By Vincent G. Dong, CPA, CA
When you decide to sell your agency, you can proceed immediately or take the time to prepare. Because quick sales usually bring lower prices, planning ahead will work to your advantage. It typically takes one to two years to prepare a business for sale. This allows time to prepare the details and address any issues.
Setting prices according to the value you are providing to your clients can boost your profit margin and improve the quality of your agency’s work.
Congratulations! You’ve built your agency from scratch and grew it into a business to be proud of. Now you’re getting ready to sell it. Of course, you’ll want to ask the highest price possible.
Is your agency scalable? Here are 3 things you can do to minimize increased operating costs while successfully growing your business.
The Wayfair decision and its effect on advertising agencies
South Dakota v. Wayfair was a watershed decision in state sales taxation. Traditionally, a physical presence, such as a brick and mortar store, was required for a state to impose tax on sales of goods and services. The Wayfair decision shook things up by overturning previous rulings and upholding South Dakota’s law requiring...
There are definite benefits to using an integrated Agency Management System. Individual components, such as Accounting, Project Management and Media, are designed to seamlessly work together. This saves time and reduces the risk of human error when manually entering data from one system to another.
You don’t have to be in the agency business long before you realize there is one constant – change. Organizations can’t be afraid of it or shy away from it. Change is good and promotes growth. Trust the process of operational change management to help your business navigate through these murky (and often scary) waters.
Knowledge is Power! The most successful businesses regularly analyze reports that provide actionable insights. In other words, the most relevant reports help leaders make informed decisions to improve and grow their business. Advertising agencies are service firms whose business includes creative projects and media buying, facilitating the need for unique information to stay fully informed.
If you resolved to reduce the amount of paper in your agency to save time, money and the environment, you’ve probably taken steps to implement the policy. Perhaps you’ve opted out of paper bank statements and vendor invoices, replaced your fax machine with electronic faxing and store documents in the cloud. Well done! But have you reached your paperless goal?