Running Your Own Practice? Here are Some Growth Strategies You Should Consider - M4D in the Media

From growing your business, to marketing, finance, leadership, IT and business systems, we’ve got all your bases covered with professional advice and insight. Up first we look at the business foundations necessary to enable sustained success and growth.

In Australia, we’ve been seeing strong economic conditions, albeit challenging, and it looks set that this will only continue. But something we often realise when working with architects, engineers and designers (AED) is that the current opportunity to achieve strong and sustained profitability is not necessarily being realised.

We know that there are increasing competitive pressures, combined with a subsequent requirement to produce enhanced services for diminishing fees. The profession is delivering more value for less, and as architects, that’s what you innately do. So how can the industry position themselves for future growth and meet the challenges of increasing competition, technological changes, a changing workforce, and potential ownership transitions?

The answer is that if you want to succeed in today’s environment you need a stronger commitment to and focus on resource, financial, and project management practices – the kind that can bring long-term goals to fruition.

Typically in architecture, engineering and design businesses, 75 per cent of business profits are generated from roughly 25 per cent of the projects. Below we outline some key principles to consider if you want to keep your practice growing from strength to strength.