How using Synergy forecasting helps architects and engineers understand future revenue and capacity
Forecasting is the process of making an educated guess about the future health of your business. Directors, practice managers and project managers need to answer two important questions:
- Will I have enough revenue to run my business and pay my staff?
- Will I have enough capacity to service the projects I expect to win?
Forecasting helps manage risk
Synergy forecasting for architects and engineers helps answer these questions by enabling directors and project managers to manage risk. Forecasting invoicing helps identify billing issues that could put cash flow at risk. Forecasting workload helps identify capacity issues that could put project delivery at risk.
Forecasting in an intuitive Gantt chart
Architecture and engineering directors and project managers can use Synergy forecasting to review the progress of work-in-hand with real-time updates on a simple, drag-and-drop Gantt chart.
The Business level of forecasting estimates how many staff you need per project using the primary staff rates for each staff member (e.g. director, project manager, architect, etc). Each project has a likelihood percentage which weights the revenue in the reports and graph — 100 percent likelihood for confirmed projects, and an adjustable percentage likelihood for project opportunities — all of which combines to help you estimate whether you are making more money than the cost of your team and if you have enough people for the work.
For example, if the company is forecast to be below target revenue, it knows it needs to win more projects. It can also see an estimate of people needed for current and future confirmed projects, and future proposed projects.
Adjust the likelihood of winning projects
Synergy forecasting allows architecture and engineering businesses to adjust the likelihood percentage of winning proposed projects. This updates the estimated revenue allowing practice directors to make informed, educated guesses about the future health of the practice in terms of cash flow and capacity.
Forecasting is available in Synergy Business and Enterprise product levels.