The Agency Advisory
That old chestnut of timesheets reared its head this week after I read a post from Gareth Healey and then a post and linked blog from Brian Kessman with an opposing view. I enjoy grappling with this debate - as I've gone public in my support of timesheets! And by coincidence, I got into a chat with Frank founder Graham Goodkind whose value based model of work is proof perhaps that timesheets have their place in some agencies but not in others.
The opportunity to chat with Graham came courtesy of Ben Smith at the PRmoment at the Founders Club evening kindly sponsored by Rachael Marshall of Magic Digits Ltd .
Other content that caught the eye in the week included some great guidance on lagging KPIs from the ever reliable Simon Collard ; advice on how to best approach that first discovery call with a prospect from ?? Simon Thurston ?? ; a fascinating look at unleashing your inner rebel by Advita Patel ; and some sound advice from Bruce E. Bishop via TobinLeff, LLC on when's the right time to sell your business.
These are meaty topics that I know from my conversations and work with Founders & Agency Leaders occupy the thoughts of many. If you'd like to discuss any of them over coffee or Zoom, then just ping me a note or book time with me via Calendly.
Have a great week and as always, feedback on content is always welcome.
Time to Look Again at Timesheets?
I remain an advocate of timesheets for internal resource management but hear what others say about management by sight, by value and by top line financial metrics. Hence I enjoyed the post from Gareth Healey and then the insight from Brian Kessman and his interview with three leaders who have moved over to a value based model - Darryl Sparey (Chart.PR, FPRCA, FCIPR) of Hard Numbers ?? , Michael Duda of Bullish and Richard Tan FCA of FIG .
Gareth's post is here: https://www.dhirubhai.net/feed/update/urn:li:activity:7173573582382440448/
Brian's post and link to his interview is here:
Keep Track of Those Lagging Business Indicators
Perhaps in tandem with the debate around timesheets, Simon Collard has provided a checklist of lagging indicators that every agency should follow. Recovery rate and income per head are included and so I'm wondering what Simon's view on timesheets might be. As an FD, I might make a guess! Regardless, Simon's list of KPIs serves for a useful reminder of what agency management should be setting and tracking on a regular basis.
Discovery Through the Prospect's Lens
They say first impressions count. Going into that initial discovery call with a prospect is arguably one of the most important steps in the pitch process. So how often do agencies consider what the prospect is looking to get from the call. ?? Simon Thurston ?? posted a short checklist that serves as a useful reminder to agency types to ensure key information is provided that to put the prospect's mind at rest from the outset.
Why Rebels are Good for Your Business
I'm a huge admirer of Advita Patel , founder of CommsRebel and President elect of the Chartered Institute of Public Relations . Her post this week which contained a diagram by Tanmay Vora summarises why business should not view rebels as disruptive and that as well as heroes, rebels can add just as much value to the workplace. Controversial maybe. But in my experience, those that meet Advita's rebel criteria are huge assets to have in any agency.
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When's the Right Time to Sell Your Business?
Can. Should. Ready. Three short modal verbs that according to M&A advisory firm TobinLeff, LLC via Bruce E. Bishop inform the answer to that question. It's about when can you sell. When should you sell. And then when are you ready to sell. Add to that a fourth dimension - are you emotionally ready to sell - and you have a set of questions with which to frame your decision about exit. Read TobinLeff's blog to dive deeper.
SHORTS
Payment Terms - Are Your Prepared to Fight Back?
??Dan Archer makes the point about utterly unrealistic payment terms offered by large corporates off the back of a name and shame report into big company late payers.
Please Take Burnout Seriously
A serious topic highlighted by John Bradbury - 72% of founders reported a detrimental impact on their mental health. Don't be one of those. Perhaps follow Bella Hegarty ' lead and find a way to create headspace among the business.
Do You Really Know The Buyer's Behaviour?
Selling consultancy is no different to any other B2B sales process and so Pierre Herubel advice about building a detailed buyer persona is well worth taking in.
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1 年Thank you Andy West for including my ramblings on a Monday morning glad they stuck out as more than just that ??
Thanks for the mention, Andy! This is a great list of resources.
Agencies are my thing. I co-founded Agency Aid CIC - a an agency industry charitable giving company. Get involved.
1 年LOVE THIS. Also there are a lot of Agencywise Masterclass experts in there. So we are very excited to be launch that in April.
Helping agencies find scalable, high-margin growth | Positioning, Productization + Pricing, AI Strategy and Operating Models | 4A’s Expert | Keynote Speaker
1 年Thanks for the mention, Andy West. That’s a great list of insightful posts.
MD Hard Numbers ?? | Co-founder The Family | Chartered PR | PRCA & CIPR Fellow
1 年Thanks for including the timesheets piece, Andy