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Archive for: Economy
In a recent article, Thomas Lockwood, an executive recruiter in the design industry, asks Why are design firms stagnating? I don’t think it really matters.
There is no question that the current economy is having a dampening effect, but most design firms are small and maneuverable and by turning their creative energies inward can redesign their offer to benefit clients who are also having a rough time. This is an opportunity to build something newer, leaner and more relevant to our changing world.
It's a great business, respected in its category and suddenly your best client announces that all projects over $100k will go through an RFP process requiring six bidders. Now you're facing serious competitors, and a shortage of work. Worse, projects you do win are far less profitable.