Today’s architects need to know how to do more than design new homes and buildings. They need several essential business skills to tackle responsibilities within their firm effectively. After all, architects will need to manage budgets, oversee invoices, and handle communication with clients and other key stakeholders.
If you’re an architect, you’ve come to the right place. Stay with us to learn about the five key business skills you’ll need to develop.
1. Build Your Financial Literacy and Fluency
As an architect, you’ll need financial fluency to map out revenue streams and cash flow while you’re juggling projects. When you understand the basics of finance, you’ll make more accurate budget projections and give clients fairer prices for your service. You’ll also be able to account for potential risks so you’re not surprised by unexpected problems.
How do you stay on top of financial fluency? Turn to spreadsheets and software applications to manage your monthly inflows and outflows. Determine how many billable hours you’ll need to at least break even and cover expenses. And track your profit margins for each project. These numbers can be critical guides as you compare actual results to what you’ve projected in your business plan.
2. Hone Your Negotiation Skills
As an architect, negotiation will be part of your job responsibilities. You’ll need to negotiate with contractors on prices, for instance. You may need to negotiate with clients on a reasonable scope of work, the cost of kitchen cabinets, or the color of a front door. You may even negotiate within your own team to assign job duties. If you’re a good negotiator, you’ll be able to arrive at more favorable deals that keep your projects on track.
To be prepared, always know what your fallback option will be before engaging in talks with another party. If you can’t reach an agreement, it’s wise to have a backup plan. Use a good first offer to set the tone and make sure you repeat what the other party says to ensure you understand everything. It can be helpful to role-play with someone else who takes on the role of the client, too. You’ll be able to practice your tone and delivery so you can get better results. Then switch sides so you can inhabit the role of a client or team member.
3. Find Your Niche
You’ll need to do more than build houses to attract attention in the architectural field. You’ll need to find your niche to stand out from the competition. Maybe you use sustainable products in your designs, and that defines your brand. Or maybe you want to pursue community-focused projects that help revitalize neighborhoods. Start to find your niche by doing a SWOT analysis to outline your strengths and weaknesses. Determine what a prospective client needs and use words to frame how you will meet those needs.
Then, take the next step and piece together these statements into a brand narrative that explains who you are and what you offer. In doing this, you’ll be able to help differentiate your architectural firm from others. You can learn the skills needed to develop your vision by earning a weekend-only Executive MBA in Dallas from Baylor.
4. Learn to Make Data-Driven Decisions
While it’s easy to assume architecture is a more creative field, data matters, too. You’ll be able to make better choices when it comes to materials and layouts when you gather data on details like occupancy and energy use.
Send out post-occupancy surveys to understand how your spaces impacted actual living scenarios. Use software to gain insights into building performance and your potential carbon footprint with a design.
5. Focus on Smoother Operations
Turn your attention to operations before you begin a big project. This entails looking at staffing needs and workflows. You’ll want to have a streamlined approach to scheduling. And you’ll need quality control protocols in place to maintain happy clients.
Use software, like Asana, to map out project timelines and delegate responsibilities. That way, everyone can be on the same page. And use lean management principles to avoid duplicating responsibilities or tasks. Conduct regular workflow audits, too, to make changes as needed.
Enhance Your Business Acumen
When you’re hoping to build a successful career in architecture, you’ll need business skills, too. Develop financial literacy and practice your negotiation tactics before entering significant meetings. Streamline your operations management and lean on data analysis to sharpen your decision-making choices. With small but steady improvements, including educational coursework through an MBA program, you can build a strong career.
