If there is one topic that sparks interest in owners of creative agencies it's how to get out of said agency. Some will want to talk about management buyouts because they have some gun managers with financial backing, but most of the time the exit plan revolves around finding a suitable buyer, getting cashed out and running for an island. Sounds great, right?Read More
A common question we get asked here at Generate is this:
I'm bringing in a performer from overseas. How does the tax work?
Whilst this can become complicated quickly, the basic mechanics of how to deal with this are reasonably simple as I'll attempt to explain here!
Something that crosses the mind of most, if not all, business owners is wondering how profitable should your business be. There's an old accountant's adage (I mean the adage is old, not the accountant) about how profitable a company should be. It's the rule of thirds and it describes how a company's revenue gets divided up. It says a third should go to direct costs, a third to overheads leaving a third in net profit for the business owner/s.Read More
It seems it’s human nature to hear criticism far more loudly than praise – and for that criticism to linger in the memory much longer than a compliment on a job well done.Read More
Whilst there are some elements of knowing the future that would be best left unknown, I'm sure many of us would like to be able to accurately predict what the future of our business holds. What if I told you that you can do this? Scenario analysis and forecasting are tools that will enable you to predict the future with a reasonable level of accuracy. Whilst these two activities are largely the same thing - planning and predicting your business's financial future, we'll look at them separately here.Read More
Many business owners - especially those in the creative industries - drive their business by feel rather than by the numbers, and this is a risky proposition indeed especially for those heavily involved in the 'doing' of the business rather than the management side of things. That being said, many business owners find reading financial statements intimidating, if not outright boring. So, how do we resolve this problem? Dashboard reporting.Read More
When I was learning to drive, someone said to me, ‘There’s a tipping point where after loads of practice, you can suddenly drive the car. But up until then, the car drives you.’Read More
Many creative businesses, much like any professional service business, deliver results for their clients based on the hard work of their team. We don’t produce widgets that require manufacturing, or waffles that require waffling, we deliver results based on head hours worked by our brilliant team members.Read More
In Mel Brooks’ 1968 film The Producers, hapless musical producer Max Bialystock is deliberately trying to put on a show that will bomb (Springtime for Hitler, you probably recall). Against all expectations, it turns out to be a huge success. Max is dismayed. “How could this happen?” he says. “Where did I go right?”Read More