Introduction to Practice Management

True (A)

Complying with regulatory requirements and obligations

<p>12</p> Signup and view all the answers

<p>Starting a practice = Determine the key aspects Practice Management Plan = Formulate a sensible plan Practice Success = Understand how to make it more successful Practice Structure = Demonstrate a better awareness of associated risks</p> Signup and view all the answers

<p>Designing environmentally sustainable buildings (B)</p> Signup and view all the answers

<p>False (B)</p> Signup and view all the answers

<p>Poor practice management (B)</p> Signup and view all the answers

<p>False (B)</p> Signup and view all the answers

<p>commercial understanding</p> Signup and view all the answers

<p>commercial</p> Signup and view all the answers

<p>Charge-out Rate = The cost per unit time (e.g., hour) for an employee's services Business Cycles = Recurring patterns of expansion and contraction in economic activity Time Management = Techniques used to effectively and efficiently arrange one's time Fair Work Commision = Australian workplace relations tribunal created by the Fair Work Act 2009.</p> Signup and view all the answers

<p>A modern award document available from the Fair Work Commission. (A)</p> Signup and view all the answers

<p>False (B)</p> Signup and view all the answers

<p>The establishment and successful operation of a practice (D)</p> Signup and view all the answers

<p>practice</p> Signup and view all the answers

<p>Share of the profits (B)</p> Signup and view all the answers

<p>False (B)</p> Signup and view all the answers

<p>the work would be completed satisfactorily and in a technically competent manner</p> Signup and view all the answers

<p>200k</p> Signup and view all the answers

<p>88% (C)</p> Signup and view all the answers

<p>False (B)</p> Signup and view all the answers

<p>capital gain</p> Signup and view all the answers

<p>small</p> Signup and view all the answers

<p>The potential for achieving a better standard of living (B)</p> Signup and view all the answers

<p>Employee = Receives a salary or wages for their work Shareholder = Owns shares in a company and receives a portion of the profits Turnover = The total revenue generated by a business Capital Gain = Profit earned from selling an asset at a higher price than the purchase price</p> Signup and view all the answers

<p>Sent out a large number of letters and engaged in meeting and greeting, contributing articles, and giving talks. (C)</p> Signup and view all the answers

<p>True (A)</p> Signup and view all the answers

<p>Under promising and over delivering (B)</p> Signup and view all the answers

<p>borrowed against their house</p> Signup and view all the answers

<p>regular</p> Signup and view all the answers

<p>False (B)</p> Signup and view all the answers

<p>Avoid purchasing anything unless they have the cash. (A)</p> Signup and view all the answers

<p>To project invoicing against projects over the coming months and guide work prioritization.</p> Signup and view all the answers

<p>False (B)</p> Signup and view all the answers

<p>balance</p> Signup and view all the answers

<p>monthly</p> Signup and view all the answers

<p>Adding or reducing team members = Change in budget and resource allocation Committing to a large purchase with ongoing consequences = Impact on long-term cash flow and maintenance costs Engaging consultants directly = Immediate impact on project costs and expertise</p> Signup and view all the answers

<p>funds</p> Signup and view all the answers

<p>Presents clients with a realistic picture, even if it's not what they want to see. (C)</p> Signup and view all the answers

<p>Marketing the practice early on = Sending letters and attending meetings Financial decision = Borrowing against the owner's house Employee structure = Contractors with an ABN Client approach = Presenting a realistic picture</p> Signup and view all the answers

Key aspects involved in establishing an architectural practice.

A structured strategy to oversee the operations of a practice.

Elements that contribute to enhancing the effectiveness of a practice.

The organization and framework of an architectural firm.

Potential issues or challenges that can arise in managing a practice.

Adhering to laws and professional standards in architectural practice.

Ongoing education to enhance skills and knowledge in architecture.

A tool to analyze and manage trust in relationships.

A strategy to manage expectations by delivering more than promised.

The concept of generosity as a reserve for handling mistakes with clients.

Using spreadsheets as dynamic tools for financial management in a practice.

A living document that tracks projects and invoicing over time.

The process of overseeing and guiding the operations of an architectural firm.

The emphasis on commercial aspects in architectural practice, beyond design.

The knowledge of business principles and practices relevant to architecture.

The hourly fee charged for services rendered by an architectural firm.

The ability of a business to generate profit relative to its costs.

The management of office tasks and workflows in an architectural practice.

The process of planning and exercising control over how time is spent.

Contracts outlining the terms of employment for architectural staff.

A modern award covering the minimum employment standards for architects.

Initial choices made to set a foundation for the architectural practice.

Employing contractors from the start to support business operations.

Borrowing against personal assets to fund business operations.

Period within which the practice started to generate income.

Engaging experienced team members to enhance practice quality.

Buying only with available cash to avoid debt.

Practice measure to ensure financial accuracy each month.

Being honest and realistic with clients to build trust.

Having a generous approach towards clients to foster goodwill.

Constantly improving the pricing strategies for services offered.

An individual working for a company, earning a salary or wages.

Different sources of earnings, such as salary or dividends.

An individual or entity that owns shares in a company.

Distribution of profits among owners or shareholders.

Increase in the value of an asset over time.

Decrease in the value of an asset over time.

Companies typically with fewer than 5 employees and low annual turnover.

The total sales made by a business in a given time period.

Strategies to draw customers to a business.

Activities aimed at promoting and selling products or services.