Is it time to audit your plan for growth?

Written by Jonathan Ross
25 Jul 2022

Today, managing and growing an agency is more challenging than ever. Competition has never been tougher. Client pressures on performance and an agency’s need for profit to keep pace with talent costs continue to increase. A recession appears to be looming. And many agencies are facing the ongoing complications of a remote workforce.

However, there are also major opportunities to break through the competitive clutter and drive your business to new levels of market competitiveness, capabilities, and overall performance.

The factors which drive growth and profitability are the same for every agency. 

At Fallow Associates we have extensive experience on how to manage these factors including increasing revenue and profits, adding market value to your firm, enhancing competitiveness and brand differentiation, developing a clearer vision and much more. We have identified the most important factors to consider when conducting an audit and listed them below.

There are also major opportunities to break through the competitive clutter

Key growth factors 

  • Mission– What are you and your team most passionate about? Where do you have the deepest, strongest category knowledge and experience?
  • Vision– Why does your agency exist? Are you prepared to achieve it?
  • Brand Proposition– Do you have a distinctive brand and compelling service offerings?
  • Leadership– Is responsibility for success shared by a broad team? Are the necessary resources and staff in place?
  • Structure– Are you most efficiently and effectively selling and servicing the brand proposition?
  • Methodology– What’s your specific offering? How strong is your IP? Are you demonstrating why you’re the best agency to meet the prospect’s needs?
  • Business Development– Are you fully leveraging your expertise and capabilities to reach those prospects most likely to hire you for what you know?
  • Culture– Is everyone aligned with the agency’s vision and mission? Are you building next-generation leadership?
  • Finance & Operations– How effectively are you managing pricing, invoicing, scopes of work, client budgets and required investment in the agency’s future vs. short-term profit?

Embarking on a growth strategy audit

It is important to first examine your online presence, written materials, presentations, and financials. Then hold in-depth discussions with your senior team and selected clients to determine what is working and what needs to change. Your aim will be to create a fresh roadmap based on detailed findings, specific recommendations, and an action plan that includes priorities and next steps.