The interests of the agency principals, the right business model and the way it is implemented are the keys to making an agency fun and profitable. It all begins with an examination of these three issues:
- Life Satisfaction
For an agency to be both fun and rewarding, it must satisfy the psychic and financial needs of its principals. So, the logical place to start is to understand what those psychic and financial needs are. And don’t be misled. The psychic rewards are usually more important than the financial ones.
Surprisingly, many agency leaders have never asked themselves the tough questions here. And as a result, do not have a clear picture of how they see their agency’s success interwoven with their personal success.
Ask yourself, Are you experiencing the fun and receiving the rewards you would like from the agency?
- Business Model
The agency industry is undergoing wrenching change. Traditional business models are under major stress. What worked in the past will not likely work as well in the future.
So, it is vital to examine the business model of the agency to see that it meets the psychic and financial needs of the principals and is economically viable within its marketplace.
Reconciling these two often conflicting issues is crucial. You can’t satisfy clients, have fun and make money if they are not in complete alignment. And, finding that alignment is not easy. Often it takes a high level of creativity, and a fair amount of thoughtful consideration, to craft a business model that satisfies both needs.
Ask yourself, Do you believe your agency’s business model is in full alignment with your psychic and financial interests, and can gain significant competitive traction in the marketplace?
Once the life satisfaction and business models are clear, everything devolves down to the implementation of the plan. It is not unusual for agencies to be outstanding at developing excellent business concepts but then weak in applying the internal disciplines to implement them relentlessly and effectively.
Ask yourself, Does your agency have processes and procedures that are fully supportive of its business model, and is it relentless in its efforts to execute those processes and procedures flawlessly?
If you did not answer these three questions with an enthusiastic yes, then we can help.
Or, Mike's direct line 440-247-6745. Or, email: email@example.com
Our expertise is in helping guide agency leaders through this kind of self analysis and then crafting a business model and the supporting processes and procedures that uniquely fits them. And, works effectively in the marketplace.
We find it fun work, and enormously gratifying.
Some of the agency business issues we are involved in
- The agency business model
- Market positioning of the business model (and brand)
- Corporate governance
- Finance and accounting processes
- Strategic planning
- Leadership transition
- Merger and acquisition (the human side)
- Strategic alliances
- HR, including benefits, support staffing
- Talent development
- Facilities and support services
- Information systems and technology
- Operations, including traffic and production
- Business relations with clients (specifically compensation and stewardship)
- Business relations with suppliers and media
- Business relations with partnering organizations
- Subsidiary organizations (studios, web shops, PR firms, etc.)