Monthly Archives: June 2016

Fail Fail Fail Succeed, Irony

Today I was watching a corporate video which examined the difference between invention and innovation. (Please keep reading – I know that was a boring first sentence but it does get better). Invention is about making something for the very first time, while innovation is about building on something that already exists. (Trust me it does get better, just keep going). Innovation is the buzzword of the corporate world. Everyone wants more innovation. So why fail fail fail succeed, irony? The video pointed out that to have an innovative business, you needed to be prepared to fail and accept failure as a stepping stone on the path way to success. At this point the corporate world started to explain what I often try to explain to photographers. Their photography is good, but their business is lousy. And it’s not about simply stepping back onto the right path.

Success

Success and failure aren’t different paths like here. Failure is a stepping stone to success.

I work with photographers to help improve their businesses. Unfortunately many come with the mindset that “I’m on the wrong track, can you just get me back on the path to success?”. It is not that easy, and doesn’t work that way. What works for one photographer, may not work for another. So you can’t copy what someone else is doing and expect it to succeed for you. Just because a successful photographer is advertising on facebook, if you advertise on facebook it doesn’t guarantee business success for you.


This is also what makes it exciting. There are lots of different ways to business success – you have to find the one that works for you and your business. There is no set formula – you have to find your own path.

So if success and failure are not different paths, how does it work? Explaining this is easy – living it is difficult!

Failure and success are on the same path. Failures are stepping stones to success. If you want to improve your business, challenge yourself to make more mistakes. Try things, learn from them. Have more failures, have more learnings. Trust that each failure is getting you closer to business success.

Take steps forward towards success. And once you get there, redefine success. That’s how it works. Failures are stepping stones toward success. If you give up, you may have stopped moving forward when you were just one step from business success! I’m grateful for the corporate video explaining it so well. Lots and lots of photographers could benefit from this insight.

So where does the irony part come in? Ironically, as photographers and creatives we understand that mistakes are ok.

Who takes only one landscape shot, knowing it is the best shot they could possibly take? In short, nobody does – especially in the digital age where it doesn’t cost more to shoot more. We take multiple images. We compose and recompose. We shoot, then review, then shoot again.

Sunrise

I can’t remember how many shots I took of this sunrise, but I certainly didn’t view the others as failures

We find new and different ways to view a scene. We might take 50 shots of a sunrise to get the image that really speaks to us. Do we view 49 of those images as failures? Heck, no! We know they were stepping stones and experiments that got us to the image we love. They gave us a point of reference to then shoot the best image of the day.

See the irony? As creatives we get it, and as business people we don’t. This insight can change your business today. Those 49 shots aren’t failures, they were helping you build up to the success.

See failures as the stepping stones to success. Fail fail fail succeed, irony. Pick up your camera and go and fail some more! Your business success depends on it.

5 Actions to Take Before EOFY

I live in Melbourne, Australia where our tax year finishes at the end of June. That’s ┬ájust three weeks from now and lots of people are busy making sure they have their business affairs in order before the end of the financial year (EOFY). So, what should you be thinking about as the tax year wraps up? Here are 5 actions to take before EOFY.

Action 1 – Understand the profitability of your business. It helps to be across the profitability at all times of the year, but especially just before the end of the financial year. To understand profit, the main drivers are sales minus costs. Work out your total sales income, and subtract your total costs to get a simple understanding of your business profitability. The amount of tax you will pay will depend on the tax rate and how much profit you’ve made.

tax

An understanding of profit will help you understand your likely tax bill with time to do something about it

Action 2 – Consider purchasing new assets. Once you understand the level of profitability your business has achieved, you will have an idea of how much tax you will have to pay. To reduce the amount of tax you can increase your expenses by buying new assets. For example, you could purchase a new camera body or lens or computer which would increase your costs. (There are rules around what things can be expensed versus what needs to be capitalized and depreciated, so have a chat to your accountant before you go shopping). Here in Australia the retailers understand that there is an increase in business spending just before the end of financial year, and that’s why you will see a lot of ‘sale’ activity in June.

Action 3 – Review your sales and marketing activity. The primary difference I see between financially successful photography businesses and unsuccessful businesses is the effectiveness of their sales and marketing activity. The end of the financial year is a great time to assess whether your activity is working or not. Be honest. Most have significant room for improvement. The good news is that with improvement it will generate more business for the same amount of effort. Take the time at the end of the tax year to pause and reassess.

fit

Financial year end is the time to assess the fitness of your business

Action 4 – Build a plan for the new year. Big business doesn’t get away with drifting from one year to the next without have budgets and a plan to achieve them. And they shouldn’t – they have shareholders who will hold them accountable. Budgets and plans bring structure and purpose to their activity – and those should be used in small business too. Take the time to put together a budget and a plan before the new financial year starts.

plan

End of financial year is a great time to make a plan for the new year

Action 5 – Resolve to act differently. I have never come across a photographer who is serious about their business who says ‘I just want things to continue the same as they are today’. Everyone wants to make more, or work less, or both! To get a change in outcome you have to change what you are currently doing. You need to resolve to act differently if you expect a different outcome. Make that decision today and be ready to act in the new financial year.

Thanks for reading 5 actions to take before EOFY. May you have a prosperous year ahead!