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25 Dos and don’ts for your       Creative Business                  By Richard Rowell
About Me•     Accountant•     Managing Director @ Dataplan Payroll•     Vice Chair – Chamber of Commerce NEL•     Partner ...
My missionMy day job is helping businesses to         • Earn more         • Enjoy what they do         • Work lessRichard ...
TodayTop tips for Creative Businesses• The big question we all forget to ask• A checklist to see where you are now• A brie...
TodayA little bit about you !Richard Rowell FCCA
Strategic thinkingTo start a bit of strategic thinkingRichard Rowell FCCA
Strategic thinkingThe biggest question of all1) Why are you doing what you are doing?Richard Rowell FCCA
What does success mean?Bob Dylan says“A man is a success if he gets up in the  morning and gets to bed at night and in bet...
What does success mean?Mark McGuiness in his book for CreativeBusinesses suggests that success is Freedom,Money and timeFr...
What does success mean?So I would urge you to think about what it is youare trying to achieve and what success means toyou...
Know where you are2) Do carry out a situation report on your   business.SWOT analysis ?David Parrish - T-shirts and SuitsP...
Know where you are•     People•     Reputation (or brand)•     Intellectual property•     Market information•     Ethos•  ...
The Business Plan3)                Do a business plan4)                Don’t do a business planRichard Rowell FCCA
More practical matters        4 part formula for successful businessRichard Rowell FCCA
Successful business formulaSell MoreRichard Rowell FCCA
Successful business formula                      More profitablyRichard Rowell FCCA
Successful business formula                      More oftenRichard Rowell FCCA
Successful business formula     To More peopleRichard Rowell FCCA
Selling moreIncrease the value of each sale5) Do hunt out premium price opportunities6) Don’t bundle everything into one p...
Sell More profitablyMake sure you are improving profits too11) Don’t discount / crash the price12) Do avoid sales13) Don’t...
More oftenCost to keep customers < cost to gain new16) Do target specific products that keep    customers coming back for ...
To more People• Small business = small resources• So how do we increase our reach ?• Word of mouth referrals are essential...
To more People19) Don’t wait for business to come to you20) Don’t expect advertising to provide your    answer21) Do creat...
Successful Business FormulaOther key ingredients23) Do keep your costs under controlRichard Rowell FCCA
Billing and getting paid23) Do get your contracts, terms and    conditions sortedRichard Rowell FCCA
Richard Rowell FCCA
Billing and getting paid24) Do get your contracts, terms and    conditions sorted25) Do get deposits where you can26) Do c...
Problems for creative business•      Time stealers•      Skills and resources•      The competition•      Your order book•...
Time stealers30)           Don’t do spec work31)           Do get rid of PITA clients32)           Do keep on top of your ...
Skills and resources36) Don’t expect it will be easy to borrow    from the bank37) Do focus on what are you good at ?38) D...
The competition41)           Do check them out42)           Create Competitive Advantage43)           Differentiate yourse...
Your order book45) If there is a large order book you are    probably undervaluing your services46) If there isn’t one pri...
Using your advisers48) Don’t pay accountants to add up – we    are expensive49) Don’t spend ages talking about accounts50)...
Summing up• Figure out what it is you want• Establish where you are now• Think about how you are going to get  there• Brea...
Any Questions?Richard Rowell FCCA
Contact details                      r.rowell@forrester-boyd.co.uk                      richardrowellfcca                 ...
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Creative Humber - 25 Dos And Donts For Your Creative Business

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A checklist of dos and don\'ts for your creative business as delivered to Creative Humber - October 2011

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Transcript of "Creative Humber - 25 Dos And Donts For Your Creative Business"

  1. 1. 25 Dos and don’ts for your Creative Business By Richard Rowell
  2. 2. About Me• Accountant• Managing Director @ Dataplan Payroll• Vice Chair – Chamber of Commerce NEL• Partner @ Forrester BoydRichard Rowell FCCA
  3. 3. My missionMy day job is helping businesses to • Earn more • Enjoy what they do • Work lessRichard Rowell FCCA
  4. 4. TodayTop tips for Creative Businesses• The big question we all forget to ask• A checklist to see where you are now• A brief look at business plans• 4 part formula for successful business• 2 essentials elements to improve profits• 5 specific areas for Creative BusinessesRichard Rowell FCCA
  5. 5. TodayA little bit about you !Richard Rowell FCCA
  6. 6. Strategic thinkingTo start a bit of strategic thinkingRichard Rowell FCCA
  7. 7. Strategic thinkingThe biggest question of all1) Why are you doing what you are doing?Richard Rowell FCCA
  8. 8. What does success mean?Bob Dylan says“A man is a success if he gets up in the morning and gets to bed at night and in between he does what he wants to”Richard Rowell FCCA
  9. 9. What does success mean?Mark McGuiness in his book for CreativeBusinesses suggests that success is Freedom,Money and timeFreedom to do what you want when and howMoney to maintain youTime to spend as you pleaseRichard Rowell FCCA
  10. 10. What does success mean?So I would urge you to think about what it is youare trying to achieve and what success means toyouRichard Rowell FCCA
  11. 11. Know where you are2) Do carry out a situation report on your business.SWOT analysis ?David Parrish - T-shirts and SuitsPRIMEFACT for creative businessesRichard Rowell FCCA
  12. 12. Know where you are• People• Reputation (or brand)• Intellectual property• Market information• Ethos• Finances• Agility• Collaborators• TalentsRichard Rowell FCCA
  13. 13. The Business Plan3) Do a business plan4) Don’t do a business planRichard Rowell FCCA
  14. 14. More practical matters 4 part formula for successful businessRichard Rowell FCCA
  15. 15. Successful business formulaSell MoreRichard Rowell FCCA
  16. 16. Successful business formula More profitablyRichard Rowell FCCA
  17. 17. Successful business formula More oftenRichard Rowell FCCA
  18. 18. Successful business formula To More peopleRichard Rowell FCCA
  19. 19. Selling moreIncrease the value of each sale5) Do hunt out premium price opportunities6) Don’t bundle everything into one price7) Do look at value pricing8) Do offer services for every pocket9) Do practice top down pricing10) Do capture all of your timeRichard Rowell FCCA
  20. 20. Sell More profitablyMake sure you are improving profits too11) Don’t discount / crash the price12) Do avoid sales13) Don’t reinvent the wheel14) Do build it once sell many times15) Reduce your delivery costRichard Rowell FCCA
  21. 21. More oftenCost to keep customers < cost to gain new16) Do target specific products that keep customers coming back for more17) Do design products and services that go beyond one off sales18) Do design in recurring income, residual incomes and commissionsRichard Rowell FCCA
  22. 22. To more People• Small business = small resources• So how do we increase our reach ?• Word of mouth referrals are essential so get people talking about you• People only talk about 2 types of service• Jim Collins – good to greatRichard Rowell FCCA
  23. 23. To more People19) Don’t wait for business to come to you20) Don’t expect advertising to provide your answer21) Do create systems to ask for referrals22) Do ask for testimonialsRichard Rowell FCCA
  24. 24. Successful Business FormulaOther key ingredients23) Do keep your costs under controlRichard Rowell FCCA
  25. 25. Billing and getting paid23) Do get your contracts, terms and conditions sortedRichard Rowell FCCA
  26. 26. Richard Rowell FCCA
  27. 27. Billing and getting paid24) Do get your contracts, terms and conditions sorted25) Do get deposits where you can26) Do create invoicing points where you can27) Don’t get stuck waiting for clients28) Do consider personal guarantees29) Do actively pursue debtors !!!Richard Rowell FCCA
  28. 28. Problems for creative business• Time stealers• Skills and resources• The competition• Your order book• Your business advisersRichard Rowell FCCA
  29. 29. Time stealers30) Don’t do spec work31) Do get rid of PITA clients32) Do keep on top of your finances33) Don’t be afraid to turn customers away34) Do hold effective meetings35) Do manage your phone callsRichard Rowell FCCA
  30. 30. Skills and resources36) Don’t expect it will be easy to borrow from the bank37) Do focus on what are you good at ?38) Do consider outsourcing the rest39) Use networking opportunities40) Use social mediaRichard Rowell FCCA
  31. 31. The competition41) Do check them out42) Create Competitive Advantage43) Differentiate yourselves44) Do consider co-opetitionRichard Rowell FCCA
  32. 32. Your order book45) If there is a large order book you are probably undervaluing your services46) If there isn’t one price may be a factor47) Do remember you don’t have to win every enquiryRichard Rowell FCCA
  33. 33. Using your advisers48) Don’t pay accountants to add up – we are expensive49) Don’t spend ages talking about accounts50) Do use your accountants knowledge to help you build your business51) Use e-factor / Business Link52) Use support groups like thisRichard Rowell FCCA
  34. 34. Summing up• Figure out what it is you want• Establish where you are now• Think about how you are going to get there• Break your business issues down into manageable chunks and tackle individually• Don’t bet the business on one changeRichard Rowell FCCA
  35. 35. Any Questions?Richard Rowell FCCA
  36. 36. Contact details r.rowell@forrester-boyd.co.uk richardrowellfcca magicrichyRichard Rowell FCCA
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