FINANCIAL PLANNING FOR ARCHITECTS
Maintaining a 'Financial Temperature' of your firm is a key to success.
Get a basic understanding of financial planning and learn how your financial decisions impact on your architectural business.
Everyone loves money. But no one likes to learn about money management.
When you think of Finance, you think of long chart of boring numbers. And the creative genre of designers and architects, would specially be the last people who would want to indulge themselves into such a list.
But finanicial planning can be creative too. And it is as critical to your architectural business as your project planning. To get to the diamonds, you have to dig the coal. So, get your hands dirty and give yourself a basic understanding of financial terminology.
You understand that finance is important for your business. And you have also made a decision to learn about it. But, where to begin? What to do so that you create good financial habits that will lead your architectural firm to profitability?
Here is a beginner's guide to 10 easy habits that you can cultivate in order to take your first steps into developing your financial skills.
Like a farmer who needs to invest in a seed to grow a plant, businesses need to invest money before they can start picking up any winnings. Therefore, understanding your capital requirements before starting your firm is of crucial importance for building a sound and sustainable business. Learn more about how to finance your start-up architectural business.
Pricing structures are subjective and there is no right or wrong method to set your design fees. But, at the same time, it is important to consider the factors that affect your fee calculations and impact your profitability. Learn more the factors that you should consider before defining your fee structures.