The most successful ways to manage agency resources are not always the most obvious. Tangram's Chief Growth Officer, Carl Witton shares his tips.
Half the world is still in lockdown, and many businesses are experiencing a period of flux. There has never been a better time to manage agency resources. In respect of both creative and commercial success, what more can you be doing to increase your performance in resourcing and planning?
Managing company resources is not always a priority for many people. It tends to get pushed down the list in the constant management of clients. Planning your company spending can be difficult and is often in the short term only.
More progressive agencies are changing the thinking on this. Necessity is, of course, the mother of invention, and with the world facing a crisis of previously unknown complexity, radical thinking is of paramount importance. With new tools and technology to support you, your company can gain that all-important edge over the competition.
So, let’s take a look at how you can successfully manage agency resources.
1. Identify and Prioritise Key Resources
Without a shadow of a doubt, the most important resource that any company has is its people. Without competent staff on board your identity gets diluted. Your main priority is the generation of revenue. Train your staff members effectively, and they will bring in the clients. More importantly, they will keep them.
2. Continually Reviewing Data will Manage Agency Resources
By using the correct software, your metrics and tracking will significantly improve. Of course, this is dependent upon continually evaluating the information that the data is presenting. Focus on areas within your business that are costing money. By switching resources from these areas to more profitable areas, positive change will follow. These tweaks to your agency will reap much larger rewards than you would think.
3. Open Channels Between Management and Staff
I have already identified the importance that your staff holds within your company. It is necessary to ensure that two-way dialogue is always in place. Everybody has good and bad ideas; this is natural. It is crucial to listen to them all. Continually ask your staff for input. Your employees know what is happening on the ground and are often best placed to advise and inform. By involving them in strategy and planning, they will automatically feel better valued and, as a result, become more loyal.
Weekly or monthly brainstorming sessions are incredibly valuable, especially in this time of detachment. Online meetings are, for many, the only face-to-face involvement during the pandemic. It is now more important than ever to keep everyone involved and on the same page. If someone proffers a good idea, implement it swiftly and publicly within your group. Always ensure that anyone creating positive change receives the recognition they deserve.
4. Investment Planning
All companies need growth to survive. Sound investments mean better resources for employees to do their job. As you better manage agency resources, you will continually see cash flow improve, facilitating quality investments. Then, by spending those yielded finances wisely, you can ensure your workers get the best possible assistance, making their jobs easier. For example, resource planning and time tracking software that also includes client billing.
5. Develop a Savings Plan
The difference between investments and savings plans is that the former addresses short-term financial needs while the latter looks into the future with a view to long-term growth. Most agencies do pretty well at addressing investment but not so well when it comes to savings. It is understandable, of course, as there is always pressure to show immediate results. Small changes made today will place you in a position to look at long-term savings.
6. Identify and Track KPIs
The best Key Performance Indicators are the ones that help identify where the money is going. With most people currently working from home, it is crucial to help them spend their time more effectively. With everyone working in one office, this is not often a priority. However, in today’s climate, helping your workers become more effective, is. It may not matter to your company whether they take five hours or four hours to get a result. However, it matters to them. Better time management means more time with family and a better work-life balance. This balance is key in retaining staff and maintaining a healthy environment for all.
7. Constantly Re-Evaluate Your Methods
Just because something is working, doesn’t mean it cannot be improved. It is so easy to slip into complacency when everything is running smoothly. Always keep an eye open for ways to tweak your methodology in ways that will benefit your business. For example, if your lockdown strategy is reaping benefits, share it with your clients. By helping them to improve, you will create a better relationship with them. Put this in your monthly newsletter or any other communication that you have with them.
The simple ways to manage agency resources better could and should form the basis of your strategy moving forward. Challenges like the Coronavirus pandemic creates many opportunities. Instead of purely focusing on finance, try a broader approach covering all aspects of resource management.
As the roll-out of vaccines spreads across all continents, hopefully, there is now light at the end of this long and painful tunnel. Let’s all hope that soon the world starts getting back to normal.
Good luck and stay safe.
Stay in the Loop
Sign up to receive curated content straight to your inbox each month. Handpicked by the TANGRAM team you’ll find the latest on technology, operations and agency insights. Plus, our most rated WorkBook tips, training advice and webinars.
This article first appeared as an opinion piece by Carl Witton, July 2021.
