Proper agency management ensures the firm is profitable, clients are happy and the right talent is in place. The new year brings the opportunity to refresh your management strategies.
Below, I highlight some key trends to consider.Read More
This is a guest post from Drew McLellan. Drew leads the Agency Management Institute, which advises advertising agencies on how to grow and build profitability. He can also be reached via LinkedIn and Google+.
Did you complete your time sheet today? Did your employees?
If your answer is “no,” your agency is missing out on a crucial opportunity to increase profits and productivity. There are consultants out there who think agency folks shouldn’t have to do time sheets, but they’re wrong.
People are your biggest asset and your biggest resource, but they’re also your biggest expense. Consistent use of time sheets is the only way to know how your employees are spending their time and whether that time is well spent. Without the use of time sheets, you cannot evaluate the performance of your business — both how your assets and resources are being applied and how profitable your clients are with respect to your time investment.Read More
This is a guest post from Jason Brewer (@jaybrew). Jason is founder and CEO of Brolik, a digital agency in Philadelphia. As an entrepreneur, Jason is passionate about helping other business owners navigate the complicated journey of owning a business and developing strategies to grow their brand.
Ask agency owners about their pricing strategies and they might look at you with a blank stare. That’s because agency fees are commonly based on inputs, and are lacking any form of strategy for maximizing the skill and performance of their team to increase profit.
Agencies need to be open to new compensation models that align their goals with those of their clients. Pricing based on an input like a billable hour puts a ceiling on potential profit and creates a perception that the agency’s service is a commodity.
When it comes to pricing strategy, the hourly rate says commodity.Read More