At the same time, an agency’s sales team may be negotiating with other leads in the pipeline that will also need attention soon. Agencies can answer those questions (and many more) through a sales funnel that’s part of a bigger agency platform which includes reporting, resource scheduling, project management and time tracking. Resource Planning, Time Real Estate Photo Editing Tracking, Budget Spending and Invoicing—All Connected? Time is money and agencies need to constantly watch and update schedules, monitor budgets and speed up invoicing.
As these types of businesses mainly deliver project work through timelines and tasks, they need to ask themselves how to connect those projects and tasks to reporting and billing via tracked time, budget spending… and what about invoicing? Besides tracked time on services, keeping track of all costs in the same agency management tool (including overhead, contractors, out-of-pocket expenses, etc.) is a must. According to a global agency landscape survey conducted at the end of 2021, out of 169 agencies that participated in the benchmarking survey, 50% have less than three months of visibility into their revenue forecast. This ties closely into resource planning and successfully balancing project work for teams. The same study showed that 51% of agencies see investing in operational efficiency as one of their top priorities this year. productive-results-2022 Source: The SoDA Report On…The Global Agency Landscape 2022 “We learned that less than 50% of agencies use an integrated platform that shows them their financial indicators in real time. That’s a sign that room for growth lies in leveraging the right technology.” – Gabrijela Bosnjak, Senior BDR at Productive The numbers clearly indicate that agencies are increasingly aiming at a single source of truth for running their businesses based on data.
Real-time Metrics as Your Agency’s Base for Data-driven Decisions At the end of the day, what’s highly important for any agency at the cutting edge is making data-driven business decisions on all levels. For real-time metrics to be as accurate as possible, what’s key is getting all teammates to regularly track time. But other than CEOs, CFOs, operations and account managers needing to know the true state of an agency’s finances at all times, agency leaders increasingly need to look into data that indicated the well-being of their teams. “With Productive we’re able to look a lot further ahead now. Before we used to plan projects about two weeks in advance. Now we’re accepting bookings for projects that start in 4-6 weeks.” – Martijn Pillich, Managing Director at Hike One When agencies dig deep enough, there is data that can show how balanced their teams’ work is, how diverse their tasks are, how often they’re taking time off to relax, and how employees are growing professionally in the midst of securing overall agency growth. One Agency Tool as Your Single Source of Truth Spending time on presentations, report-building, looking back into last quarter’s P&L statement, or begging the finance team for the latest numbers is a practice of the past. Agency leaders today are empowering employees by giving different team members access to agency data, enabling them to help positively influence the course of their business growth.