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Over the winding road that has been my career, I’ve always been in the business of managing risk. From property development and finance, running my own business and now doing business development for a creative agency; managing risk has always been at the forefront of every decision I make because failing to do so is the fastest way to eat away at your profits.
Transitioning into the creative industry, I found myself on a steep learning curve in terms of understanding and managing risk within our contracts. In my role as a Business Development Specialist at Woosh, the responsibility of cultivating new business and nurturing client relationships falls squarely on my shoulders. With this task at hand it is very easy to get caught up in the chase for new opportunities in the hopes of growing revenue; but it’s equally important to make sure that the agreements you enter into fully reflect your intentions and you don’t take on more risk than you intend to.
For instance, imagine you’re about to embark on a major branding project for a high-profile client. Without a well-defined project scope and timeline, you risk overextending your resources and potentially falling short on client expectations. This not only jeopardizes the success of the project but also tarnishes your agency’s reputation. Conversely, with a clear, mutually agreed-upon contract in place, both parties can confidently move forward, knowing exactly what to expect and when. This level of transparency and clarity sets the stage for a successful collaboration that benefits all parties involved.
I n this industry we can quickly get caught up in the excitement and there always seems to be various moving parts with time rarely on your side; but if I have learned anything it’s that it’s important to stay calm in the chaos and get clarity on what the deliverables are. Understanding material terms such as project scope, timelines and payment terms is key to managing cash flow, allocating resources and delivering great work. This is the business end of successfully running a creative agency. Structure is key to living your best creative life.
In the words of Brené Brown, “clear is kind, unclear is unkind”. Leave no room for ambiguity in your contracts so you can enjoy the peace of mind that truly allows you to be free in your creativity. Embracing a meticulous approach to risk management in contracts empowers you to pursue opportunities while safeguarding your business interests.
Wandisa Nkosi
