Business expansion, the greatest challenge for the owner-managed agency
By BBN Central | 15min read
Management of growth and development, without undue exposure to risk, are critical goals for agency owners and entrepreneurs.
The challenge is, how can you expand your business in today’s slow-growth economy? Before the ‘how’ question, it’s important to have a good handle on the ‘why’ as well. The most obvious reason for expansion is that it often has the benefit of exposing the business to a wider audience. The increased source of potential clients can dramatically improve sales, resulting in a potential increase in profitability. However, development is also important and in today’s competitive environment, necessary, for an agency to survive and remain attractive to employees, potential investors and clients.
Often an agency will decide to expand in response to specific drivers and recognising those is an excellent place to start.
Then it’s also wise to assess how this growth and expansion may change your business, not just financially, but in how it operates – the fundamental business model.
If expansion is required, by how much? Are you expanding to new cities within a country or is global expansion required? Alternatively, is it the need to keep up with ever increasing use and complexities of marketing technologies?
This whitepaper explores how B2B agencies, rather than ‘going it alone’, can embark on expansion and development through an alternative approach that carries far less risk and in many aspects, is far more rewarding.