7 common challenges faced by new agencies and what you can do to overcome them
Running any business comes with a certain number of challenges and when it comes to agency management, there are different obstacles that may come your way. Therefore, it’s crucial to develop the right skills and techniques to help you overcome challenges and grow your agency. Remember that using the same solutions and expecting different results is unlikely to lead to a positive outcome. Instead, it’s important to implement innovative thinking and incorporate new strategies into your plan.
If you are looking to create an agile mindset and help your agency progress, this guide will provide you with some of the best tips and tricks you can use to overcome seven of the most common challenges faced by new agencies.
1. Attracting clients
As a new agency, it can be difficult to attract potential clients, as your brand might not be recognisable yet. Firstly, it’s advisable to narrow down your niche so that you know exactly what types of clients you want to attract. This will also help you prepare a successful strategy to reach your target market and advertise your services. If you are struggling to identify your target market, be sure to create a buyer persona, which can guide your marketing efforts. You can also ask potential clients for feedback so that you know what areas you need to improve.
2. Creating clear and effective processes
In the beginning, you may find it challenging to set up clear and effective processes, which can lead to inconsistent management. However, gaining new knowledge and skills will allow you to get a better understanding of the underlying principles of running a successful business. Take a look at this online business management course at the University of Cape Town and find out how you can gain expertise in a number of business fields, such as marketing, finance, and competitive analysis. Signing up for a business management course can also be a great way to demonstrate your commitment to potential clients.
3. Improving communication
Ineffective communication is another common problem that many new agencies face. This might refer to communication between managers and employees, as well as communication with clients. However, regardless of who is involved, it’s important to improve your communication skills. Poor communication can result in a lack of cooperation between team members, unnecessary conflicts, and frustration. To prioritise communication, you should focus on holding weekly team meetings, offering constructive feedback, setting clear expectations, and recognising good work.
4. Addressing organisational risks
Many agencies and businesses tend to focus on their strengths, as well as develop their products and services. Although these strategies are essential to the success of your agency, you shouldn’t forget about risk management. Regardless of the type of agency you are running, you should learn how to mitigate the risks faced by your organisation. For example, risks can be internal like those related to your business strategy or external, such as the global economy. Understanding risks means that you will be able to develop strategies to address them.
5. Effective budgeting and forecasting
Keeping your budget under control will allow you to manage your agency resources and maximise profits. However, many agencies may struggle to manage their finances, which can lead to financial problems in the future. Therefore, it’s important to pay close attention to your business needs and base your decisions on relevant data. You should also ensure that you prepare for all types of scenarios by staying on top of the market and using forecasts. Remember to track anything that may impact your financial outcomes, which may involve analysing your client behaviour and looking at what your competitors are doing.
6. Maintaining good client relationships
When you are first starting out, you might wonder how to build strong relationships with clients. Although not every relationship is built to last, you can focus on increasing the likelihood of clients returning in the future. To achieve this, you should always set clear goals and expectations to ensure everyone involved knows what is expected of them. Also, it’s advisable to avoid surprises, as clients are often looking for agencies, which can deliver well-organised campaigns. Be sure to break down the process in full and answer any questions that your clients may have. Focus on making your clients feel confident and excited about the prospect of working together.
7. Increasing productivity
Boosting productivity isn’t always as easy or straightforward as it sounds, as there are many factors involved. However, it can help you create quality work and deliver projects within expected deadlines. Most importantly, it’s the best way to utilise your resources, including time, money, and effort. To organise tasks better, consider looking for the right tools and software. Also, when recruiting new employees, ensure they have the right qualifications and experience to produce great results. Hiring the right people will help you ensure that your agency will operate as smoothly as possible.
