Running an architecture firm whilst bringing in new work requires a combination of skill, team effort and a smart business plan. It can take years of hard work to get to a stage where growth is possible, which is why the planning stage should not be rushed.
Manage your finances
Once you start growing your business, you’ll notice how difficult it becomes to keep track of billable hours and invoices. Use time-tracking software to keep a reliable record of timesheets and budgets and consider hiring an accountant if you feel everything is getting on top of you. You also need to make sure you save enough money to fund development, or you may decide to take out a short-term business loan to help create a buffer for a few years while you expand. There are dozens of options to consider so take your time.
Improve your client base
First, you need to identify your target client base. Work with clients, meet their requirements and always be honest about budget. Get referrals and share them – trust is a big thing in the architectural industry and is hard to attain and even harder to get back when lost. Referrals break down barriers of uncertainty, as it’s a sign you have delivered before and can deliver again.
Research markets for growth opportunities
Never be afraid to enter new sectors and go after new experiences. The more eclectic fields you can enter, the more diverse your portfolio and the deeper your list of potential clients. You might have only worked on residential properties before but if the opportunity comes up to work on industrial architecture, think outside the box and spread your wings. Your firm will always be better for it.
Recruit the right people
Hiring new people to join the team can have a large impact on the stability of the firm. Several large projects can require multiple people or a fresh set of eyes. Hire people who fit into your work culture and can manage projects well. One of the main reasons architectural firms fail is not having the right team in place. Also, try not to hire too many people. It’s better to hire a few of the right people than dozens of the wrong people. Figure out what you want in your employees and don’t just settle for the first ones to apply.
Invest in a marketing strategy
Ensure you have a relevant website that is well-optimised for SEO. This means including blog posts and articles that demonstrate your expertise and make the most of backlinks and other SEO tactics. A social media presence is also crucial given how many hours most people spend on their phones each day. Instagram is often used by firms to show off their design process, builds and awards and Facebook is great for reaching individuals and agencies more directly. Social media creates engagement and potential free advertising. So, use all marketing tools at your disposal and ensure your contact information is always available and clear.