This can be a daunting task that takes years to really understand from a business perspective…
How is my video production company loosing money -- and that is the key phrase that will start making any professional think differently when it comes to their time included... "losing money!"
Especially in an industry where the RETURN ON ASSETS averages around %7 each year.
As a video production company surviving this digital era, it is almost necessary to incorporate equipment upgrades into your yearly business plan. If you remain stuck on old systems, the transition can be more difficult mentally and financially and you run the risk of being left in the dust. Figure out how much money you are truly making off of each asset.
Equipment depreciates with every minute that passes. It's important to be aware of every asset's value and how much it has depreciated every few months. That way you can plan your equipment upgrades around the time you wish to sell off old assets and hopefully make back half of what you paid initially if coordinated correctly. If you wait too long, it is highly doubtful you'll even make back a quarter of what you paid.
Bexel Video Equipment Rentals - California, USA
Always look at the time involved and make sure you are getting back, what you put in. It's good to be inspired in any job and have a desire to do your best, but make sure you are not putting in too much time because you could be losing money. Time is money, especially when it comes to video production. Try and work within the amount of hours you are getting paid for, that way it is easier to manage and predict for future projects.
Always remember to figure out what you really need and do not purchase asset's that are not making you money. It is crucial to stay informed about new technology... do not let yourself fade off into obscurity.