Do you remember the lyrics of a childhood song, “There’s a hole in the bucket, dear Liza, dear Liza”? I don’t know if kids still sing this today or not.

In 1053, a British comedic duo, Flanders and Swann, wrote a parody named “There’s a Hole in My Budget.”

For some of us that hole is all too real.

I am working on a new webinar titled “5 Smart Ways to Make Money in Your Creative Arts Business Now.” While you definitely want to bring more money into your business, you may have holes in your business where money is just leaking out.

Bringing in more cash does not negate what you are losing.

To start plugging those leaks, you will need to actually look at your numbers.

Yes, I know that it is not as much fun as creating, but you can’t find the leaks otherwise.

How often do you wear your CFO hat?

You know, the one where you look at the numbers. I realize that lots of creative types do not want to look at numbers.

After all, what could be creative about numbers? They are straightforward, no shades of gray here.

True, the numbers in and of themselves are not creative.

What is creative is what you get to do as a result of looking at them.

You can create new designs or new classes. You can bring on an apprentice to help you. You can look for new markets for your art. You can look at ways to expand and make a bigger impact.

The problem is that you have to know what the state of your business really is.

And the only way to do that is to look at your numbers.

Read more…