How does your creative 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 a discovery: the characteristics that determine whether a business thrives or fails follow a pattern. This pattern follows 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 of the business and offers its owners far more exit strategie options.
Diving more deeply into the 7 Ingredients, a firm’s growth can be measured by assessing five specific best practices it has implemented in each Ingredient.
In the diagram below, this production company scores a 26 out of a possible 35. The business is strong in the Ingredients of Creative and Sales, but weak in Marketing and Operations. This firm is in the Punch Season:
The question then arises, based on the team size and/or annual revenue, which Season should this firm be in? Answering this question can reveal opportunities, dangers, as well as strengths upon which to build.
Benchmarking Your Firm
To benchmark your firm in all 7 Ingredients™, simply assess your business…
This article is now available in its entirety in the Benchmarking Your Creative Firm white paper.
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