Architects in Australia: Validate your Business model
Prodonovich Advisory is delighted to have worked alongside the Australian Institute of Architects, the NSW Large Practice Forum, and industry experts - Laraine Sperling and Kathlyn Loseby - to establish the Institute's inaugural business benchmarking study of the Australian architectural services sector.
While working with architects on business development and growth plans Sue-Ella noticed many operated in an isolated environment finding it difficult to validate their business model and test the long term impact of choices they faced. With experience in developing similar national studies for other professional service sectors, Sue-Ella knew the value of reliable and accessible industry information - especially for small and mid-sized enterprises.
Architectural practices, responding to the market downturn and competitive forces, needed relevant business information - quickly. There was particular interest expressed by practice owners and managers in information relating to staffing and outsourcing, succession plans and practice valuations, new business activity, payment practices and pricing strategies.
With this new online benchmarking tool architects can compare their financial and operational performance, business models, and their response to changes in the market. Participating practices receive a bespoke report on their business as soon as data has been entered. They can even add in previous year's data so trends become apparent. The benchmarking data set already contains information from nearly 250 practices and is expected to grow.
Data is collected through a proprietary on-line platform developed by benchmarking.com.au/aia (powered by FMRC).
The benchmarking service was launched to AIA members on 31 October 2013.