Britain’s entrepreneurial spirit is flourishing in the face of broader economic uncertainty, the UK’s largest survey of independent agency owners has revealed.
The seventh annual BenchPress Report has captured valuable data from more than 500 influential entrepreneurs and agency owners across the country and its findings have now been published.
The report has revealed that confidence remains high amongst agency owners, with their drive and determination to grow in 2018 overriding any doubts about wider market conditions.
That confidence could be well founded. Most agencies grew their revenues in 2017, with just over two-thirds of participating agencies increasing turnover by 5% or more.
Around a third of those surveyed recorded revenue growth of 25% or more.
While the implications of Brexit are yet to become clear, the majority of agency owners believe this year will be better than the last.
75% of agencies are forecasting a minimum growth percentage of 11% in sectors such as creative, digital, media and marketing.
As companies grow, the report suggests there could be positivity for the UK jobs market in 2018 – with 65% of participating agencies stating their intention to recruit this year.
Additionally, 46% of agencies plan on giving wage increases beyond the rate of inflation in 2018.
Peter Czapp, co-founder of The Wow Company, said: “The UK has a wealth of ambitious agency owners who are continuing to grow their businesses and benefit the economy in some pretty testing conditions.
“The BenchPress Report is all about reflecting the reality of agency life across a wide range of sectors; capturing their successes, challenges and expectations of the year ahead.
“We are committed to sharing industry trends and best practice for the benefit of the nation’s agency community.”
Peter held a webinar on the results of the report, including discussions on the traits and trends of the UK’s top-performing agencies.
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