4th in my list of the 6 core roles of an agency owner is: The Business Manager (Making sure you make money from the work)
So what are the STANDSTILL pitfalls that get people stuck here?
Many agency founders are “accidental business owners”. They don’t necessarily set out to run a business, they’re often not born entrepreneurs. More commonly they’re talented freelancers, senior client managers, or a breakaway team from an existing agency. Invariably they’re producers turned business owners.
This can mean they:
1. Lack the skills to run a business (particularly financial acumen)
2. Aren’t that interested in the mechanics of running a business (they’re more interested in the work)
3. Spend more time working in the business not on the business (doing not planning)
This doesn’t necessarily mean these businesses fail, but it does inhibit growth and it often means they don’t make much money.
I see so many instances of established agency owners with only a basic understanding of their financial position and underlying commercial performance.
A clear understanding of your agency’s financial position and performance is vital to running a STANDOUT agency.
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