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Blog: Financial Management Of ROCK
This trend is set to continue in the future, notably in the GRATE new idea for Physical Product which we shall be using for our forthcoming series of EPs, but also in terms of FINANCIAL MANAGEMENT. For LO! after years of having "the record company" (hem hem) paying for the recording and release of our Physical Products, we are now moving to a CO-OPERATIVE model whereby funds ACCRUED by said band are used to fund things. This change has come about entirely because of our ongoing desire to experiment and innovate, and definitely not because "the record company" works in the public sector and has basically had pay cuts for the past ten years!
This decision came at quite a good time for us, as we have recently done TWO gigs that actually PAID US MONEY, which we were able to put into a notional FUND to pay for other stuff. This was all very jolly when money was just coming IN, but gets a bit more complex when it starts to go OUT for things like rehearsals and recording sessions, so over the past few days I have been in correspondence with our Financial Director Mr T "The Tiger" MacClure, to find ways to formalise our processes.
(if you're wondering wht Tom is our Financial Director, it's because he is REALLY GOOD at Going And Asking For The Money after gigs, and has even on occasion come back with MORE money than expected. Various previous Financial Directors have often come back looking SHEEPISH having got too embarrassed to bring the subject up)
All this led to us setting up our own BAND PayPal account (Tim's idea!) where money can both be deposited and sent out from, enabling individual band members to PAY for stuff and then claim the money back, and also for us ALL to see what we've got left. EXCITINGLY we also now have one of them Google Spreadsheets which shows what we've spent AND ALSO what we still need to spend.
This last bit of PLANNING has been, genuinely, QUITE EXCITING, as it shows HOW we can do our next batch of releases and, by extension, affirms that we WILL! As mentioned previously, we're hoping to put out at least three EPs of new material, with the first coming later this year, and seeing it all written down like this is rather LOVELY as it makes it all look highly do-able. The next ACTION POINT, once the financial plan has been discussed, amended, and agreed by the entire BOARD... sorry, BAND, will be to get on with some more recording. I'm booked in to do my bits next week, and I can't WAIT - nothing says ROCK AND FLIPPING ROLL like a properly budgeted recording session!
posted 24/7/2019 by MJ Hibbett
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