How To Get Your Agency Ready for 1) Growth, 2) Your Exit and 3) Sale
You need to be prepared to meet not only today’s many challenges but the life-changing events of tomorrow.
Today, the owners of public relations, public affairs and advertising agencies face more complex challenges than ever given greater competition, evolving client expectations and the uncertainty of AI’s impact
In Prosper Group’s experience during the past fifteen years, the most effective owners focus on providing the vision and leadership that are so critical to long-term success. They build a stellar senior team over time and then delegate day-to-day operations and related decision-making to them.
In other words, these owners transition from driving agency activity to supporting the efforts of others. This evolution requires careful planning and wise decision making… and will support the owner’s achievement of desired goals including:
Growth of the agency. What actions must you take (and when) to ensure the agency is market-competitive at all times in order to continue growing? Is there a well-thought-out plan in writing? For the best chance of operational success, is the senior team in place and aligned with the plan?
Leaving the agency on your timeline. What actions must be taken to position the agency as a going concern without you? How do you build an aspirational organization chart so that you can leave on your own terms? Again, is there a well-thought-out plan for this in writing?
Building a saleable asset. When and how do you know your agency is a saleable asset? Whether an internal sale, external sale or passive ownership will provide the wealth required for your desired post-agency lifestyle? Do you understand how buyers will assess your firm as an acquisition target?
Achieving successful outcomes for each of these opportunities all comes down to planning and execution for readiness. Is your agency ready to achieve ongoing growth and become a magnet for quality buyers?
We will share what we’ve learned about readiness in a series of three mailings. This piece focuses upon being prepared for growth. Exit planning and selling the agency will be covered in the coming weeks.
Agencies which embrace strategic planning outperform agencies that do not.
The most successful firms understand that a goal without a plan is just a wish. They recognize that strategic planning is their roadmap to sustained success.
As former agency owners ourselves, we apply our deep experience and proprietary Growth Driver Audit to help agencies identify opportunities and challenges to growth. This time-tested approach also defines the steps involved in seizing those opportunities, overcoming barriers to growth and the investments required with expected ROI.
We help agency owners to significantly grow their businesses by adhering to a proven set of strategies, an actual written plan and a timely decision-making process.
How the Growth Driver Audit works.
Based on a thorough but fast-paced review of your agency’s written materials, online presence, presentations and financials (followed by interviews with you, your management team and selected clients), we analyze the firm’s performance on the nine key drivers of long-term growth and success:
Mission – Where do you have the deepest category knowledge, experience and passion?
Vision – Why does your agency exist? Are you prepared to achieve it?
Brand Proposition – Do you have a distinctive brand and compelling service offerings?
Leadership – Is responsibility for success shared by a broad team? Are the necessary resources and staffing architecture in place?
Structure – Are you organized to most efficiently and effectively sell and service the Brand Proposition?
Methodology – What’s your “secret sauce”? How strong is your IP? How will you maintain quality client service as your agency grows and you personally get further away from each pitch and engagement?
Business Development – Are you fully leveraging your expertise and capabilities to reach those prospects most likely to hire you for what you know? How are you building your firm’s reputation?
Culture – Is everyone aligned with the agency’s mission and vision? Are you building next-generation leadership?
Finance & Operations – How effectively are you managing pricing, billing, scopes of work, client budgets and required investment in the agency’s future vs. short-term profit?
For each approved recommendation, we then develop a timeline with the specific steps to be taken and assign responsibility within the agency for implementation.
The findings from the Growth Driver Audit then become the core of your strategic plan.
We’re here to help you prosper.
Prosper Group exists to help the owners of independent marketing and communications agencies achieve their ambitions and maximize the value of their life’s work.
Our team is comprised of former agency leaders and owners who focus their deep experience on implementing proven proprietary methodologies across our three practices of agency performance, owner exit planning and M&A transactions in order to drive owner and agency success.
To learn more about us, please visit our Services page.
