So you've got your architecture firm going good and things are going smoothly. You are proud of what you’ve been able to put together and the quality of the work you’re producing after months of tireless planning with your team. Your clients are satisfied and everything is going well.
But, for some reason, the books don’t reflect your success. You’re turning a profit, but it isn’t enough to help you grow the business while also sustaining the same way of life you're used to. Perhaps it’s time to start thinking of ways to boost profits at your firm. Here are a few ideas:
4 Ways to Make your Architecture Firm More Profitable
1. Find Out What Makes You Unique
2. Place Emphasis on Value
3. Make your Service a Product
4. Blog, Talk, and Share
1. Find Out What Makes You Unique
If you attempt to do everything for everyone, you may be perceived as a usual enterprise. People constantly compensate extra for professionals. Companies that concentrate on one region or area of interest are in a way more appealing to clients, in case you want a particular carrier or product. So, dispose of initiatives that are not healthy for your subject or area of interest. Become a professional at one thing. When your call is known, clients line up.
Focus on powering green homes, preschool buildings, wood structures, or unique architectural styles. A client seeking to construct a contemporary-day structure bungalow is more likely to rent you after they see a website complete with references to fashionable homes than a website of random ones.
2. Place Emphasis on Value
Your clients care what value they get. We must zoom in on this point. Don't let your service come across as a cost. Avoid talking too much about your hourly rate or your salary. Always politely lead the conversation about how your solutions can benefit your customers. When they start talking to you, try to put yourself in their shoes. Be clear on what they need from you. Capture the exact result they would like to see if they work with you. What, precisely, for them, is “value”? What would make this project a resounding success? Placing emphasis on value is extremely important in that context.
Think about this: a client hired you to build a warehouse for their materials. At first, they mention that the look and feel of this building didn't matter to them. They said they only care about insulation materials and energy efficiency. Well, you can try anything you want but you will never truly impress your client with beautiful construction drawings and sketches. Your client would view your artwork as an unnecessary cost. On the other hand, your client would be happy to compensate you if you prove that they would save $ 500 per month in heating costs!
3. Make your Service a Product
Service your business. As an architect, contractor, or engineer, you are in an ideal position to incentivize your business or at least part of it. Most provide services and most are paid per project (fixed price, advance quote) or per hour (hourly rate). Either way, the bottom line is that you are trading your time for money. Time is your greatest asset. If you get paid by the hour, it's simple: you work five hours, you get paid five hours. And if you get paid per project, time is always a factor.
Are you spending more time than expected? Take a share of your profits. Are you getting the job done much faster than expected? Earn more. But if you create your business as part of your product, you can sell things that are not directly related to the time you spent creating your product. Invest your time to create, bring to the market, then sit back and let it make the money for you! Try selling courses or books, and create a product or material to be used in construction e.t.c.
4. Blog, Talk, and Share
If you blog, talk (at conferences), and share, it will enable you to build a community As you share your experience, different things happen. First, people start to think of you as an expert. Even if you feel silly blogging about a topic that is old news for contractors, architects, or engineers, most of the time your blog will provide extremely valuable information to your clients. Share the things your customers want to know. Be open, honest, and transparent when sharing information. This will get you confidence. Confidence is essential in getting new clients and prospects on board. The client will not question the number of hours on the invoice if they trust you.
A great topic to talk about can be your portfolio of projects. What did you do, when, how, and for whom? Include before and after images as well as also provide context. What went well? What ended up not working out? Don't hide mistakes but also avoid making a sales demonstration of them. People prefer transparency and you only gain confidence if you are upfront and honest. Clients also love to read stories and to be passionate about something that is attractive.
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