Stef Lewandowski:
Top 5 things to keep an eye on in a small creative business
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- Cash flow Google this
- Creditors Google this
- Sales prospects Google this
- Quality Google this
- Fun Google this
1. The absolute top thing is that you have to know that at minimum the next three months of income and outgoings balance out with the amount of money you are aiming to gain in profit.
2. If you have too many people owing you money it will ruin your cashflow. Make a point of chasing them up regularly. Don’t let the amount of money owed to you get too high.
3. Make sure you have lots of irons in the fire. Aim for roughly three times your monthly sales target of things you’re pitching for.
4. Keep the quality of your work really high. Don’t scrimp unnecessarily, but be pragmatic. Producing the Sistine chapel on the budget for a white gloss one-coat is not wise.
5. Keep it enjoyable. On fridays make something cool happen – it could just be a drink at the pub, a network game, wine-tasting, donuts, whatever… make time for lightheartedness.
Wow – there are loads more of these…
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