Five business health scenarios and how to manage them
By Sim Thirunesan, Finance and Business Director, Management for Design Ltd
Readying for growth in 2023? Tightening your belt? Whether your agency is in great shape going into next year or facing financial challenges, this scenario-specific advice can help you focus in on key areas of the business to monitor and manage for longevity and success.
Each year, the DBA Annual Survey Report provides insight into the design industry’s sentiment on business performance. In the latest Report, over 80% of agencies reported a positive outlook, with less than 8% reporting negative sentiments around their business’ health. But this year has not been without challenges and with 2023 likely to be an unpredictable ride, how can you best prepare your business to ensure it remains robust and built for growth?
Take the pulse of your business' health
“To help our members plan for and navigate 2023, we asked DBA Expert Sim Thirunesan to outline some of the key factors to consider depending on a business’ current health.
Delving into cash flow, talent, market growth and much more, Sim’s scenario-specific advice looks at key areas of your business to monitor and manage to influence your success.
Which of the health scenarios below most closely applies to your design business?
You can access digestible, actionable guidance relevant to your position on the links below.”
4) Concerned, we are actively tightening our belts: go to advice
5) Critical, we’re struggling to stay in business: go to advice
Remember, regardless of where you feel your business health is, you can speak to experts to implement best practice, drive success, longevity and ensure your business is robust and built for growth.
About: Sim Thirunesan
Sim is Finance and Business Director at Management for Design Ltd. She provides dynamic financial insight and strategic business management support to creative professionals, allowing them to focus on excelling at what they do best. By providing clear insight, she can help you make the best decisions for your business and enable you to plan effectively, freeing up your time to focus on unlocking your maximum potential and produce the best work for your clients.
Sim is an accredited member of the DBA’s Register of Experts.