FunctionFox recently released the results from their fifth annual Creative Industry Outlook Survey. Small creative firm owners reported positive expectations for 2013.
The FunctionFox Creative Industry Outlook Survey was designed to ‘take the pulse’ of creative business executives employing 25 or fewer people, as they prepare for 2013. Respondents were asked to answer questions about expected changes in revenue and staffing, and about the challenges and opportunities they anticipate through the year.
The two most interesting parts of the survey were the questions dealing with challenges and opportunities.
When asked about the greatest challenges facing their creative company, participants identified finding new business (28%
of respondents) and achieving profitability (24% of respondents). This is up considerably from our 2012 survey, when just
5% of participants mentioned new business and profitability as their greatest challenges, focusing instead on the challenge
of finding appropriate staff (44% of 2012 respondents). This year, perhaps after putting the right staff in place last year,
just 20% of respondents expect their biggest challenge to be attracting and keeping staff. The fast pace of technological
development also continues to pose a challenge this year, with 12% of participants noting this as their greatest challenge.
We asked an open ended question to determine what small creative companies see as their main area of opportunity in
2013: “What do you see as being the greatest opportunity for your firm over the next 12 months?”
Last year, 25% of firms focused on the opportunities offered by expanding their business. The trend continues this year, with
24% looking to expand in 2013. New media and technology continue to offer many firms possibilities for growth, although
the challenges of mastering this rapidly changing sector meant that fewer firms chose this as their greatest opportunity
(18% this year as opposed to 21% last). Focused positioning continued to be an important factor, with 16% listing this as
the greatest opportunity (down from 19% last year).
In a vote of confidence in the economy, 8% of respondents were looking for opportunities in an economic recovery.
- “[We’re going] to focus more of our attention online, on inbound and internal marketing..”
- “Our greatest opportunity for maintenance and growth is within our current client base..”
- “[We’re looking to] an improving economy..”
- “[We’re counting on] the stability in the Canadian economy coupled with the growth of mobile trends.”
You can access the whole report on the FunctionFox site.