Jenni HughesJenni Hughes
Partly Sunny With A Chance Of Showers: Forecasting For Your Digital Agency

Partly Sunny With A Chance Of Showers: Forecasting For Your Digital Agency

Intuitively you might think that the more accounts you land the faster your profits will grow.  Growth is good, but can it be too much of a good thing?Without a good strategic growth plan, your fast growth could quickly put you out of business. Before putting together a strategic growth plan for your digital agency, there are 3 things you need to consider.

  1. Do I have enough of the right employees?
  • Does your current staff have the right skill set for the new work?
  • Do your employees represent your company’s values and culture?
  • Do you have enough staff to absorb the sudden influx of work?

      2. Communication

  • How do you communicate with your staff?
  • Does everyone know what your company and your brand stand for?
  • It’s important to make sure everyone is on the same page so miscommunication with potential clients doesn’t hinder your growth.

     3. Resources

  • Do you have the right financial resources to keep up with the growth?
  • Sudden growth may mean you need to hire more employees, buy more computers and other hardware to keep up with the growth.

Once you have a solid internal foundation you can begin to put together your growth plan. This means a new list of things to consider.

Strengths
What are your strengths as a company and how can you bring those to your potential clients?  What sets your creative agency apart from your competitors? Once you figure out those qualities, you can begin to understand why your clients are coming to you. Upon understanding that, you can market your company to the type of client you feel would find value in those strengths.

Clients
It’s important to identify your ideal client.  This could mean that the client fits a certain market niche.  Or maybe the potential client holds the same corporate values as your company does.

Revenue
Clearly define your current revenue streams.  Are there other types of work that your company could offer potential clients to make you a more value added firm?  Look at your competition. Are they doing something you are not? Adding service lines to your existing client base is a quick way of increasing your profit without a lot of additional marketing.

The Current Market
How much of the market share does your company currently own?  This can help you identify who your weaker competitors are so you can go after some of that business. You could also explore a niche in the market that is being underserved.  This could open the door to many more opportunities.

Having a growth plan in place will allow you to know exactly where to look for new business opportunities for your digital agency.  It will give your business the opportunity to grow at a good pace, find the kind of clients that fit your culture, and ultimately provide you bigger profits.

About Jenni Hughes

Jenni has a BA in Communications from the University of Wisconsin and an MS in Accounting from UW-Milwaukee. Even though she’s a Packers fan, we still let her work for our Chicago-based firm. When she’s not attending her kids’ soccer, basketball, or football games, she enjoys exercising, paddle boarding, and traveling.