Different sectors face different growth challenges – let’s take a look at three ways to grow your creative agency this year
A few weeks ago, we discussed how to turn your business fortunes around with simple growth hacks that can be applied to businesses across all sectors. As specialist accountants though, we know that our clients are facing different challenges depending on the industry they’re in. That’s why we’re getting specific this week as we take a look at three ways creative SMEs can position themselves for business growth in 2018.
1. Stop focusing on awards
Awards are great for getting your name out there, but did you know that many award-winning advertising agencies are not able to meet their commercial targets? Don’t blow your money on awards – keep your focus on the numbers. In 2018 data is power, and if your data shows that you’re engaging consumers, prospective clients will want to work with you. Flashy awards should come second.
Last summer, the multinational advertising agency Publicis Groupe made headlines when it announced its decision to skip all advertising award shows in 2018. Instead, it will spend the money on developing a new AI platform. The ad industry was shocked and sceptical but the company is following through with the plan. We suspect other agencies will reconsider the importance of awards in 2018.
2. Be a yes person
When your small business is doing well, new clients will start approaching you, but you might feel like you can’t fit any more work into your team’s busy schedule. You can turn the clients down but that might stunt your growth. Plus, you never know whom the client would refer you on to. With such fierce competition in the creative industries, positive references are essential. Having a proper growth strategy in place, and hiring flexible employees will allow you to be dynamic enough to accommodate growth. Monitor your growth as it happens and adjust your plans along the way to ensure you don’t have to send potential clients away.
3. Retain your people
Run a quick search on any London job board for a creative position and you’ll be overwhelmed with thousands of results. Click through a few of these and you’ll see employers listing workplace perks like free food, beer on tap, game rooms and bring your dog to work days.
A powerhouse for growth, the UK’s creative industries are growing at four times the rate of the UK workforce as a whole. You’ll need to make yourself an attractive place to work otherwise your employees will move on. Job hopping is becoming more acceptable, according to the CV-Library’s recent research, especially amongst millennials. “Returnship programmes” are something to consider as nearly 80% of the UK’s workers would consider taking a career break to go back to school, care for family or take time out to travel. Instead, they often just quit their jobs.
Working with Berley
As accountants for the creative industry, we’ve been consulting with creative entrepreneurs over the past 20 years or so on how to grow their business, and we’ve learned a lot about the opportunities and challenges they’re facing. We’re proud to be small business growth specialists, so if you have an agency you’re looking to grow, talk to us today on 020 7788 8261. We’re excited to hear from you.