SlideShare una empresa de Scribd logo
1 de 17
Descargar para leer sin conexión
Are You Stunting Your Agency's Growth?
10 Financial Mistakes Standing In Your Way
Introduction
You probably remember what it felt like to have a steady
paycheck for the first time. Money started to feel like a
tool, instead of something to hoard for the weekends.
Maybe this was right after college. You got a job, moved
to a new city, rented an apartment, made new friends,
started eating out most nights a week, and found that
money fulfilling its function pretty quickly. This isn’t ev-
eryone’s exact experience, but it is a fundamental pattern
of financial growth
(unless you’re like Mr. Money Mustache).
Many agency owners fall prey to similar mistakes. They find themselves in an entirely
new financial ecosystem than when they were employees, with new decisions to make
and new considerations to account for.
Instead of letting you learn the hard way again, we’ve compiled these common finan-
cial mistakes to help you avoid them.
What Financial
Mistakes Are Agency
Owners Making?
1. Not Having a
Financial Plan
When you’re busy onboarding and managing new
clients, it’s easy to let a financial plan become something
you’ll get to someday. Not having one is a quick way to lose
all of that hard-earned revenue. A financial plan not only
helps you identify how much to charge for your services, but
it also provides insight into key aspects of your business,
such as profitability, inherent value, and scalability.
2. Not Tracking Key Metrics
Maybe you’re a numbers whiz and you’ve been able to track key metrics in your head up
to this point. But as you start accruing more expenses like software,
unplanned outsourcing, work spaces, and biz dev costs, it’s crucial that you
understand the kind of return you’re getting on all of these investments.
How many clients do you need to close—both new and
old—and at what percent profitability to afford those
snazzy iPad Pros for all your designers? Do you know
how much of your overhead your current clients cover?
Does anyone? What happens if your world is shaken up
tomorrow?
3.PoorlyManaging
Retainers
Retainers sound great in theory (and for the most
part, they are), but agency owners should
approach them with caution. It’s easy to get into a
situation wherein a client is free to exceed a retainer
but asks for money back on unused hours. Put con-
straints in place ahead of time that make the financial
process clear for deficit or
surplus hours. Make sure your team tracks its hours
fastidiously and avoid deficit hours
whenever possible.
4. Assuming Larger
Retainer Equals
Larger Profit
Another common pitfall in the retainer game is assuming that
the larger a retainer, the larger the profit. Another equation to
consider though: larger retainer equals more deliverables
equals greater toll on resources (whether it’s paying freelanc-
ers or taking away from other more profitable projects and
clients) equals profit?
Before taking on any large retainers, make sure your process-
es and tracking systems are in place to prevent a huge project
from eating up your agency.
Processes are the lifeblood of agency work, and to be truly great, they must evolve. Sometimes, however,
processes are changed significantly, and they affect time amount of time teams spend on projects. If you go
through a change like this, re-evaluate your time spent for any overages after three months. If you see that
time has increased, consider repricing your services for new projects and retainers (but please, avoid
charging existing clients more for the same number of deliverables!)
5. Changing Processes
Without Changing Pricing
6. Not Diversifying
Your Revenue
Stream
Let us all take a moment to mourn a company like Imagi-
nation Technologies. They put all their apples into Apple’s
basket, and now they are hurting in ways no owner likes to
see. As with a large retainer, it’s tempting to follow the big
revenue, but it’s important to keep an eye on potential
financial stressors. If your biggest client dropped you
tomorrow, would your agency be able to survive into next
week?
7. Tracking Projects
and Accounting
Separately
This is like trying to lose weight without tracking your
ingoing calories against your outgoing calories. Every proj-
ect is going to burn a certain amount of your agency’s
resources. And it’s easy to let that tracking exist in its own
silo—revenue is the only number that really matters, right?
Well, it’s also easy to spend that revenue before you even
earn it if you’re not tracking your projects against the an-
ticipated revenue. This may only happen rarely, but once
you know what sort of projects make your profit margins
look like a grad student’s checking account, you’ll have a
smarter, and more profitable, agency on your hands.
8. Inefficient Billing Process
Once a client signs a contract, dollar signs might
dance around your head like bluebirds in a Disney
movie. Every time you hear about the status on
that project, you can’t help but think fondly about
the revenue right around the corner. You sit your
team down for a quarterly revenue report expect-
ing to see that
revenue realized in the P&L for the agency, but
sadly it’s nowhere to be seen.
What happened?
The bill didn’t go out until last week? The project
ended, but accounting didn’t hear about it. The bill-
ing lay dormant until a passing conversation over
lunch brought it back from the dead and got it out
the door to your client.
The time between a project ending and billing being
sent out is crucial when you’re growing an agency. It
can be the difference between missing and making pay-
roll. Put processes in place to make sure account man-
agers and accounting know how to partner after a proj-
ect is complete.
9. Scope Creep
Scope creep is to your clients what dessert is to your kids.
They aren’t trying to be greedy; it’s just so hard to resist
asking for that extra deliverable … or extra cookie. Scope
creep is an issue of not setting expectations. Be confident in
the value you deliver and know that clients will try to get as
much of that value from you as they can for the lowest cost.
It’s just business, but it’s also a recipe for financial burnout if
you’re not prepared.
BIG
SALE
10. Pricing Is Wrong
This goes back to knowing your value. A lot of agency
owners make the mistake of pricing based on hours spent
or a type of service. Instead, set your prices based on the
value you deliver. If you can, work with existing clients to
better understand the positive impact your agency has
had on their business. Use this, combined with the actual
cost of those projects, to help inform your pricing moving
forward.
SALE BIG
SALE
REQUEST A DEMO
Get your guided tour of Workamajig today

Más contenido relacionado

Similar a Are You Stunting Your Agency's Growth? 10 Financial Mistakes Standing In Your Way

Top 10 Tips for Reducing Your Expenses
Top 10 Tips for Reducing Your ExpensesTop 10 Tips for Reducing Your Expenses
Top 10 Tips for Reducing Your ExpensesMark Wardell
 
Financial Literacy - The Essentials
Financial Literacy - The EssentialsFinancial Literacy - The Essentials
Financial Literacy - The EssentialsGiang Le
 
Enterpreneurship Development Assignment on making business unique and convert...
Enterpreneurship Development Assignment on making business unique and convert...Enterpreneurship Development Assignment on making business unique and convert...
Enterpreneurship Development Assignment on making business unique and convert...Gunjan Awasthi
 
6waystoboostworkingcapital
6waystoboostworkingcapital6waystoboostworkingcapital
6waystoboostworkingcapitalJay Lebo
 
What Investors Look For
What Investors Look ForWhat Investors Look For
What Investors Look Forniinue123
 
New2 building a business model
New2 building a business modelNew2 building a business model
New2 building a business modelZiya-B
 
Mgi newsletter dec 2014
Mgi newsletter dec 2014Mgi newsletter dec 2014
Mgi newsletter dec 2014Grant Field
 
MGI News December 2014
MGI News December 2014MGI News December 2014
MGI News December 2014Grant Field
 
Life_is_Good_for_CA_Sm_Business_EN
Life_is_Good_for_CA_Sm_Business_ENLife_is_Good_for_CA_Sm_Business_EN
Life_is_Good_for_CA_Sm_Business_ENBarb Robinson
 
How to succeed as a start-up
How to succeed as a start-upHow to succeed as a start-up
How to succeed as a start-upTriton Capital
 
The 11th Commandment Presentation
The 11th Commandment PresentationThe 11th Commandment Presentation
The 11th Commandment PresentationChrisGamuyao1
 
Creating a Budget for Your Business
Creating a Budget for Your BusinessCreating a Budget for Your Business
Creating a Budget for Your BusinessSimonAllsop3
 
Let's Accelerate your Business with Lead Generation
Let's Accelerate your Business with Lead Generation Let's Accelerate your Business with Lead Generation
Let's Accelerate your Business with Lead Generation Real-Time OutSource
 
Surviving The Recession
Surviving The RecessionSurviving The Recession
Surviving The RecessionAlan Walsh
 

Similar a Are You Stunting Your Agency's Growth? 10 Financial Mistakes Standing In Your Way (20)

Top 10 Tips for Reducing Your Expenses
Top 10 Tips for Reducing Your ExpensesTop 10 Tips for Reducing Your Expenses
Top 10 Tips for Reducing Your Expenses
 
Financial Literacy - The Essentials
Financial Literacy - The EssentialsFinancial Literacy - The Essentials
Financial Literacy - The Essentials
 
Managing your cash flow 2
Managing your cash flow 2Managing your cash flow 2
Managing your cash flow 2
 
Enterpreneurship Development Assignment on making business unique and convert...
Enterpreneurship Development Assignment on making business unique and convert...Enterpreneurship Development Assignment on making business unique and convert...
Enterpreneurship Development Assignment on making business unique and convert...
 
6waystoboostworkingcapital
6waystoboostworkingcapital6waystoboostworkingcapital
6waystoboostworkingcapital
 
What Investors Look For
What Investors Look ForWhat Investors Look For
What Investors Look For
 
New2 building a business model
New2 building a business modelNew2 building a business model
New2 building a business model
 
Mgi newsletter dec 2014
Mgi newsletter dec 2014Mgi newsletter dec 2014
Mgi newsletter dec 2014
 
MGI News December 2014
MGI News December 2014MGI News December 2014
MGI News December 2014
 
MGI News December 2014
MGI News December 2014MGI News December 2014
MGI News December 2014
 
Life_is_Good_for_CA_Sm_Business_EN
Life_is_Good_for_CA_Sm_Business_ENLife_is_Good_for_CA_Sm_Business_EN
Life_is_Good_for_CA_Sm_Business_EN
 
How to succeed as a start-up
How to succeed as a start-upHow to succeed as a start-up
How to succeed as a start-up
 
Agile budget v1.01
Agile budget v1.01Agile budget v1.01
Agile budget v1.01
 
E Book - 8 Tips for start ups
E Book - 8 Tips for start upsE Book - 8 Tips for start ups
E Book - 8 Tips for start ups
 
Seven simple strategies to cut costs
Seven simple strategies to cut costsSeven simple strategies to cut costs
Seven simple strategies to cut costs
 
The 11th Commandment Presentation
The 11th Commandment PresentationThe 11th Commandment Presentation
The 11th Commandment Presentation
 
5899
58995899
5899
 
Creating a Budget for Your Business
Creating a Budget for Your BusinessCreating a Budget for Your Business
Creating a Budget for Your Business
 
Let's Accelerate your Business with Lead Generation
Let's Accelerate your Business with Lead Generation Let's Accelerate your Business with Lead Generation
Let's Accelerate your Business with Lead Generation
 
Surviving The Recession
Surviving The RecessionSurviving The Recession
Surviving The Recession
 

Último

Content drivers for global brands: new innovative paths for your branded cont...
Content drivers for global brands: new innovative paths for your branded cont...Content drivers for global brands: new innovative paths for your branded cont...
Content drivers for global brands: new innovative paths for your branded cont...Vanksen
 
Friends of Search '24 - Scaling SEO_ Lessons for All Types of Sites.pptx
Friends of Search '24 - Scaling SEO_ Lessons for All Types of Sites.pptxFriends of Search '24 - Scaling SEO_ Lessons for All Types of Sites.pptx
Friends of Search '24 - Scaling SEO_ Lessons for All Types of Sites.pptxGregory Edwards
 
Run more experiments with fewer resources
Run more experiments with fewer resourcesRun more experiments with fewer resources
Run more experiments with fewer resourcesVWO
 
A_B Testing Personalized Meditation Recommendations.pdf
A_B Testing Personalized Meditation Recommendations.pdfA_B Testing Personalized Meditation Recommendations.pdf
A_B Testing Personalized Meditation Recommendations.pdfVWO
 
Ppt regarding of Digital Marketing cours
Ppt regarding of Digital Marketing coursPpt regarding of Digital Marketing cours
Ppt regarding of Digital Marketing courstegveersingh09
 
The 2024 Next Gen Attention Study - www.livewire.group
The 2024 Next Gen Attention Study - www.livewire.groupThe 2024 Next Gen Attention Study - www.livewire.group
The 2024 Next Gen Attention Study - www.livewire.groupLivewire
 
Podvertise.fm - Founder.University - Pitch Deck 2024
Podvertise.fm - Founder.University - Pitch Deck 2024Podvertise.fm - Founder.University - Pitch Deck 2024
Podvertise.fm - Founder.University - Pitch Deck 2024Nedko Nedkov
 
Top 15 Emerging Technologies for the Modern World
Top 15 Emerging Technologies for the Modern WorldTop 15 Emerging Technologies for the Modern World
Top 15 Emerging Technologies for the Modern WorldD Cloud Solutions
 
Podvertise.fm - Podcast Advertising Marketplace - Startup Pitch Deck
Podvertise.fm - Podcast Advertising Marketplace - Startup Pitch DeckPodvertise.fm - Podcast Advertising Marketplace - Startup Pitch Deck
Podvertise.fm - Podcast Advertising Marketplace - Startup Pitch DeckNedko Nedkov
 
ToShare_UG 13_03_24_Full_BelgianTrailblazerCommunity.pptx
ToShare_UG 13_03_24_Full_BelgianTrailblazerCommunity.pptxToShare_UG 13_03_24_Full_BelgianTrailblazerCommunity.pptx
ToShare_UG 13_03_24_Full_BelgianTrailblazerCommunity.pptxivanrazine1
 
Cricket Playbook for Growth Marketers: Adjust x Glance report
Cricket Playbook for Growth Marketers: Adjust x Glance reportCricket Playbook for Growth Marketers: Adjust x Glance report
Cricket Playbook for Growth Marketers: Adjust x Glance reportSocial Samosa
 
Marketing Team of 1, A Framework To Win!
Marketing Team of 1, A Framework To Win!Marketing Team of 1, A Framework To Win!
Marketing Team of 1, A Framework To Win!Joseph Skibbie
 
Crafting High-Converting eCommerce Landing Pages
Crafting High-Converting eCommerce Landing PagesCrafting High-Converting eCommerce Landing Pages
Crafting High-Converting eCommerce Landing PagesVWO
 
A navigation of two creative processes Study
A navigation of two creative processes StudyA navigation of two creative processes Study
A navigation of two creative processes Studystuwilson.co.uk
 
Digital Marketing Services like SEO, SMM, SEM
Digital Marketing Services like SEO, SMM, SEMDigital Marketing Services like SEO, SMM, SEM
Digital Marketing Services like SEO, SMM, SEMNazal Digital
 
Voltas turnaround strategy management case
Voltas turnaround strategy management caseVoltas turnaround strategy management case
Voltas turnaround strategy management caseAnkit Sarkar
 
What's Happening with Your Microsoft Advertising's Search Campaigns? - Sophie...
What's Happening with Your Microsoft Advertising's Search Campaigns? - Sophie...What's Happening with Your Microsoft Advertising's Search Campaigns? - Sophie...
What's Happening with Your Microsoft Advertising's Search Campaigns? - Sophie...Sophie Logan
 
Advertising and public relations, Role and Impact
Advertising and public relations, Role and ImpactAdvertising and public relations, Role and Impact
Advertising and public relations, Role and ImpactMuhammad Junaid
 
2024 Google SERP Features: New Strategies To Gain Visibility
2024 Google SERP Features: New Strategies To Gain Visibility2024 Google SERP Features: New Strategies To Gain Visibility
2024 Google SERP Features: New Strategies To Gain VisibilitySearch Engine Journal
 
Harnessing Social Media for Marketing Growth
Harnessing Social Media for Marketing GrowthHarnessing Social Media for Marketing Growth
Harnessing Social Media for Marketing Growthabinashdm2014
 

Último (20)

Content drivers for global brands: new innovative paths for your branded cont...
Content drivers for global brands: new innovative paths for your branded cont...Content drivers for global brands: new innovative paths for your branded cont...
Content drivers for global brands: new innovative paths for your branded cont...
 
Friends of Search '24 - Scaling SEO_ Lessons for All Types of Sites.pptx
Friends of Search '24 - Scaling SEO_ Lessons for All Types of Sites.pptxFriends of Search '24 - Scaling SEO_ Lessons for All Types of Sites.pptx
Friends of Search '24 - Scaling SEO_ Lessons for All Types of Sites.pptx
 
Run more experiments with fewer resources
Run more experiments with fewer resourcesRun more experiments with fewer resources
Run more experiments with fewer resources
 
A_B Testing Personalized Meditation Recommendations.pdf
A_B Testing Personalized Meditation Recommendations.pdfA_B Testing Personalized Meditation Recommendations.pdf
A_B Testing Personalized Meditation Recommendations.pdf
 
Ppt regarding of Digital Marketing cours
Ppt regarding of Digital Marketing coursPpt regarding of Digital Marketing cours
Ppt regarding of Digital Marketing cours
 
The 2024 Next Gen Attention Study - www.livewire.group
The 2024 Next Gen Attention Study - www.livewire.groupThe 2024 Next Gen Attention Study - www.livewire.group
The 2024 Next Gen Attention Study - www.livewire.group
 
Podvertise.fm - Founder.University - Pitch Deck 2024
Podvertise.fm - Founder.University - Pitch Deck 2024Podvertise.fm - Founder.University - Pitch Deck 2024
Podvertise.fm - Founder.University - Pitch Deck 2024
 
Top 15 Emerging Technologies for the Modern World
Top 15 Emerging Technologies for the Modern WorldTop 15 Emerging Technologies for the Modern World
Top 15 Emerging Technologies for the Modern World
 
Podvertise.fm - Podcast Advertising Marketplace - Startup Pitch Deck
Podvertise.fm - Podcast Advertising Marketplace - Startup Pitch DeckPodvertise.fm - Podcast Advertising Marketplace - Startup Pitch Deck
Podvertise.fm - Podcast Advertising Marketplace - Startup Pitch Deck
 
ToShare_UG 13_03_24_Full_BelgianTrailblazerCommunity.pptx
ToShare_UG 13_03_24_Full_BelgianTrailblazerCommunity.pptxToShare_UG 13_03_24_Full_BelgianTrailblazerCommunity.pptx
ToShare_UG 13_03_24_Full_BelgianTrailblazerCommunity.pptx
 
Cricket Playbook for Growth Marketers: Adjust x Glance report
Cricket Playbook for Growth Marketers: Adjust x Glance reportCricket Playbook for Growth Marketers: Adjust x Glance report
Cricket Playbook for Growth Marketers: Adjust x Glance report
 
Marketing Team of 1, A Framework To Win!
Marketing Team of 1, A Framework To Win!Marketing Team of 1, A Framework To Win!
Marketing Team of 1, A Framework To Win!
 
Crafting High-Converting eCommerce Landing Pages
Crafting High-Converting eCommerce Landing PagesCrafting High-Converting eCommerce Landing Pages
Crafting High-Converting eCommerce Landing Pages
 
A navigation of two creative processes Study
A navigation of two creative processes StudyA navigation of two creative processes Study
A navigation of two creative processes Study
 
Digital Marketing Services like SEO, SMM, SEM
Digital Marketing Services like SEO, SMM, SEMDigital Marketing Services like SEO, SMM, SEM
Digital Marketing Services like SEO, SMM, SEM
 
Voltas turnaround strategy management case
Voltas turnaround strategy management caseVoltas turnaround strategy management case
Voltas turnaround strategy management case
 
What's Happening with Your Microsoft Advertising's Search Campaigns? - Sophie...
What's Happening with Your Microsoft Advertising's Search Campaigns? - Sophie...What's Happening with Your Microsoft Advertising's Search Campaigns? - Sophie...
What's Happening with Your Microsoft Advertising's Search Campaigns? - Sophie...
 
Advertising and public relations, Role and Impact
Advertising and public relations, Role and ImpactAdvertising and public relations, Role and Impact
Advertising and public relations, Role and Impact
 
2024 Google SERP Features: New Strategies To Gain Visibility
2024 Google SERP Features: New Strategies To Gain Visibility2024 Google SERP Features: New Strategies To Gain Visibility
2024 Google SERP Features: New Strategies To Gain Visibility
 
Harnessing Social Media for Marketing Growth
Harnessing Social Media for Marketing GrowthHarnessing Social Media for Marketing Growth
Harnessing Social Media for Marketing Growth
 

Are You Stunting Your Agency's Growth? 10 Financial Mistakes Standing In Your Way

  • 1. Are You Stunting Your Agency's Growth? 10 Financial Mistakes Standing In Your Way
  • 2. Introduction You probably remember what it felt like to have a steady paycheck for the first time. Money started to feel like a tool, instead of something to hoard for the weekends. Maybe this was right after college. You got a job, moved to a new city, rented an apartment, made new friends, started eating out most nights a week, and found that money fulfilling its function pretty quickly. This isn’t ev- eryone’s exact experience, but it is a fundamental pattern of financial growth (unless you’re like Mr. Money Mustache).
  • 3. Many agency owners fall prey to similar mistakes. They find themselves in an entirely new financial ecosystem than when they were employees, with new decisions to make and new considerations to account for. Instead of letting you learn the hard way again, we’ve compiled these common finan- cial mistakes to help you avoid them.
  • 4. What Financial Mistakes Are Agency Owners Making?
  • 5. 1. Not Having a Financial Plan When you’re busy onboarding and managing new clients, it’s easy to let a financial plan become something you’ll get to someday. Not having one is a quick way to lose all of that hard-earned revenue. A financial plan not only helps you identify how much to charge for your services, but it also provides insight into key aspects of your business, such as profitability, inherent value, and scalability.
  • 6. 2. Not Tracking Key Metrics Maybe you’re a numbers whiz and you’ve been able to track key metrics in your head up to this point. But as you start accruing more expenses like software, unplanned outsourcing, work spaces, and biz dev costs, it’s crucial that you understand the kind of return you’re getting on all of these investments.
  • 7. How many clients do you need to close—both new and old—and at what percent profitability to afford those snazzy iPad Pros for all your designers? Do you know how much of your overhead your current clients cover? Does anyone? What happens if your world is shaken up tomorrow?
  • 8. 3.PoorlyManaging Retainers Retainers sound great in theory (and for the most part, they are), but agency owners should approach them with caution. It’s easy to get into a situation wherein a client is free to exceed a retainer but asks for money back on unused hours. Put con- straints in place ahead of time that make the financial process clear for deficit or surplus hours. Make sure your team tracks its hours fastidiously and avoid deficit hours whenever possible.
  • 9. 4. Assuming Larger Retainer Equals Larger Profit Another common pitfall in the retainer game is assuming that the larger a retainer, the larger the profit. Another equation to consider though: larger retainer equals more deliverables equals greater toll on resources (whether it’s paying freelanc- ers or taking away from other more profitable projects and clients) equals profit? Before taking on any large retainers, make sure your process- es and tracking systems are in place to prevent a huge project from eating up your agency.
  • 10. Processes are the lifeblood of agency work, and to be truly great, they must evolve. Sometimes, however, processes are changed significantly, and they affect time amount of time teams spend on projects. If you go through a change like this, re-evaluate your time spent for any overages after three months. If you see that time has increased, consider repricing your services for new projects and retainers (but please, avoid charging existing clients more for the same number of deliverables!) 5. Changing Processes Without Changing Pricing
  • 11. 6. Not Diversifying Your Revenue Stream Let us all take a moment to mourn a company like Imagi- nation Technologies. They put all their apples into Apple’s basket, and now they are hurting in ways no owner likes to see. As with a large retainer, it’s tempting to follow the big revenue, but it’s important to keep an eye on potential financial stressors. If your biggest client dropped you tomorrow, would your agency be able to survive into next week?
  • 12. 7. Tracking Projects and Accounting Separately This is like trying to lose weight without tracking your ingoing calories against your outgoing calories. Every proj- ect is going to burn a certain amount of your agency’s resources. And it’s easy to let that tracking exist in its own silo—revenue is the only number that really matters, right? Well, it’s also easy to spend that revenue before you even earn it if you’re not tracking your projects against the an- ticipated revenue. This may only happen rarely, but once you know what sort of projects make your profit margins look like a grad student’s checking account, you’ll have a smarter, and more profitable, agency on your hands.
  • 13. 8. Inefficient Billing Process Once a client signs a contract, dollar signs might dance around your head like bluebirds in a Disney movie. Every time you hear about the status on that project, you can’t help but think fondly about the revenue right around the corner. You sit your team down for a quarterly revenue report expect- ing to see that revenue realized in the P&L for the agency, but sadly it’s nowhere to be seen.
  • 14. What happened? The bill didn’t go out until last week? The project ended, but accounting didn’t hear about it. The bill- ing lay dormant until a passing conversation over lunch brought it back from the dead and got it out the door to your client. The time between a project ending and billing being sent out is crucial when you’re growing an agency. It can be the difference between missing and making pay- roll. Put processes in place to make sure account man- agers and accounting know how to partner after a proj- ect is complete.
  • 15. 9. Scope Creep Scope creep is to your clients what dessert is to your kids. They aren’t trying to be greedy; it’s just so hard to resist asking for that extra deliverable … or extra cookie. Scope creep is an issue of not setting expectations. Be confident in the value you deliver and know that clients will try to get as much of that value from you as they can for the lowest cost. It’s just business, but it’s also a recipe for financial burnout if you’re not prepared.
  • 16. BIG SALE 10. Pricing Is Wrong This goes back to knowing your value. A lot of agency owners make the mistake of pricing based on hours spent or a type of service. Instead, set your prices based on the value you deliver. If you can, work with existing clients to better understand the positive impact your agency has had on their business. Use this, combined with the actual cost of those projects, to help inform your pricing moving forward. SALE BIG SALE
  • 17. REQUEST A DEMO Get your guided tour of Workamajig today