How does your firm compare to others in the industry?
It’s a difficult question for owners to answer.
At RevThink, our experience advising a wide variety of creative firms led to this discovery: the characteristics that determine whether a business thrives or fails follow a pattern. This patter describes seven overall areas of business that we call the 7 Ingredients of a Creative Firm™.
Weakness in just a single Ingredient will eventually threaten a firm’s survival. But conversely, mastering all 7 Ingredients forms a recipe for long-term success for the business, its team and its owners.
A firm’s strength can be measured by determining which five best practices it has successfully implemented in each of the seven Ingredients. In the example below, this PUNCH SEASON production company scores a 26 out of a possible 35. The business is strong in Creative and Sales, but weak in Marketing and Operations:
For Small Or Young Firms, Low Scores Are Normal
When a young firm is in the PAINFUL SEASON (team size of 1-4 with annual revenue less than $1 MM) the business might score just 1 in each Ingredient, resulting in total score of 7. This is normal but…