Wednesday, 7 November 2012

Money and Time

Here I'll discuss the financial considerations of my Creative Enterprise Project and the time I'm going to invest into it.

Yesterday's CEP preparation session was on financial considerations. I've never been one for Maths so it was pretty dull. However, some good points were offered in regards to maintaining a good hold on the finances of our CE projects.  

Good points raised:
  • Keep a balance sheet. Record the project income and expenditure.
  • Record all finances, no matter how small.
  • If you gain a resource for free find out how much it would have cost and add that cost to money the project income.  
  • Work out the millage, not the amount of petrol purchased. 
  • Increasing my contacts is an investment.
  • Establish speculative profits.
  • Good catering always brings people back. I'm in charge of the catering for Remember This
  • My time is valuable! I would argue that my time is more valuable than money, seeing how I don't actually have any money.
  • Maths is very painful! The finance seminar backed up an argument I read about the day before: Maths problems Can Be Physically Painful.
These things are just as rare as those things you invest your time in and then get paid for.

I'm a student and (this year in particular) I've got used to surviving on next to no money. Not for one second do I ever think my project will make any money. That is not what I'm concerned with, I just want to improve my skills and put together a good portfolio. However, the financial considerations are part of the module criteria and I know I'll get a higher mark if I do include them, so that is exactly what I'm going to do! I will keep a record of the money going in and out of my project.

Another thing I'm going to start keeping a record of is the time I invest into my project; as I've already said, I consider my time more valuable than money. To this end, at the end of each week, I'm going to post on this blog how much time I invested into my project over each week. I'll also go back through my Google calendar and work out how much time I've already invested.