Running an agency is tough.
Your big clients demand that you provide more services to fulfill their requirements and you fear they will go elsewhere if you can’t meet those demands, but you know it will distract you from your core strategy. Your small clients are high maintenance and expect the earth without paying for it.
You have constant pressures with your team. They feel stretched and lack structure and you fear that you are going to lose your best people. Then you have others who despite being talented and showing so much promise, just aren’t able to develop the essential business skills that are required to allow you to step back from the business.
You try to implement processes to bring order but they never seem to stick for more than a few weeks.
Meanwhile, all the consultants are telling you to put your prices up, whilst your clients and prospects are driving down the rates on your current rate card.
It’s no wonder so many agency owners are feeling the pressure. It’s a tough old world out there and if you don’t consciously decide to decompress, it could all be about to implode.
Being good at what you do isn’t enough. Even if you are regularly bringing new business in, hiring the best people and delivering on time, you can still fail to make money if the financial model wasn’t solid enough in the first place.
There are other agencies that seem to have a knack of not just “making it work” but of consistently delivering outstanding results. They don’t have any better conditions than you, and they are no smarter than you, they just create the right environment to thrive.
Fundamentally, they have key, insightful information being delivered to them frequently and accurately, allowing them to ask the best questions and make the best decisions for their company.
Here’s the full list of the reports that they are producing:
- Annual Budget Pack
- Monthly Management Accounts Pack
- Operational Finance Reports
- Forecasting Models
When you have reliable and insightful information at your fingertips, you are able to look at the situation for what it really is. You can remove the drama, the opinions that lack any evidence and the constant guesswork, and actually look at the truth in your business.
People talk about optimists and pessimists but the best business owners are the realists. They don’t see things as better or worse than they are, they just see them as they are – reality.
When you get these reports working in your agency (and it takes time), no-one can hide, because they expose the truth, the whole truth and nothing but the truth.
In my next blogs, I will show you how to prepare the 4 reports/models above.