Other business coaches or advisors will hate me for saying this and giving away this secret.
The principle I’m about to share with you is not rocket science. It is logical. However, as with most principles, it is the execution that delivers the levels of success. It is also one main cause for business failure or stagnation.
2020 has certainly been an unusual year for everyone, not only for businesses. With the office-based workforce all working from home, this experience, for some has been rather isolating. This isolation is something that has been felt across all industries including agencies.
That is why collaboration between agencies on a number of factors is more important now than it ever has been. As business owners we are all guilty of feeling that other agencies are ‘competition’ or the ‘enemy’ but in fact the opposite is true.
How well do you REALLY know the financial situation of your agency (or any business). I am not talking Profit and Loss as this only shows historic performance.
I am talking about the real figures that indicate the financial health of your business NOW and most importantly in the future.
Run your business as if you are going to sell it tomorrow, even if that is not your end game.
Why? Because people only buy well run businesses. We can get a huge insight into how we should be running our businesses from what people look for when buying a business.
Nine times out of 10 when you ask a marketing agency ‘what they do’, they list their services – “we design great brands”; “we build websites”; “we manage your social media” – you get the drift.
These bland statements do not communicate the value you give. Every single agency that does what you do (and there are thousands) can say exactly the same thing. You drown in the sea of sameness. The result is that the only single aspect you can compete on is price because there is nothing else to compete on.