Implementing changes in your agency can be a complex task. But adopting the right mindset will be a tremendous boon on your journey.
An East Coast-based agency was facing titanic struggles. They had a massive issue with their anchor client who contributed to approximately 70% of their revenue. And it triggered a series of catastrophic events that threatened to close their business.
As a result, the agency lost a whopping $500,000, and they maxed out their credit lines.
Their accounts payable and credit lines were due, but they were unable to pay it back. To make matters worse, the owner of the agency didn't make any significant changes even when they were losing tons of money.
It seemed the business would die in the next couple of months. This period was fearful for the agency owner, but they believed they had exhausted all their options.
That was when Creative Agency Success stepped in.
The owner saw us as a Hail Mary since they didn't have anything to lose. They were already up to their neck in debt, and inaction would force them to close their doors within the next 90 days.
As declaring bankruptcy was just one option, the agency took another course of action and followed our guidance. We helped them overhaul their operations, eliminate clients that were losing money, downsize the company, and negotiate with banks to extend credit terms.
They also altered their marketing strategies to target their ideal clients. Soon enough, the agency became cash-flow positive and had its best year in over a decade.
The turnaround transpired due to the owner's ability to accept change.
What Happens When Agency Owners Aren't Open-minded About Change
Continuous improvement and innovation are integral to succeeding as an agency owner. You're essentially dying if you're not open-minded about change and growth.
Many agency owners fail to transform and resist change due to their decision-making paralysis. Their mindset keeps them from addressing the issues in their agency, and they can't adapt to the market.
The agency might have tremendous potential, but the company head doesn't allow it to reach it.
While making changes in your agency is a demanding task, failure to do so can cripple your chances of succeeding. Worse, it can be practically impossible to maintain a positive cash flow in your agency and stay ahead of the competition.
Snapping out of the inactivity mindset is vital to growing your business.
Stepping Into the Right Mindset
Some agency owners experience paralysis due to their fear of change. But the reality is that breaking through it is the only way to keep any agency moving forward.
How do you do that?
The first step is to recognize that your fear is there. Understand that adjusting your strategies is difficult because this will enable you to take the next step.
On top of that, you need to stop thinking about the past. Focus on your future and the opportunities it can provide for your agency. Recharge your batteries and motivate yourself to be excited about the upcoming challenges. Deal with them appropriately and look forward to more possibilities to manage and grow your company efficiently.
Furthermore, many owners who are afraid of change think small. But this approach is a no-go if you want to prosper.
Instead of limiting your agency's potential, think about all the things it can accomplish if you implement changes. Also, figure out what you need to do to become the catalyst for those accomplishments.
This mindset will put you on the right track to success and help build an agency you've always dreamed of.
Don't Choose Inactivity
As previously indicated, inaction is the arch-enemy of effective agency management. You might have struck a chord with many clients, but you risk losing them if you don't move forward with your offerings.
For example, postponing your decisions until everything is perfect is one of the biggest mistakes you can make.
Waiting for all the information to arrive promotes inaction, which doesn't allow you to grow and increases your anxiety levels. You can't move forward or invest time and money into your agency. As a result, you won't be able to get out of the same position you were in a year ago.
Unfortunately, many agency owners take this approach. It's especially saddening if their organization is promising and attracts customers from various industries. They're idle, and they can't select their preferred industry.
One thing that triggers their inactivity is a distorted perception of value. If you don't believe or understand the value your agency provides, your customer interaction will suffer.
In other words, the confidence in your agency’s offerings and the confidence your prospects have in your agency are directly related. The higher your confidence, the higher the confidence of your customers.
Failure to understand this correlation can have disastrous consequences. If you don't believe your company has value, neither will your clients. Potential customers can also recognize your lack of confidence, making them reluctant to do business with you.
So, instead of standing by until all the pieces of the puzzles come together, you should look at your current options. Figure out which one works best and make your decision according to the information available at the moment.
You might make a slightly different move than usual, but it's the best thing you can do at the time.
As more information presents itself, you can always make adjustments and course correct. But inaction is a pathway to failure.
A Change of Mindset Can Be Your Agency’s Game Changer
Being a prosperous agency owner is already challenging due to numerous external factors. There's no need to complicate the job further by adopting the wrong mindset. Otherwise, it’ll drive your profits down, limit the potential of your agency, and cause debilitating inaction.
Understand that your company needs to undergo some changes if you're struggling to accomplish your goals. Also, move forward with your clients - don't keep them waiting too long. Otherwise, you may lose them to one of your competitors.
Adopting the necessary mentality is just the first step to improving your agency. If you want to find out more about enhancing your business, Apply to our Agency Accelerator Program today.
