Remember those Friday nights of walking the aisles of Blockbuster, DVDs in hand, ready for a weekend movie marathon? Once the go-to entertainment hub, Blockbuster is now a cautionary tale for businesses, including creative agencies.
Why? Because they failed to adapt, pivot, and scale their business model in time to align with changing market trends and technology.
Just like Blockbuster, many creative agencies make the same critical mistake: they don't set up a sustainable foundation for growth. Amidst the excitement of landing that first client or hitting an initial revenue milestone, the importance of building a foundational structure for long-term success is often neglected.
Scaling isn't just about amplifying your revenue; it's about expanding your world. It's about experiencing the thrill of impacting more lives with your creative talents and relishing the financial freedom that allows you to be more selective, more strategic, and more relaxed.
But how can you be sure you're laying down the tracks in the right direction? Here's a checklist featuring real-life signs that indicate your agency is built to last:
Think back to the day you went all-in on your agency ownership journey. Were you obsessing over how you would scale to a multi-million-dollar operation or perhaps strategizing to become the go-to agency in your niche? The excitement of landing your first clients, making your first $50K, or even your first $100K, can easily overshadow the nitty-gritty details of preparing your agency for growth.
But here's the sobering truth: the longer you ignore preparing your business for scalability, the more you're setting yourself up for a house of cards, ready to tumble at the slightest shakeup.
So if you've ever felt the sinking sensation of stagnation, despite investing long hours and top-notch creativity, it's time for a change. We've distilled wisdom from hundreds of creative agency owners into three game-changing tips that can supercharge your growth:
Not charging appropriately is more than a financial mistake; it's a dent in your self-esteem that affects everything you do. When you undervalue your services, you invite a host of negative outcomes, from clients second-guessing your expertise to hampering your ability to secure new projects.
Instead, run a quarterly pricing audit. Compare your rates to the market and the tangible value you offer. This is an opportune time to introduce tiered pricing that aligns with your services' value.
Shouldering every task is a shortcut to burnout and stunted growth. Offloading your email and calendar management to an assistant could free up just 10 hours a week alone (that’s 520 hours a year!) that could be invested in strategizing and business development.
If you’re curious about offloading your plate a little - evaluate your current task list. Identify the low-value tasks that are eating up your time and outsource them. Consider using project management tools like Asana or Trello to track tasks and create more efficient communication processes.
We’ve all been there - so desperate for one client to say “yes” we become willing to accept any job. While stepping outside your core expertise for a quick buck may be a quick fix, in the long run, it's a recipe for disaster. Specializing enables you to become an expert, elevating your agency's status and allowing you to charge premium rates.
Instead, create an 'Ideal Client Profile' and a 'Services We Don't Do' list. Stick to these religiously to maintain focus and clarity in your operations. Utilize a “Scope of Work” agreement in your sales and onboarding processes to ensure everyone is on the same page with what the final deliverables will be (and the cost for extra requests).
Blockbuster is not a unique tale of a successful business gone wrong. It is proof that failing to adapt and scale can lead to the collapse of even the most promising creative agencies. Our upcoming exclusive training provides the tools you need to circumvent these pitfalls.
Your agency's destiny is too valuable to leave to chance. Take control of your creative agency today so you know you’ll be around to enjoy tomorrow.