An agency’s growth often outpaces the effectiveness of their finance function; while a well optimised back office can be an essential component in ensuring you are growing in the right way.
The Agency Maturity Curve is a way in which digital agencies assess the strength of their operating model, by pegging the strengths and weaknesses of their finance function against a set of disciplines with clearly defined outcomes.
The more established the business, the further along the Agency Maturity Curve we would expect them to be, but this may not actually be the reality. Identifying areas for development shows where improvements can have the greatest impact, and how long it might take to get there.
To make this process of understanding easier, we have created a simple to use Agency Maturity Scorecard which takes you through a series of Yes/No questions to produce an overview of current performance and how you might start to improve.
“You can’t build a successful business without access to the right financial information. This scorecard gives you the methodology to build the right habits.”
Rob Borley Managing Director, Dootrix
The Agency Maturity Curve is broken down into a number of key phases, which in turn are broken into specific elements. Each phase builds on the previous one allowing you to assess the impact of making changes, and ensuring the foundation processes are robust enough to help create meaningful forward looking insights.
Phase one: Essentials
How well is finance telling you what is happening?
Do you have appropriate and effective systems and processes in place? Are you making the most of the right technology to provide the essential information needed to understand performance?
Phase two: Enhanced
How well is finance telling you about what is going to happen?
Is the business able to look and plan ahead, using finance to provide a full picture to aid decision making?
Phase three: Integrated
How well is finance partnering with the business to drive strategy?
Is finance no longer an isolated function, and has instead become integrated into the wider business?
Over the next few blogs we’ll explore each in turn, and open up what the detail within each phase can show about targeting changes for maximum business benefit.
You can also start to gain insights immediately by taking our free to use Agency Maturity Scorecard.
Making the most of the results
Understanding where you are is of course only part of the journey.
It’s always good to remind ourselves that there are no guarantees or quick ways to success in any business. What we do know is that it is possible to give your business every chance of achieving its potential by building financial maturity into the fabric of your model.
It can take time, but the results are more meaningful and more closely aligned to the right kind of growth for the business.