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Management Consulting
Become strategic instead of just opportunistic. Plan firm growth, consider ownership transition, get ready for the recovery. Help for start-ups, for solo practitioners, and management coaching available.
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Relevant, practical and participatory education for design professionals. Workshops and seminars on design firm practice and small firm management. All are eligible for AIA learning units.
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Beyond Intuition: Financial Management for Small Firms
3-hr workshop
An architect would never design a building without knowing the budget or financial criteria involved in the project. Similarly, firm leaders need financial knowledge to make strategic decisions in designing their firms. Most Principals in small firms know intuitively how their firm is doing and keep a close eye on cash flow, but often don’t really know if the firm is being profitable or effective in its use of staff time. Yet, this knowledge and the decisions that flow from it are critical to the long term survival of a firm.
Financial management allows firm leaders to spot trends and not be seduced or depressed by one good or bad year. The unpredictable business environment in which design firms operate makes it even more important to stay aware of big picture financial trends over time. Both growth planning and effective marketing have financial components. An understanding of finance sheds light on pathways to positive achievement and allows for early warning signals of trouble.
This highly interactive seminar will cover the basics of financial management for professional service firms with fewer than 30 members. Among the topics covered will be macroeconomics and how to track the financial health of a firm over time. Understanding utilization rates, billing multiples, and the use of ratio analysis will also be included. This is not an accounting course—the emphasis will be on financial tools that help firm leaders make good strategic decisions.
Participants will work with content material in class and have ample opportunity to exchange knowledge with their colleagues. Case studies and story problems will be presented to challenge participants to use financial tools to solve real world practice dilemmas. Start-up practitioners and owners of very small firms are encouraged to attend.
Learning Objectives
Participants will be able to:
- Track the financial health of their firms and identify the macro-economic trends that could affect their practices.
- Apply financial tools to solving practice-based strategic planning dilemmas, such as decisions to hire new staff or move to a larger office. Participants are advised to bring a calculator.
- Share knowledge and experience of small firm practice with their colleagues, increasing their ability to analyze and benchmark their own performance.