Financial Health of Small Practice
WA’s Business of Small Practice forum is proving a popular staple on the event calendar, with the recent instalment focusing on the delicate balance of financial health, personal values and enjoyment of the work.
BoSP HQ, Whispering Smith, was filled with a diverse cross-section of architects from small practice, all eager to hear how Warwick Mihaly, Patrick Miller and Nick Juniper manage the financial health of their practices.
It was a pleasure to have our new CEO, Angelina Pillai, in Perth for the first time. Angelina offered a warm introduction to this event and shared her plans for the future of the ACA.
Speaker Warwick Mihaly from Mihaly Slocombe.
Patrick Miller spoke first, describing his shift from a typical small practice to a mobile studio on wheels, allowing him to work wherever and whenever he wants and without the ongoing overheads of rented space.
Nick Juniper gave a practical overview of the Practice Management software Coincraft and emphasised the importance of understanding base costs, feasible profit margins and maintaining timesheets!
Warwick Mihaly finished with an honest account of his years in business and struggle to maintain a reasonable income despite producing a portfolio of award-winning work. Using data analysis, Warwick has been able to determine the points in the project delivery that often lose money, and then devise a plan in response.
Speakers Patrick Miller and Nick Juniper with Kate Fitzgerald, Angelina Pillai and Robyn Creagh.
Perth-based architectural journalist, Rachael Bernstone, has prepared a review of the event for the Australian Design Review, which we will share as soon as it’s published.
We are in the process of expanding the Business of Small Practice forum to our other states – stay tuned for more info!