Video link:
https://youtu.be/ZmpDnSrmidk?list=PLixn767aSTEEeW2gw94odg3snYaqd31er
Title:
Why is it important for photographers to keep track of their accounts?
Description:
Are you actually having a hold on your accounting? Listen to the speaker to know more about the importance of tracking your company's profit and loss, the expenses associated with a particular event and the need for having projections, monthly targets and yearly plans for your photographic business.
Subtitles:
Hi hello. I think it's been long since we last met and I hope all of you are doing good. Earlier we have been discussing about the mistakes that could be avoided by photographers. Midway, I had to add 2 videos of the working of my editing style since I have been receiving several requests from people to post videos about how I edit photos and provide tips on the same. So we thought that those videos could be useful to you and we hope that it was useful too.
Today continuing from the previous topic what I am going to speak about is "Not having a hold on accounting". So this is a very big mistake that every startup does. So as a photographer, we are going and shooting for an event and doing a work out on costing. But how many of us are actually keeping a track of P&L- Profit and Loss? When we attend an event, jotting down the event expenses and analyzing whether we have made our desired profit or not is unknown.
During the initial stages of my business, getting orders and making the shoot itself was the main focus and nothing was tracked in terms of numbers. But once we start tracking numbers we will know where we stand. In any business getting adequate orders doesn't mean that we are doing good in the business. May be you could be a good photographer, but only when you start making money, you are successful in the business. So, it definitely will require numbers for sure.
We have to have projections and only when we arrive with the numbers, we will run towards the numbers. We should have monthly targets based on our monthly expenses. And, we have to run towards monthly targets and should try to achieve that. We should have year plans and projections. When I say plan, it is all related to numbers. Instead of focussing on number of shoots, we have to focus on the amount to be earned. Say for an example, it depends upon your choice to either shoot 10 shoots or even 2. But only if you arrive at a number for example 2,00,000 turn over this month, then only you will be able to run towards that. That 2 lakhs turn over could be achieved either through 2 events or 10 events. That choice is yours.
But what number you are going to reach must be kept in mind either at the beginning of the year or month definitely to travel towards it. This particular thing is not carried out by almost 99% of the photographers as beginners. And, I request all the photograhers to have a hold on your accounts, have projections, plans and targets. So that will help you reach financial independence.
I am Sharadha Gopalakrishnan. Someone who takes you back in time. Bye Bye...
https://youtu.be/ZmpDnSrmidk?list=PLixn767aSTEEeW2gw94odg3snYaqd31er
Title:
Why is it important for photographers to keep track of their accounts?
Description:
Are you actually having a hold on your accounting? Listen to the speaker to know more about the importance of tracking your company's profit and loss, the expenses associated with a particular event and the need for having projections, monthly targets and yearly plans for your photographic business.
Subtitles:
Hi hello. I think it's been long since we last met and I hope all of you are doing good. Earlier we have been discussing about the mistakes that could be avoided by photographers. Midway, I had to add 2 videos of the working of my editing style since I have been receiving several requests from people to post videos about how I edit photos and provide tips on the same. So we thought that those videos could be useful to you and we hope that it was useful too.
Today continuing from the previous topic what I am going to speak about is "Not having a hold on accounting". So this is a very big mistake that every startup does. So as a photographer, we are going and shooting for an event and doing a work out on costing. But how many of us are actually keeping a track of P&L- Profit and Loss? When we attend an event, jotting down the event expenses and analyzing whether we have made our desired profit or not is unknown.
During the initial stages of my business, getting orders and making the shoot itself was the main focus and nothing was tracked in terms of numbers. But once we start tracking numbers we will know where we stand. In any business getting adequate orders doesn't mean that we are doing good in the business. May be you could be a good photographer, but only when you start making money, you are successful in the business. So, it definitely will require numbers for sure.
We have to have projections and only when we arrive with the numbers, we will run towards the numbers. We should have monthly targets based on our monthly expenses. And, we have to run towards monthly targets and should try to achieve that. We should have year plans and projections. When I say plan, it is all related to numbers. Instead of focussing on number of shoots, we have to focus on the amount to be earned. Say for an example, it depends upon your choice to either shoot 10 shoots or even 2. But only if you arrive at a number for example 2,00,000 turn over this month, then only you will be able to run towards that. That 2 lakhs turn over could be achieved either through 2 events or 10 events. That choice is yours.
But what number you are going to reach must be kept in mind either at the beginning of the year or month definitely to travel towards it. This particular thing is not carried out by almost 99% of the photographers as beginners. And, I request all the photograhers to have a hold on your accounts, have projections, plans and targets. So that will help you reach financial independence.
I am Sharadha Gopalakrishnan. Someone who takes you back in time. Bye Bye...
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