5 Things Creators Can Learn From Banks
What does banking have in common with being in the business of creativity?
At first glance, there is no apparent overlap between the foundations and structure that define a banking system and the variable journey of a creative. But, when we take a closer look, there are a bunch of systems and guiding principles in the banking industry that can help you function better as a creative.
Let’s dive right into it already.
1. Know Your Customer
You know how you always have to fill in essential details every time you open a new bank account (traditional or new-age)? They don’t ask for these details simply because they can. They need to know you and then figure out how to serve you better. As creators, whether you are a DJ, a visual artist, a writer, a musician, or even a fabric designer, knowing your customer should always be a priority.
Strive to know your ideal (or real) customer as in-depth as possible.
“What are their pain points?.. What informs their choices or buying decisions?”
A thorough research into the behaviour and psychology of your customers or clients would help you create something that resonates deeply with your audience; something they consider valuable.
2. Standard Operating Procedures
Banks have structure. There is a playbook for every little detail, role or task such that if a member of staff is unavoidably absent, someone else can fill in for them temporarily without things going under.
As creators, you can build a process into your workflow. Just as bankers have a method for posting transactions, you can create a “manual” for your daily activities as a creator. Because of how fluid being a creator can be, it is understandable if this feels hard at first. However, two things are worth noting:
The right systems help you stay productive even when you are unmotivated
Your process can and should accommodate the randomness of your creator’s brain.
3. Risk Management
Banks tend to diversify their investments across different financial instruments. They have stable and predictable investments to hedge against the risk that comes with riskier investments.
As a creator, experimental projects are similar to risky investments. You cannot be too certain of all the outcomes, so it makes sense to be mindful of how much effort and resources you pour into experimental projects. Your stable investments are the projects, formats, and styles that have proven to perform and yield. Always strive to balance both effectively.
4. Keep a Liquid Reserve
As much as banks put money to work in the financial market, they always have a certain amount of liquid cash, easily available as need or opportunity arises.
Creativity needs room to breathe. Don’t get into the trap of always being busy with projects that you don’t have time to explore other opportunities, do market research to stay updated, or just think deeply on the modalities of your business. Make room for these often.
5. Reduce Operational Redundancy
If one person resigns from a bank tomorrow, the odds that operations in that department would crash to a halt are slim. Can you say the same for your creative business?
If several parts of your business cannot function well without your direct involvement, then you still have work to do. Build templates and automate processes that can be automated (like recurring payments, drafting a contract, and preparing an invoice) and create process guides that are unmistakably easy to follow in your absence.
When you read the title of the article, you probably wondered what you could possibly learn from a bank. Now that you have come to this point, I believe you would be leaving with a new thing or two to implement in your life and journey as a creator.