As accountants specialising in creative businesses, we’ve worked with hundreds of agencies over the...
Agency review of the year - Growth
Earlier this year, Wow surveyed hundreds of agencies across the country and published the results in our annual Benchmark Report on the industry. As the year draws to a close, we thought it would be interesting for you to measure your own agency’s performance this year. In the final part of this three part series, we take a look at growth.
How do you compare?
At the start of the year, we asked agency owners how much they planned to grow by this year. The responses are below - how does your performance over the last 12 months compare to expectations at the start of the year?
Have you increased your billing capacity?
This is a great stat to be aware of within your agency. To find out how to calculate it, and to find out some other key performance indicators that you might want to measure, listen in from 21.30 of this Inside Track Webinar.
Have you increased your retainers?
At the start of the year, 66% of agencies said that they were actively looking to increase the amount of work that they had on retainer, as opposed to only 7% that preferred to work on a project basis (with the rest in between - they’d take it if it came along). Is the amount that you have on retainer a stat that you track as an agency? If so, how do you compare to the national averages (below). Page 14 of this report will provide you with a few ideas for how you can increase retainers within your agency.
Did you collaborate?
The two stats below show that this year was a big year for collaboration, with the smart agencies realising that they could grow much quicker if they worked with other specialist agencies to enhance their offering. If this is something you'd like to do more of, check out The Agency Collective’s events here - they are a great way to meet potential agencies to partner with.
Would you like to grow your agency?
If you would like to chat to a member of the team about how we can help you grow your agency, please get in touch on 020 3667 5221 or email firstname.lastname@example.org
So, that’s it for our Agency Review for this year. We’ll be back in the New Year with our 5th Annual Agency Survey. Keep an eye out for your invitation to take part in the biggest benchmarking exercise for UK independent agencies. In the meantime, don’t forget to check out some of the excellent additional content in The Agency Collective's Resource Hub.