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Step 1 – Eliminating Revenue Leakage
The shift from retained to fee and performance-based project work can be a major cash flow headache. It’s vital to track your billable project time and ensure you invoice for it. The ability to generate invoices accurately and efficiently, and decrease accounts receivable cycles, will help you improve cash flow and eliminate revenue leakage.
You need to know, in real-time, when a client should be invoiced and automatically prompted to do so otherwise revenue can disappear between the cracks never to be seen again.
Step 2 – Preventing Project Overrun
Just as it’s vital not to under-service a client it’s equally as important, for your business, not to regularly overrun. Projects that overrun have the biggest negative impact on your bottom line. Being able to identify this issue early on, before it becomes a major profit-eroder, is key to maintaining a profitable agency.
You need to know, in real-time, when projects, whatever stage they’re at, are overrunning – so you can take remedial action.
Step 3 – Managing Capacity
Whilst your people make your Agency what it is they are also your biggest cost. Having creatives consistently twiddling their thumbs is a waste of their talents and a profit-eroder. Likewise, unknowingly taking on too much work means you have to call on those expensive freelancers.
You need to know, in real-time, how much capacity you have in order to plan effectively, service your clients and make the most efficient use of your people.
Step 4 – Automating Admin
The administrative burden on both your creative and back office teams can be crippling and costly. Automating and streamlining processes like project and resource management, as well as back office functions like finance, means you can free up your people. It also means you can become a leaner more efficient Agency with a few more % points on your margin.
You need to know, ASAP, what manual Agency processes can be automated and placed in the hands of reliable IT systems to free up your people.
Step 5 – Removing Unwanted Costs
You’ve admirably coped with the seismic digital shift in the market and all the new automation tech and social platforms. Did the rest of your business keep up? Agencies still using a hotchpotch of outdated IT systems or spreadsheets, to manage functions like accounting and project costing, are in major danger of falling behind. Not to mention overpaying for the privilege of doing so.
You need to know, ASAP, if you’re haemorrhaging cash to support and maintain outdated IT systems. Start thinking about the Cloud and IT systems that help you manage your agency end to end.