by Monique Headley
There are no bailouts for record labels. There are no economic stimulus plans for artists. Lotto is dreamed by many and won by few. While you may be able to secure grant or loan monies to advance a creative endeavor, more likely and in consideration of perceived credit restrictions, the better option may be prudence and to streamline operations.
With the New Year already old, now is an excellent time to review artistic goals, business resolutions and the personal challenges to bring all to fruition. As President Barack Obama said, "Critical situations require urgent approach."
As you review your business operations, consider answering the following questions:
1. How are you financing your business or project?
2. Are you or your investors solvent for continued operation?
3. Can you afford to keep doing business exactly as you are now?
4. If not, how can you change your approach? Be objective and fiscally not emotionally focused.
5. Which of your business operations generate income?
6. How are you growing this part of your business?
7. Which operations are for investment (operations that will generate future returns)?
8. When do you expect investment operations to generate income?
9. Can you wait or do you need sooner return?
10. Are you in a situation of good money after bad?
11. What is the difference between living, operating and reinvestment moneys?
12. Does that difference generate anxiety or are you able to maintain an acceptable level of comfort and growth?
13. What other skills and talents can you utilize to augment operations?
Now is a good time to count your blessings and talents. Critically assess to determine how else you can fortify your business.
Stay encouraged to pursue talents and passions. However, precisely consider how you can use this time of downturn as an opportunity to shore up operations and prevail.
Finally, I did not mention the need to pay your tithes. We often trust God with every area of our life except financially. However, the only way to achieve maximum wealth mentally, physically, and yes financially, is to honor the word of God according to the financial principles outline in the Word. It is a conditional promise of God and His Word cannot return to him void.
Creative executive Monique Headley is President of Launch Media & Entertainment. She has 15+ years of experiencing amassing 60+ Grammy, Stellar, Dove and Unisong awards/nominations while A&R director for two SonyBMG labels. Headley has collaborated with chart-toppers Marvin Sapp, Tramaine Hawkins, Tavis Smiley, Trin-i-tee 5:7, etc.