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438: Key Financial Metrics for an Architecture Firm with Hugh Glazer

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Nov 7, 2022

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Hugh Glazer

01:10:01

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ADVICE

Checks and Balances

Implement checks and balances in your firm, ensuring oversight for all tasks and responsibilities.
Partners should actively ask questions and stay involved, even with trusted advisors.

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INSIGHT

Underinvestment in Finances

Architects often struggle because they underinvest in financial operations and administrative support.
Joining programs like Smart Practice can raise awareness and isn't as hard as it seems.

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ADVICE

Prioritize Profit Margins

Determine your desired profit margin first, then work backward to set fees and allocate resources.
Consider a minimum fee to ensure profitability and factor in client relationships and portfolio building.

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Business of Architecture

04:56 • 5min

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Architecture - Is There a Deficit in Accounting?

09:45 • 2min

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Is There a Different Set of Issues With Small Businesses?

11:30 • 2min

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Is There a Link Between Financial Awareness and Financial Operations?

13:23 • 2min

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Bookkeeping and Accounting for an Architectural Practice Isn't Rocket Science, but It's Complex

14:54 • 2min

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Are Your Profit Margins Left to Chance?

16:44 • 3min

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Is There a Minimum Fee?

19:26 • 4min

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Achieve More Value With a Deep Understanding of Your Client's Financial Story

23:22 • 2min

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What Are the Key Financial Metrics That Our Tech Manufacturers Should Be Looking At?

25:36 • 2min

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How to Track Cash Flow Break Even

27:30 • 5min

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The Value of Your Expertise

32:03 • 3min

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How to Get a Rolling 13 Week Cash Flow

35:15 • 2min

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The Net Fee Income Is a Number That Is Going to Contribute to Your Operating Expenses.

37:00 • 2min

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Is That Net Operating Revenue?

39:10 • 3min

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The FTE Number Is a Good Measure of FTE Revenue Per Employee

How Do You Know if Your Utilization Rates Are in the 75 80-Ish Range?

46:47 • 4min

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The Most Valuable Activities for Principles in the Business

50:38 • 4min

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The Fundamentals of Time Sheets and Timesheets in a Business

54:26 • 2min

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The Balance Sheet and Accounts Receivable

56:13 • 2min

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Is There a Healthy Percentage of Accounts Receivable?

58:01 • 5min

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Understanding the Finances of Your Clients

01:02:51 • 4min

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Do You Know When an Unpaid Invoice Really Gets to the End of Your Tether?

01:06:34 • 4min

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Participate in the largest-ever survey on what small architecture practices are charging? Visit: https://www.businessofarchitecture.com/feesurvey

Hello and welcome to the Business of Architecture. This week I am speaking with Hugh Glazer who is a CPA for 30+ years and delivers CFO and Business Operations Services to Private Companies and Not for Profit Organizations.

As a consultant, part time CFO and hands on advisor he strategically manages projects to offer merger-acquisition-integration, budgeting, financial planning and managing new initiatives to deliver dramatic results.

Hugh has mentored over 150+ CEOs through the ‘10,000 Small Business Program’ at Babson College. His specialties include software development, publishing, architecture, advertising, and not for profit.

He is also our specialist financial consultant inside of the SMART PRACTICE Method, our flagship business program for architects to run profitable and impactful businesses.

In this week’s episode we will be discussing:

6 Key Financial Metrics including:

1. Profit & Target Multiplier

2. Cash Flow Breakeven

3. Net Fee per staff

4. Utilization Rate

5. Checks & Balances

6. Accounts Receivable

To learn more about Hugh Glazer, visit his:

Linkedin: https://www.linkedin.com/in/hjglazer

► Feedback? Email us at podcast@businessofarchitecture.com

► Access your free training at http://SmartPracticeMethod.com/

► If you want to speak directly to our advisors, book a call at https://www.businessofarchitecture.com/call

► Subscribe to my YouTube Channel for updates: https://www.youtube.com/c/BusinessofArchitecture

*******

For more free tools and resources for running a profitable, impactful, and fulfilling practice, connect with me on:

Facebook: https://www.facebook.com/groups/businessofarchitecture

Instagram: https://www.instagram.com/enoch.sears/

Website: https://www.businessofarchitecture.com/

Twitter: https://twitter.com/BusinessofArch

Podcast: http://www.businessofarchitecture.com/podcast

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Android Podcast Feed: http://feeds.feedburner.com/BusinessofArchitecture-podcast

Google Podcasts: https://podcasts.google.com/feed/aHR0cHM6Ly9idXNpbmVzc29mYXJjaGl0ZWN0dXJlLmxpYnN5bi5jb20vcnNz

*******

Access the FREE Architecture Firm Profit Map video here: http://freearchitectgift.com

Download the FREE Architecture Firm Marketing Process Flowchart video here: http://freearchitectgift.com

Come to my next live, in-person event: https://www.businessofarchitecture.com/live

Carpe Diem!

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