve just finished was profitable or not
- We don’t know if staff are being efficient with their time
- We’re unsure whether we can deliver the project on time and on budget
- We don’t know whether to hire more staff or utilise staff more effectively
- We don't know how profitable the business is right now!
Do these sound familiar to you?
There are generally two reasons that cause these problems.
- Project information is being recorded inaccurately or not at all – this leads to a lack of consistency and accuracy of project data.
- Project information is available but not accessible in one place – often there are too many separate systems that don't talk to each other.
If either (or both) of these problems are present in your architectural practice, then you’ll have:
- A lack of visibility of what is happening on each project
- Poor project decisions being made
- Inefficient resource management
Left unchecked, these problems will lead to underquoting and over-delivery on your projects, which results in reduced profit, or worse a loss, for your practice.
If you’re not making the profit you need on your core projects you’ll be unable to take on those more interesting, creative projects that keep your team engaged in their work. You’re then in danger of losing your best people to the competition who can afford to take on these creative projects!
So, what’s the solution?
To afford more creative freedom and pick up projects that excite you and your team, you need to start thinking about how you can make sure your regular projects are profitable in order to pay the bills and grow your business.
This can accomplished following CMAP’s PETAL Framework – plan, engage, track, adjust and learn. Download our free guide and we’ll show you how to get your projects (and practice) back on track to exceptional profits and consistent growth!
From Pain to Profit: Using the PETAL Framework to Transform your Business into a Highly Profitable Architectural Practice
Download to discover:
- How to increase profitability in your practice so you can afford more creative freedom
- The 5 step PETAL framework that will help you run profitable projects
- How to make quick and easy changes to your processes so that you can identify a costly project early
- Easy ways to make sure your Practice is working efficiently to achieve consistent growth