Pricing Policy Profit check your Rates An agency should be reviewing it's pricing at least once a year. The most common times to do this are: in line with the new financial year; or at the start of a new calendar year. My preference for a rate review is 1st of January, two of [...]
– Brick building from the bottom up, and industry best practice guidelines Following on from a last weeks' 2020 Budget breakfast keynote in Sydney - I was excited to receive an overwhelmingly positive response from all 15 agencies who attended.It surprised me at how well received the event was, after all 'the budget' is often considered to [...]
Following on from the January topic of Value-Based Pricing utilising infographics to display results, it is worth taking the time to revamp your monthly management report - contents and format. Results only mean something when they are compared to your targets. What do you report on your financial dashboard? • Retainer versus projects • Profit [...]
A Public Relations Podcast with: The Financial Soulmate® Numbers, budgeting and forecasting are not normally the natural domain for PR professionals. However, if you’ve ever worked in an agency there is one thing we certainly know well – timesheets. But is filling out timesheets and billing our services at an hourly rate devaluing the work [...]
Value is in the eye of the beholder Last year I worked with a number of agencies which, in addition to their traditional pricing models, introduced value based pricing methodology. Value based pricing shifts the focus from talking about how the work is done, to the results the client should expect. So to be effective, [...]
Agency growth by design Design your agency growth by setting a Key Perforamance Indicator Program for your Leadership Team. For this next quarter – assess your 1st quarter performance, and areas of the business which need your focus, to bring you closer towards achieving your goals. 4 areas to include: Agency pipeline Team productivity [...]
Rates - update your cost and sell prices An agency should be reviewing its cost and sell rates at least once a year, often this is either in line with the new financial year, or at the start of a new calendar year. Armed with your latest budget, calculate your cost per hour rates for [...]
Lock down your revenue target In the video below I provide a quick tip on how to test your budget using the Revenue Per Head Model: When setting your revenue target, you could use this Revenue Per Head calculation to guide you; then sharpen your pencils, get more precise and ensure that you have built a [...]
Key finance performance metrics #You'veGotThis Success comes when the whole team is clear on the key metrics. To grow your business or prepare for sale - visibility and understanding the following key financial metrics is essential: Profit and Loss Statement - 10 measures which indicate the success of your trading activities. These first 3 [...]
Mind the gap – hit those targets in this next quarter For this next quarter – establish the key areas in the business which need your focus. A 90 day sprint to reach goals will need you to: Be certain about your current position Reinforce your targets Establish agreed responsibilities and actions for your [...]
