Many of my clients work in creative industries, by this, I mean writers, artists, designers, coaches or those that work in fashion, for example.
Now, there is a stereotype when it comes to creatives and accounts, and that is that the two don’t mix.
I’m not suggesting that ALL creatives are rubbish at doing their accounts, but to some extent there are similarities which mean that those with a ‘creative’ mind do approach their businesses in a slightly different way to perhaps more ‘logical’ industries such as lawyers or, say teachers, for example.
It’s important to understand how entrepreneurs in these industries operate, what their priorities are, and how they approach business, as for me, this helps me to understand my clients, and where they need my support and how I can best aid them to grow their businesses. It’s also important for people reading this, that if they recognise that this is how they do business, that it’s not just that they cannot be successful business owners, but they just need support in different areas when it comes to their accounts.
For example, I wouldn’t have the first clue about designing a brochure or website, but my wonderful graphic designer (John Devlin, thank you! www.designpractice.co.uk) is there to point me in the right direction, let me know what works best for my clients, and what would appeal to them. I trust his expertise and know that he is part of my team providing skills that I know I never will be able to acquire.
As a business person, you won’t be a master of everything, so it’s important to concentrate on what is going to grow your business, doing what you do best, and seek help with the rest. However, that doesn’t mean you should bury your head in the sand when it comes to things like accounts.
I know that, for most of the creatives that I work with, money is not the most important thing. Yes, you’d like to have money to live on, and to have more (wouldn’t we all!) but for you, the creation of your work is one of the most important, if not the most important aspect of your business. I get that. And I know that creatives have a tendency to undersell themselves and their talents. Money is something to be shuddered at, a by-product of the business and so asking for money, sending out invoices and chasing for payment is cringeworthy. This is where a good accountant comes in who understands this (and helps you get as much money as you are worth, I’m good at that!).
There is also an aspect of the fact that work produced, programmes created etc. are personal, there is an emotional attachment, which is prevalent within the creative industry. It’s not seen so much as a business, transactions taking place between two people, but personal expressions of a talent. And that’s hard to turn into a business, to make into a transaction.
That’s not to say that creatives aren’t successful. My clients make a living for themselves, they are incredibly talented, and have fantastic businesses. But they perhaps don’t know how to make the most of their income, what they can claim for in terms of tax, and even to track what’s going in and coming out.
Money can be stressful, but the way to approach it isn’t to ignore its importance. We understand what the priorities are for you and your business, and we’ll fill in the gaps so you can relax, know that everything is being taken care of, and you can concentrate on creating.