Your checklist for effectively closing out 2021 and starting a strong 2022
Planning makes a significant difference.
With the holidays almost here, now’s the time for agency owners to ensure you’re doing the right things to close out 2021 and establish a strong start for 2022.
Based on our experience working with hundreds of marketing communications agencies of all types and sizes around the country, we’d like to share our thoughts on what to do.
Making a list and checking it twice. (With thanks to S. Claus.)
Here’s what we believe are the key steps:
1. Financial:
Get all 2021 billing processed and out to your clients.
Bill/spend to-budget on all projects so you’re not leaving money on the table.
Find out if your clients have unused funds in other parts of their budgets that you can pre-bill.
Finalize a tight and specific P&L budget for 2022.
Set aggressive but achievable pricing for the new year.
2. People & Culture:
Finalize this year’s performance reviews.
Establish and clearly communicate the agency’s bonus plan and metrics for 2022.
Ensure all staffers know your 2022 expectations and how they will be evaluated next year (including revenue targets and utilization).
Identify any key staff members you think are vulnerable to leaving the agency and develop solutions for retaining them.
Also identify all the areas requiring further development to improve your 2022 professional training priorities. This includes any specific staffers needing extra help.
Prepare to consistently deliver effective communication, coaching, mentoring and career development throughout the agency.
Address any issues resulting from COVID with new initiatives.
3. Growth:
Make sure your agency’s brand proposition is clear, meaningful and differentiating.
Finalize your strategic growth plan for 2022 with quantifiable goals and metrics.
Launch a marketing plan that includes your content strategy and executional calendar.
Identify specific targets in your new business development efforts (including at least several aspirational dream clients).
Our Resource Library will help you grow.
To see our in-depth thinking on a variety of topics for managing and growing your firm, browse through our Resource Library. It’s filled with useful thought pieces for helping agency owners overcome challenges, generate above-average growth, increase profits and ultimately exit on your own terms and timing.
We’re here to help you prosper.
Prosper Group exists to help the owners of independent marketing communications agencies achieve their ambitions and maximize the value of their life's work.
Our team of former agency leaders and owners focus their deep experience on implementing proven proprietary methodologies across our three practices of agency performance, owner exit planning and M&A transactions in order to drive owner and agency success.