Name It and Conquer: Reports That Keep Your Agency Thriving
To solve a problem, you need to name it first, right?
Now, you’re probably thinking: “Yeah, sure, but there are hundreds of problems to solve at my agency.”
We get that. Extinguishing consequences of scope creep. Balancing schedules. Keeping the cash coming in. What to tackle first is the real question.
But let’s zoom out for a moment and take a look at the big picture. The biggest problem for any agency to solve is how to continue to thrive. So the common denominator of staying healthy as an agency is data that will help you move forward as a business.
Now let’s look at some key reports that agencies need to keep at their fingertips, broken down into three time frames – past, present and future.
1. Past: Spot Patterns Using Historical Data
When was the last time you had mental space to look into past data on the work your agency has been delivering? Perhaps last quarter. Maybe even 6 months ago. If it was the year’s end, you were probably focused on P&L statements. But did you think to zoom into profitability by client, service, or industry? Diving into reports that cover profitability, utilization and forecasted vs. actual revenue can help you better address issues that occurred—and decide how to avoid them in the future.
2. Present: Get a Pulse on Your Business In Real Time
Getting in touch with your finance team to get a pulse on how your agency is doing – financially speaking – is a thing of the past.
Assuming your teammates are tracking time on a daily basis, you can see the financial state of your client work in real time, within a couple of clicks. Reports that show you budget burn, or, on the flip side – profitability per project – can help make faster decisions and facilitate conversations with clients if necessary. Utilization by teammate can usually indicate how well your projects are going in the present, which team or person is overutilized or who needs more work.
3. Future: Peek Into Potential Scenarios and Build Backwards
Forecasted revenue can be looked at globally, sure, but to understand where your resources will be booked, where you need to sell (or hire) more, and learn where to invest more or less effort, try scenario-building. What figures do you plan on seeing as your forecasted revenue, forecasted profitability and forecasted utilization in 6 or 12 months? Once you have those goals in mind, reverse-engineer to understand your next steps.
Does Data Guide Your Agency?
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