If you want your agency to still be here in five or ten years, you’ll need to think about more than just selling and delivering. Over the years, we’ve seen so many bright, creative and talented agencies go under because they didn’t get the basics right when it came to the numbers within their business.
"Why I'm a big believer in retainers and long term clients now"
Sinx from ustwo
"I know every Monday without fail the financial position of our agency"
Katy Howell from Immediate Future
"By focusing on sustainability, you can actually drive more growth and profit"
Jenny Kitchen from Yoyo Design
"I started the business with £400"
Chris Donnelly VERB brands
There’s a correlation between pricing and profitability, so finding ways to increase your prices is key to building a profitable and sustainable agency. Join us at 9am on Thursday 29th April to discover seven strategies to increase your prices.Join the webinar
Peter Czapp shares how the UK’s most successful agencies are putting profit at the centre of their growth strategy and how you can too. Watch this webinar to leave with a clear plan to increase your profit, including practical tips you can implement right away.Watch the webinar
In this year’s annual benchmarking report, we’ve gone into more detail on how agencies price than ever before. We share hourly rates by region and job role, plus who’s charging premium pricing and how they’re doing it. Download 2021’s reports to see how you compare.Download BenchPress 2021
Being profitable is the cornerstone of a sustainable agency. However, think about profit as fuel for your journey, rather than the purpose of your agency. You won’t be able to go very far if you’re not making any money.
Beautiful businesses are designed in a sustainable way. They don’t chase growth for the sake of it. They have recurring revenue and positive cash flow that allows them to make decisions based on what is best for the long-term, rather than operating month-to-month, making decisions based on short-term horizons.
How could you redesign your business model to make it more sustainable?
The purpose of a company is not to make money. The purpose of a company is to accomplish something, to advance a greater cause, to contribute to society. Money will help you get there.
This is the amount of profit you have left once recharged costs, chargeable wages, freelancer costs, and a market rate for the work that you do for clients have been removed – expressed as a percentage of fee income.
It’s a critical profit metric and calculating it in this particular way will allow you to compare yourself accurately to other agencies. We’ve created a helpful video explaining how to do this, and what percentage you should be aiming for.
“We’ve learnt so much working with the team at Wow. They’ve helped us put together and implement initiatives that have made us more profitable. This has allowed us to invest more in our agency and our people.”
We can help you do that with an Agency Profit Review. We’ll look at all the ways you can increase your profit, including reviewing how you measure up against the most profitable agencies. You’ll leave with an action plan to increase the profit you make right away. Book a chat with Rory.
As well as thinking about how we manage profit and cash, we should also be thinking about how we care for our planet. Humans are living a life that is consuming and taking away from the planet at a rate we can’t sustain. If we want our children to enjoy the beauty that is all around us, we’ll need to re-think the way our businesses impact the environment.
In 2019, Wow partnered with Ecologi to create a Climate Positive Workforce, planting 600 trees a month to offset the carbon we produce. Click here to find out how you could do the same for your agency.
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