To avoid facing challanges like pricing, profit plucking, sound repaors, employees payment and updating the system due to the rise of technology, one can opt for the following strategies;
1. Plough back the profit
The sound business is capital intensive, as equipment costs hundreds of thousands of shillings, if not millions. Further, technology keeps changing and you need to be able to keep up to some exteny. So as the bjsiness grows, you needs to constantly plough back cash to make purchases, as well as lower your outsorcing costs.
2. Have minimal partners in the business
For a business to thrive, there should be a quivk decision-making process. Don’t let the number of partners at the table hinder that. Initially, Swizzproductions had seven directors, which meant things hardly moved due to the extensive back-and-forth required to manage these numbers. This all changed when five partners left, leaving two who have an allignes vision.
3. Conduct a need analysis before purchasing equipment
The decision to purchase equipment is a critical one, so make sure you’re working off the right information on what the market needs and the perfomance of the business. Conduct a need analysis prior to making any major purchases.