Business of Architecture Series The business of running an architectural practice requires ongoing focus from business leaders, yet is often neglected in the process of servicing clients and delivering projects. Management for Design addressed these issues in a series of monthly webinars for the Association of Consulting Architects. Rob Peake investigated the main elements that make up an architectural business. Looking at people, strategy, business and financial management, legal, brand, systems and delivery, Rob simplified the complexities of business management. The webinars were presented as a 3 part series — we have covered the first six foundations to building a successful architecture practice in previous issues of this eMag. Links to the webinar slides are available at the end of this article. The 10 foundations to building a successful architecture practice are:
Let’s take a look at Sessions 7 and 8. Session 7: Risk and Legal It is important that your business adopts strategies that will mitigate risk. Some strategies include business structure, agreements, contract management, terms and conditions, exclusions, fees, insurances and advisors. How your business is set up can have an impact on the level of risk you take on and there are different legal implications to consider with each different structure. Some of the more common business structures are company, unit trust and partnerships. Deciding on a business structure is not a decision that should be made without research and careful consideration. When creating shareholder or unit holder agreements it is important to consider ownership obligations and transfer of ownership, insurance, restraint, decision-making, other business interests, exiting the business,
