So, you enjoy running your creative business, but the profit is never enough to be able to do the things you really want to? Check out these tips and make some changes:
Are you happy with your fees? Review your day rate – if it’s too low, have the confidence to increase it. Know your value.
How fabulous is it to have retainer clients on the books? Set a target now to push for at least one new retainer client this month.
What percentage of your team costs relate to freelancers? Are they earning their keep? Are you over-using them? When you are target-setting, think long and hard about this as it can eat into your profits if not managed carefully. If you have to use a freelancer for a project, make sure to budget for this when pricing the project.
There is a constant tension between creativity and profitability. Aim for a good mix of creative and commercial to keep the team happy and the profits up.
Tighten up your in-house processes so that you are not over servicing. Get things right first time so there is no re-work. Do you have the right people for the job?
Have you found these tips useful? Contact me if you’d like some help to improve your profits, by email at email@example.com or call on 07970 314907. I will be delighted to help.