by Stacy Zemon
Ringing in the new year with a few resolutions? As you make plans to eat more healthfully and finally run that 5K, it might also be a good time to assess how you’re running your entertainment company.
Growth is a perennial priority because it means we can hire more DJs, add new products and services, and expand your business. Beware though…there can be problems with growth; I count at least four of them:
1. Poor strategic focus.
Let’s say you’ve positioned your company as wedding specialists. When you accept bookings that aren’t weddings, you may be diluting your marketing and advertising efforts, as well as your brand image. This is a particular danger for we DJs.
2. Bad clients.
Not all clients are equal. Some are demanding in a way that helps you “step up your game.” But others are demanding just for the sake of it. They Drain your time, attention, and patience, and, in essence, they take far more than they will ever pay for. Pure pursuit of revenue says that you have to keep pleasing them. A more analytic approach would highlight the degree to which some clients are unprofitable and therefore need to be fired.
3. Expensive footprint.
It’s tempting to take business wherever you can find it. But a very broad geographical spread can cost you a fortune in time and travel. Does the income justify the expense? Being spread too thinly may mean your business is developing no word-of-mouth, which makes it’s hard to call the travel an investment.
4. Valuable time.
Many DJ businesses fall into what I call the revenue/time trap. They are so busy chasing bookings that they don’t take the time to strategically invest the time and resources required to add new products, services, or markets. Doing business in this manner makes it hard, if not impossible, to attain growth.
Business Growth Doesn’t Just Happen
You have to create a strategic structure. If you’ve never heard of the Parthenon Principle, it says, “By improving your results by just 10% in each area of your business; the cumulative result will be a doubling of your financial outcome.”
Stacy Zemon – Publisher and Chief Scribe
Stacy’s work as a Writer, Author and Publisher have enabled her to spawn the largest number of DJ business owners in the world!
Stacy is also the Founder & President of DJ Video Network – Internet TV for DJs, by DJs.
Her mission is to provide educational resources for DJs that support their professional growth and financial prosperity.
Write to her c/o Stacy@ProMobileDJ.com or call 877-442-7170.