Despite having exceptional architectural skills, you might lack the business acumen to help your firm earn a healthy profit margin. Yet, industry know-how can be learned with hard work, effort, and research, which will allow your business to thrive throughout the years.
Boost your company’s financial freedom by learning how to run a more profitable architectural firm.
Bill Clients by the Hour
Time is money in business. A client isn’t only paying for your firm’s talent and expertise, but they are investing in your company’s time and effort.
If your firm struggles to make a profit, you might need to bill clients for every hour spent on their projects. Attending many client meetings, calling contractors, requesting supplier quotes, and tweaking designs all costs time and, in turn, money.
All those phone calls, zoom meetings, and adjustments provide clients with more value, which is why you must charge for it. Introduce a time-tracking tool to monitor every hour your team spends on a project to ensure the firm receives a return on its investment.
Improve Your Marketing Prowess
A lack of clients equals a lack of revenue. If attracting customers is becoming a challenge, you may need to improve your marketing prowess. Clients can’t invest in your firm’s expertise and experience if they don’t know about it, which is why you must improve its online visibility.
Dominate your industry by reaching out to a content creation agency to boost your firm’s presence online, reach your company goals, and stand out as an industry thought leader. Different tactics and services could help you climb the search engine results pages, boost web traffic, and generate bigger annual revenue.
For example, you could create more engaging social media marketing posts, ad copy, videos, or long-form content. Also, publish compelling, unique blogs people want to read, and that will improve your website’s visibility in the search engines.
Raise Your Firm’s Prices
Tried-and-tested marketing strategies and billing by the hour could transform your firm’s finances for the better. However, there are other tactics you shouldn’t overlook, such as raising prices. You might believe lower prices equal more customers, but this isn’t always the case, especially when running an architectural firm.
A higher rate may equal more confidence in your firm’s skills, experience, and outcomes. Also, the price point will lead a client to believe you will go above and beyond to deliver on promises.
For this reason, clients might be happy to pay a little more for a higher-quality architectural project. If you are not competing with competitors on price, a client might believe your business isn’t an industry leader.
Increasing the hourly rate will indicate you run a quality architectural firm and provide a more premium service. It could help you attract more clients and generate a much bigger annual revenue.
Adjust your pricing to put the theory to the test. You might be pleasantly surprised by the many clients you secure and the firm’s financial growth.