5 Ways To Keep Your Business Running Smoothly

January and February are typically slow months for photographers. We use this time to attend conventions (PPA, WPPI), clean our studio, and begin our yearly planning.

As you prepare to head into your busy season, here is a list of five things you need to have in place, so you position yourself for success.

1. Hold an annual kickoff meeting with your team or someone close to the business like your spouse or significant other to cast your vision for the new year. Look back at last year and focus on the wins. Do an "After Action Review" and implement the KISS acronym.

K- What will you KEEP doing?

I - What will you IMPROVE?

S- What will you STOP doing?

S - What will you START doing?

2. Schedule your time off - Plan and schedule your vacations; ensure you get a proper amount of sleep each night; plan when you will be out of town attending conferences and getting recharged. Running a photography business takes quite a bit of energy, so make sure you schedule times to rejuvenate yourself and be fully present for any social events that happen throughout the year.

3. Establish specific and measurable goals you want to accomplish this year. Have a list of personal and business goals. Write them down - those who write their goals down will increase their chances of achieving them by 47%.

4. Build an expense and marketing budget for your business. Get an understanding of when your biggest expenses come due. For example, my PPA and state association membership dues renew in January. That is a $500 expense that I need to plan for annually. Conventions usually occur in the first quarter of the year, so you need to budget for travel, hotel, meals, and trade show spending. You want to get into the habit of setting aside money during the year to offset these expenses in January when business is slow. 

You also need to establish a monthly marketing budget. You should set aside 7-10% of your expected gross revenue for marketing your studio if you have just started your business. If you are more established, 5% would be a good number to use.

5. Create a 16-week rolling Cash Flow Forecast. The Cash Flow Forecast pulls together all of the cash coming into your business and the expenses going out. It provides you with a financial picture - including how much money the company will have on hand at the end of each month if all projections are met. You need to check each month's cash on hand periodically to ensure that none dip too low or under zero. This is undoubtedly a warning signal. However, it's a warning that you'll receive well in advance because you created a plan.

SUMMARY: Implementing these five things in your business will help cast a vision of where you want to go and provide alignment for you and your team. Vision and alignment are what drive EXECUTION. When everyone is rowing in the same direction and understands where they are headed, you are well on your way to having a great and prosperous year!

Do You Want To Save A Ton of Time? Let's Work Together...

Not sure how to create and expense and marketing budget? Do you need help developing a 16-week rolling Cash Flow Forecast? I can help!

Here are three ways you can work directly with me based on your needs:

1. Business Development - I will help you develop a sales and expense projection report, a yearly marketing calendar,  and a profitable price list. You will also learn how to book more clients with the telephone and sell your photography without feeling "salesy."

2. Project Support - Need help setting up your expense and marketing budget? Don't understand Cash Flow? Ready to update your price list? These are projects that I can assist you with, saving you precious time so you can get back to focusing on what you do best...photography!

3. Accountability - We will talk for 30 minutes each week to ensure you are not getting stuck or complacent. These calls ensure you are moving the needle in the right direction toward profits and success.

Click here to schedule a no-cost "STARTUP CALL."  You can also call me at (703) 858-9090. Let's Unleash Your Photography Business!