Strategies for expanding your creative enterprise, directly from industry experts
In the world of business, success is often defined by making a profit, or at least breaking even. Maximising profitability, however, requires a strategic approach, as emphasised by Aileen Dempsey, network manager of Design Enterprise Skillnet. She advises spending more time on the business side of things for a more successful business.
Steven O'Gara, who works for Dublin's Local Enterprise Office (LEO), agrees. He mentions courses like the Design Enterprise Skillnet that can provide focus for designers, helping them take their studio to the next level. Local government schemes, such as mentoring, networking, and support from your local enterprise office (LEO), can also be invaluable in helping businesses move forward.
When evaluating numbers, it's important to remember that some costs are fixed, while others are proportionate to the number of sales made. Understanding what makes money and what costs money results in better decisions to define and refine the business model. According to Colin Byrne of Totem, spending time on the business strategy is crucial for growing a creative business.
Introducing new products and services can be risky, as demand hasn't been proven, especially for products that require significant investment before they can be sold. Freddie Stevens, co-founder of Irish studio Brennan & Stevens, advises treating the business side of a creative business like a client. He suggests picking a sector that will last a while if possible, but being flexible and thinking about working in different branches of that area is also important.
The ability to charge higher prices depends on customers placing value on factors beyond just the price of the product or service. Clare Brennan of Brennan & Stevens recommends staying on top of finances to avoid worrying about money and to focus on creativity. They also emphasise the importance of invoicing on time, following up, and checking all expenses properly to manage cash flow.
Agile methods of developing website code and design components can significantly impact projects that operate on a fixed budget. This approach, which prioritises flexibility and rapid response to change, can help businesses stay within their financial constraints while still delivering high-quality work.
Finally, it's important to avoid activities, clients, and products that distract from maximising profitability. Growing a business can be achieved by selling more of what you already do, charging more for what you already do, or selling things you don't already sell. Finding your niche and sticking to it can work, providing you're good at it, and can charge higher prices, as Dempsey suggests.
These tips, shared by industry experts, offer a practical guide for businesses looking to boost their success. Whether you're a designer, a creative professional, or a small business owner, these strategies can help you navigate the challenges of the business world and achieve your goals.
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