With 2018 becoming an ever more distant memory, image library owners should already be implementing their New Year’s resolutions. If you forgot to make any, here’s some to consider.
Focus on running the business – Wasting time trying to deal with production, get images out on time and adding keywords might seem like a simple case of rolling your sleeves up, lending a hand and supporting the team. But if you don’t focus on running your business – making the important decisions to guide the company through these challenging times – you’re neglecting your role as a manager or owner. The end result might be that you become the captain who went down with his ship by pretending to be part of the crew.
No more false economy – Forget about fake news, false economy is a much bigger killer. That means taking a proper look at the cost of everything you do, and also work out whether you are doing things you should be. Spending in the wrong areas is just as bad as spending too much. And when you do those budgets, be detailed in what you’re including – that means your time as well as the hours put in by staff, the cost of electricity and desk space4 as well as the computer equipment.
Look at staffing – It’s tempting not to rock the boat, but is your team organised in the best way? Are some of them working on things they shouldn’t be? Are some past their use-by date? Would it make more sense to outsource? Grasp the nettle early and avoid the pain later.
Add new revenue streams (before it’s too late) – The picture business is undergoing huge changes. Start thinking of ways you could make money by leveraging your images and videos in new ways. Can you find brands to make your images saleable to PR companies and brand managers? Is there something unique about your archive that could produce sales if only it was utilised in a different way? What about publishing your own blog with paid advertising? The list goes on.
To find out more about how Picsell Media can help you make positive changes in 2019, click here.