Case Study: Crystal Images

Crystal Images provides video production.

Introduction

Crystal Images was set up to provide promotional video production solutions to both private and public sector organisations. Since its inception in April 2006, the company which only started by trading locally, has now extended its geographical market to operate across the nation. The proprietor, Terry Farrell, has a successful track record in the video industry having worked in production for the past 12 years. Crystal Images was conceived after the results of a preliminary research indicated that there was lucrative demand for professional video production especially in the private sector.

When the business started, Terry was using old equipment and that was obviously restricting him in terms of accepting high profile commissions that came his way. The equipment lacked essential functions that were vital to allow a top-notch service to be delivered. Worse still the equipment was on hire and the monthly rate paid didn’t equate the low volume of commissions that were accepted at that time. However, the struggle ended when Terry was awarded a business sustainability grant from a business support initiate designed to support small businesses to survive and grow. Terry says:

“We used the grant to purchase high class editing equipment and from there on Crystal Images has never looked back. We offer the highest level of creative artistry; our HD films have a movie-like quality, giving our corporate clients the same standard of production value as any major TV drama piece or feature film. In addition, we have the essential skills and personnel to take an initial idea or concept and produce a high-quality end product be it advertising, promoting, education, or simply providing entertainment.”

Growth

From the onset, Terry aspired to grow the business and established a three year development plan. His growth strategy focused on developing new geographical markets, thus breaking the boundaries of operating from a local market. Crystal images started promoting its services at a competitive rate and gained new clients across the region before expanding to provide the service in areas such as London, Scotland and Wales. The growth was realised starting from a nucleus of clients that Terry had established while working for another company in full time employment. The growth plan included buying new equipment, broadcast training and expanding the staff complement. The business succeeded in meeting these targets and has grown to a stage where it had to move premises after operating from home, a small studio and now occupying commercial premises. Terry has also hired freelance staff in order to cope with the increasing demand of commissions. Crystal Images is currently working with cutting-edge equipment and the purchase of an entire Express DV editing package has made the business even more competitive.

“Crystal Images believes in clearly defined procedures to ensure that the client's objectives are fully met - right from the initial brief to delivery of the finished production. We make programmes to the very highest production standards. Anything less would damage the credibility of the messages our clients are conveying”.

Rising above Competition

Terry explained that video production remains the most popular and highly competitive form of media. He stressed that continuous advances in technology and growth in satellite capacity means video production can be used as a cost-effective marketing and communications tool. However this can further make the market highly competitive. But, Crystal Images has already made its mark in a business environment that is so turbulent. The company has access to market-leading video production facilities and expertise, providing its customers with the best from the world of video production. Furthermore, the inspiration of Crystal Images’ digital expertise gives the company credibility.

“Standing out from the competition has always given us a competitive advantage because we furnish our clients with excellent technical facilities, together with the superior content that they need to have an impact. But it's hard to be always different, leading the crowd and finding new ways to stay at the forefront of your industry. But the key is that whatever the client’s requirements, we can produce something that will enhance and give the customer something special.”

Crystal Images recognises that producing a quality service is a great way to keep ahead of the game, and keep customers up-to-date and interested in what the company has to offer. Most importantly Terry believes in giving clients a service that they can’t stop talking about.

Issues

The industry is highly dependant on cutting-edge technology. Therefore rapid technological advancement can mean that small businesses such as Crystal Images will find it too expensive to keep up with the pace and expense of changing equipment frequently in order to remain competitive. Terry made his thoughts quite explicit:

“As I see it, technological advancement is moving so fast that it won’t be surprising that some equipment can be obsolete while still on the production line”.

Legal entity: Sole trader (Terry Farrell). Description: Crystal Images produces videos that provide answers to a wide variety of communications needs. Products: video production. Trading since: 2006. Turnover: £57,000.

Learning Curve

Crystal Images has recognised that keeping up with financial management requires more than just satisfying regulatory obligations as today’s challenge focuses on improving performance, demonstrating results and achieving greater business accountability.

Finding a good accountant can help achieve business accountability and meaningful performance measurement through best practices specific to the industry. By establishing a flexible, integrated foundation for financial accountability and informed decision-making, the business can achieve its goals and make the most of limited financial resources.