planning for the future

S

Steve Tarak

Sophomore
Jan 12, 2011
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Indy
what are your goals for your company? what purchases will be made to facilitate new or existing clients? what actions are you taking personally to better yourself, your company and the industry as a whole, regardless of where you are in the pecking order?

personally, material items include a digital console, addtional Qrx's, amp, mics and recording software. I've been fortunate to have several requests for my services and am courting also some folks who are able to make decisions as well as spend money. Entertainment, seems to be a panacea for a depressed economy, giving hope and opportunity to some and opening new doors for work in my field. As a local provider, I've been able to expand my horizons, adding not only solid clients, but an opportunity to continue pursuing my personal goals and vision for the future. It has not been easy, but taking a positive attitude and being flexible, pro active, professional, enthusiastic and determined reaps the reward of continued growth of knowledge, clientelle and opportunities. I know many of us are struggling. Keep your heads up, realize your value and as mentioned before, it's time to adjust, adapt, improvise and get after it.
 
Re: planning for the future

Hello Steve,

The Entertainment business (and life) is full of ups & downs (especially for riggers ;o)) All anyone can do...is their best. Save for a rainy day, think carefully before any purchase, get names/numbers when you can, treat everyone with respect, don't get dragged into schemes or dreams without any merit, and always have a backup plan.

Professionals should always have a Business Plan. If you don't have...get.

Good Luck,
Hammer
 
Re: planning for the future

Steve Tarak said:
Detroit eh? the homeland.

24 mile road, aulgur drive

grandmother lived 30 miles north of Traverse
Click to expand...

Hello Steve,

24 Mile road near Utica, Michigan? Or is Aulgar drive near Traverse City?

Had a cottage North of Traverse City, in Acme, Michigan years ago. I don't miss the 4 & 1/2 hour drive.

I live 30 minutes South of Detroit....on an Island.

Hammer
 
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Re: planning for the future

yes Utica...area has changed alot. I've not been there for many years. My grandmother lived in Central Lake, one of those "blink and you miss it" towns set right on a chain of lakes..just beautiful. Fourth of July was about the only time the town came alive. Used to love to drive in to Charlevoix...the beach, Round Lake,, the yachts,, Murdicks fudge and that little fresh fish place...the smoked lake trout was unbelievable...

I definately miss it. GREAT memories.
 
Re: planning for the future

When making a purchase decision; I ask a few questions before jumping the gun:

How will this benefit me and the business?

Do I have an immediant need for this item?

Can I afford it?

Will the 'purchaser' see a benefits of this purchase (include a slight bump on the price)?
 
Re: planning for the future

I will be buying more amps and then more amps and then more speakers and truss and lifts and consoles and mics and cables and other items that will continue to help us grow. Of course I will only buy it when I need to and if the opportunity is right.

On the other hand, to "Better Myself...." I used to go tuna and yellowtail fishing quite frequently when I was living in California. I haven't gone a lot since moving back to Arizona. I have been going for the last few years again. I will be going on at least one but more likely two or three long range fishing trip each year for now on! This year it is a 12 day trip that I will be on for Giant Yellowfin Tuna and Wahoo, Fish fry to follow!
 
Re: planning for the future

Matt Vivlamore said:
When making a purchase decision; I ask a few questions before jumping the gun:

How will this benefit me and the business?

Do I have an immediant need for this item?

Can I afford it?

Will the 'purchaser' see a benefits of this purchase (include a slight bump on the price)?
Click to expand...

I like this thinking and take it a little more in depth - Will spending money on xxxxxxxxx allow me to get more money from existing clients by serving them better or providing additional services; will it bring me new clients by providing them with better alternatives to the provider they're currently using; will it bring me new business because buying XXXXX allows me to do work nobody else is doing or is not doing well?

And the flip side: If I don't purchase xxxxxx (or something like it), will I be at a competitive disadvantage and lose work to guys with more "marketable" inventory; will keeping my old gear or old ways of doing things cost me cash for transportation, warehousing and preparation?

Have fun, good luck.

Tim Mc
 
Re: planning for the future

Tim McCulloch said:
I like this thinking and take it a little more in depth - Will spending money on xxxxxxxxx allow me to get more money from existing clients by serving them better or providing additional services; will it bring me new clients by providing them with better alternatives to the provider they're currently using; will it bring me new business because buying XXXXX allows me to do work nobody else is doing or is not doing well?

And the flip side: If I don't purchase xxxxxx (or something like it), will I be at a competitive disadvantage and lose work to guys with more "marketable" inventory; will keeping my old gear or old ways of doing things cost me cash for transportation, warehousing and preparation?

Have fun, good luck.

Tim Mc
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Right on as usual Tim. What you are describing is 'incremental analysis' in management accounting speak. In short, looking at how expenses and revenues will change under different courses of action, but importantly takes into consideration the opportunity cost of not doing something. This can apply to decisions to take jobs below your regular rates, eliminating unprofitable segments, or keeping or replacing equipment.

Eliminating unprofitable segments is particularly relevant. People don't take into consideration the fact that overhead that was allocated to your unprofitable segment will have to be allocated across all other segments if eliminated, unless the extra capacity allows you to increase other segments (Ie there must be no/limited excess capacity).

For example, live sound is currently a money loser for me (by a bit). This is mostly because I refuse to do low end work, and am not consistently busy with more reasonable work. I could kill the segment and focus on corporate/private event A/V and DJ work, but the live segment is not hindering the other segments and cutting it would only increase the overhead burden of the remaining segments, decreasing total net income. In addition to these quantitative factors, eliminating the live segment would make me less than a full service company, reducing our perceived capabilities (another opportunity cost of marketability).
 
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Re: planning for the future

Matt Vivlamore said:
When making a purchase decision; I ask a few questions before jumping the gun:

How will this benefit me and the business?

Do I have an immediant need for this item?

Can I afford it?

Will the 'purchaser' see a benefits of this purchase (include a slight bump on the price)?
Click to expand...

Given those questions, Matt, I see myself doing more and more renting going forward.
 
Re: planning for the future

Unfortunately economic recovery has decided to bypass my area, so it's time for a change.
Looks like it's down to selling what I don't use anymore and getting to somewhere I can earn a reasonable living.
 
Re: planning for the future

My immediate plans include finally changing over from DMX from Microplex, Yeah its kind of ridiculous but I dont get any LD's for the b& c natinals I do. Mostly I am changing over be cause LED lighting has finally hit a price point i am comfortable with. I have too may par cans and dimmers that just sit and the market for uplighting has finally evolved in my Little area. other purchases include a 5 k projector, some front fills and possibly 2 more FOH boxes, but right now i am just dumping dead inventory.
 
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