Earlier this year, The Wow Company 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 part one of this three part series, we take a look at profit.
How much profit did you make this year?
How do you rank against other agencies when it comes to profit? The table below provides a useful starting point when it comes to benchmarking your performance.
Did you put your prices up?
The average hourly rate for UK agencies is £86. This figure is likely to rise when we survey agencies again in the New Year, especially when you consider that 51% of agencies were planning on increasing their rates this year. How will your agency compare when we benchmark again next year? For some further inspiration on how to increase your day rate, watch this video.
Did you start charging for extras?
One of the questions we asked in this year's survey was ‘Should you charge for extras?’ and the results showed that agencies were split almost 50/50 on whether they should or not. However, we revealed a fascinating stat in our Inside Track Webinar that provides a definitive answer to this question. Listen from 15:43 to find out the answer.
Would you like to increase your profit?
If you'd like to chat to a member of the team about how we can increase the profit you make in your agency, please get in touch on 020 3667 5221 or email firstname.lastname@example.org
We’ll be publishing part two of this series next week and will be looking at how your agency can improve cash flow. In the meantime, don’t forget to check out some of the excellent additional content in The Agency Collective's Resource Hub.