Financial Risk Management for Artists & Arts Organizations: Q&A with James Lanning & Jennifer Collins of Keen
As any entrepreneur knows, running your own business comes with a certain degree of risk and uncertainty. It's no different for those who run arts-based businesses or organizations. But understanding how to manage and ride out those risks can make all the difference. We've got a workshop to help with that.
We're thrilled to present the next offering in our Financial Literacy workshop series, "Financial Risk Management for Artists & Arts Organizations," led by James Lanning and Jennifer Collins of Keen (a locally-owned and operated financial services company).
During this free, online session on May 14, we'll dive into tools and strategies to help artists and arts organizations manage financial uncertainty, how to plan for slower periods and emergencies, budgeting and more.
We caught up with James and Jennifer for some words of wisdom ahead of their session.
James Lanning and Jennifer Collins of Keen.
Business & Arts NL: What are a few of the most common financial risks that folks working in the arts sector should be aware of, and is there anything they can do to help mitigate those risks?
James & Jennifer: Some of the most common financial risks faced by folks working in the arts sector are:
Irregular income
Cost overruns
Funding delays or rejections
Unexpected expenses
To mitigate these risks our first suggestion is to develop a financial plan or budget. A business or person without a budget is like a ship without a compass - adrift, with no clear direction or way to navigate unexpected storms. When you develop a budget, do not plan to spend every dollar of income you generate; allow for a contingency fund to help cover unexpected costs and live within your means to allow yourself to save.
Once you have a budget in place, make sure you are regularly tracking your income and expenses. People try to avoid looking at their bank or credit card statements out of fear of what they will show them. This is not advised. The only way to manage spending is to know where you are spending your money.
Business & Arts NL: What negative spinoffs or fallout can potentially occur if people don't take the time to consider, plan for, and manage potential financial risks?
J&J: Without a plan, even small disruptions—like a late payment or unexpected cost—can throw off an entire project or personal budget. The fallout might include:
Not being able to pay your bills or yourself
Going into debt
Having to cut corners or compromise creative vision
Missing deadlines or losing trust with funders or partners
Planning for risk helps artists protect their time, energy, and creative freedom. It turns uncertainty into something you can navigate, rather than something that controls you.
Business & Arts NL: There are certain things you can control in your career, but whether or not a grant or other funding, etc., falls through isn't one of them. Are there any strategies you can recommend to help people ride out those unpredictable, or slower, periods?
J&J: This ties into the old proverb, “Don’t put all your eggs in one basket.” While it's understandable that a lucrative opportunity might make you want to give it 100 per cent, relying on a single source for all your income is a significant risk. Instead, build resilience into your work or business with strategies like:
Setting a “base salary” for yourself by averaging your income and paying a consistent monthly amount—even in high-earning periods
Allocating a percentage of each payment to savings or a reserve fund
Diversifying income streams to reduce reliance on any one source
Creating recurring or lower-effort income streams to provide stability
Workshop: Financial Risk Management for Artists & Arts Organizations
Date/Time: Wednesday, May 14 from 12:30 – 2:30 pm (NST)
Location: Online via Zoom
Price: Free
Registration: Click here to register for the workshop "Financial Risk Management for Artists & Arts Organizations"