Effective Ways to Handle the Growth of Your Digital Agency (2022 and Beyond)
Business growth is what every novice entrepreneur dreams of, as there is nothing quite as rewarding and satisfying as realizing that your idea, and all of your hard work has finally paid off. That said, it’s important to note that business growthU comes with its potential drawbacks – it will all depend on the way you prepare and handle the new needs of your company.
As a digital agency bringing in new clients and boosting its workflow, expanding without a solid game plan can be downright disastrous. You will need to retain the same level of quality and keep user experience and satisfaction at its highest, all the while filling your ranks with new employees and optimizing your entire financial structure to keep the digital ship afloat. Let’s make the process easier on you by breaking down some of the most effective ways to handle the rapid growth of your digital agency.
- The Top Five Things To Consider For An Effective Digital Marketing Agency Growth in 2019 and Beyond:-
- In conclusion
The Top Five Things To Consider For An Effective Digital Marketing Agency Growth in 2019 and Beyond:-
1. Make a list of your immediate needs
First and foremost, you need to put everything down on a piece of paper. Or, in a project management tool – you’re leading a digital agency after all. You need to manage this project as you would any other, and create a comprehensive list of all new requirements for your company, ranging from employees and clients, to processes, business software, marketing, HR, and of course, accounting and payroll.
Leave nothing to chance, but instead write down every single task you need to achieve to make this transition as cost-effective as possible. You might discover that, in order to meet the increasing expectation of your growing clientele without losing money, you will need to expand gradually. You might need to put additional strain on your existing staff as well as yourself, but the added effort will be worth it in the end. Be sure to build adequate compensation programs for all employees who take on the extra workload.
2. Assign team and project leaders
Hierarchy will play a vital role in your long-term success as a company, and it will be instrumental in handling your sudden growth spurt. Simply put, you cannot hope to maintain the same level of efficiency and productivity among your employees if they’re suddenly overwhelmed with the amount of work and the number of clients they need to manage on a daily basis. You need project leaders and team heads to guide the collective forward as a whole.
These roles can fall onto you or any of your employees who exude leadership and organizational skills, but it can also fall onto external management consultants. Sometimes, it’s better to bring in external consultants so that you can alleviate some of the pressure off your employees, and allow them to focus on their job. These consultants might not be a part of your company, but they will quickly pick up on your needs and goals if they are experienced.
3. Optimize payroll expenses and cash flow
One of the most important tasks you need to tend to is meticulous financial management, especially during a time of growth. If you don’t get your finances in order and optimize every financial process in your agency, you stand to lose business, waste money on inessential account payables, and ultimately come out below the profit margin. This might be a financial pit you won’t be able to come out of.
To prevent this, you will need to cut all extraneous expenses and optimize your payroll processes. You’ll need to bring new employees in, so you can’t waste money on paper checks or senseless fees, which is why personalized employee income cards have become so popular in growth oriented companies nowadays. These types of automated payroll solutions allow you to cut needless expenditure, keep your employees happy, and ultimately boost your cash flow.
Combine this with meticulous financial forecasting and you have yourself a financial strategy that will ensure you don’t lose money or business during this trying time. After all, business growth might be a good thing, but it can put you under if you don’t manage your finances accordingly.
4. Prioritize customer happiness
As if you didn’t have enough on your plate already, you also need to think about customer happiness. This is the perfect moment for something to slip through the cracks, because you’re so overwhelmed with added workloads, and for you to lose the trust and confidence of your loyal clients. You cannot let this happen, otherwise you will find yourself right back where you started.
First off, you need to maintain stellar online user experience by making sure your site is performing properly, and that your account managers are doing their part to keep your clients happy. Continuous communication will be key here, as you need to ensure them that they are still your no.1 priority. Remember, client satisfaction is a fragile concept, and it can quickly diminish if you start neglecting them.
5. Use AI and automation to your advantage
On a final note, you need to analyze your agency’s processes to come up with innovative ways to improve efficiency. Particularly, consider integrating as many automation and AI-driven tools into your business systems as possible.
Focus on the ones that have a proven track record in their field, such as bringing chatbots to your customer service department, or AI-driven solutions to your marketing and sales teams to automate repetitive tasks. This will allow your team members to focus their expertise on achieving your long-term goals and keeping the clients satisfied throughout.
Business growth is definitely a sign that you’re doing something right, but that doesn’t mean that you shouldn’t evolve along with the changing needs of your company. You need to adapt to your new situation in order to avoid common pitfalls and instead expand your digital agency in an efficient and effective way.