Financial analysis is key for a company whose operation is under control but is looking to improve financial ratios or uncover trends pointing to areas that can positively affect profit.
Photography Company Growth Plan
A client approached us with a common problem. He had a very successful photography company but felt he was not doing as well as he had in the past. He also wanted to be more efficient, focusing on the kind of work that resulted in the highest return on his invested time.
Of course his artistic values could not be compromised. He was respected as a top notch photographer and wanted to ensure his customers continued to get the kind of work only he could produce. Lowering standards or stretching his time in the name of profit was not an option.
We set out to first determine what type of work returned the most value. Weddings, family portraits, commercial work, newspapers, etc. were all measured by dividing time and rate charged. We then added what the client enjoyed doing, including some of the activities that gave back to the community like teaching… and placed a value on that as well.
With a valuation on each activity we were able to rank them, sort them, and essentially play with them in order to find the right mix. As usual the data pointed out some surprising things like one didn’t pay as well but resulted in the most referrals thus eliminating advertising expense.
Organizing the business and coming up with a strategic plan to both grow and maintain artistic integrity, lowered his stress exponentially and allowed him to do even better work for his clients!
“It is well known that artists can be prone to poor business practices. Capacity Consulting was my first step in turning that around. I have been photographing professionally for ten years, with my only major concern being doing great work and clearing my expenses. They showed me a methodology for growing my business that made sense, gave clarity, and simply worked for me. Data gathering, financial introspection, and attainable goals in a plan that was concise, fact and research based, and very eye opening for my business. I now have a road map that I can follow and a fresh perspective on the value of delving into the business side of things while maintain my artistic integrity. Capacity took the pain and anxiety out responsible and insightful business practices. I don’t see how this couldn’t help everyone in a small business.” Michael Bloom – President of Michael Bloom Photography