Have you reduced your fees, with the intent of obtaining more work?
The economy dumps and projects vanish. In reaction, the architect drops her fees. Revenues plummet and the firm shutters its shop.
Sound familiar? Do you fall somewhere in that scenario? I hope not.
Reduced fees will not save your practice. It will kill it.
Our strategy is different… and so far, it’s worked.
We held our fees at the level required to cover our overhead and make a profit (which, interestingly enough, is a “high fee” compared to our local competition). That’s what every business must do to stay in business and thrive into the future.
Then we reduced our expenses to the minimum and expanded our services to the maximum. We remained focused on high-touch customer service and our revenues remained strong (although cash flow is a whole other blog post).
We have survived the worst of times.
Have you reduced your fees? Why or why not? What other strategies have you used to weather the storm?