A question that constantly challenges us in creative and digital is how best to go about growing your agency – and there’s no one straightforward answer.
The numbers don’t lie – the average size of a UK agency is 3 people, there are few that make it past 10 and even less that make it past 20 people.. why is this?
Sustained organic growth is tough to achieve and it’s only the most focussed, determined, well run and fortunate agencies that break through the half, one and two million pound turnover barriers profitably.
I guess the first question to ask is why do you want to grow? If you can answer this, it will help to give focus to your business – and ‘doesn’t everybody’ isn’t a good enough answer.
Growth needs planning and managing too, rather than just letting it happen, which can create plenty of challenges in itself.
Of all the areas to focus on, and there’s a lot – the vast majority can be grouped under three headings; strategic planning, finance and operations, and marketing clarity;
• Strategic planning – if you have a clear, long term vision that defines why you’re in business, the medium and short term detail will flow from that point giving you a road map to pursue.
• Finance and operations – so often an agency’s achilles heel, covers a whole swathe of activities. To have rigorous financial planning and controls in place with the confidence to act on the data is a key success strand. Operationally, good systems and processes will help you to establish the structure needed in a growing business.
• Marketing clarity – and really, what I mean by this is your how strong and clear is your positioning and how good are you at communicating this to the market?
Each of these areas needs constant and focussed attention and the detail that lies behind each will require you to make time to spend on the business and quite possibly seek out specialist help and support.
For an informal discussion about how Propelled can help with any of these challenges why not give us a call?