6 Key Traits Of Great Agency Owners
Occasionally, the art of successfully leading a team comes naturally to agency owners. Most of the time, though, you must put in years of effort to develop business and leadership skills that exemplify a great leader.
When your business begins to grow, your leadership skills will determine how successful you can be. There are a few traits of agency owner that will take you from a good agency owner to a great agency owner. Most agency owners of successful agencies will tell you that it becomes less about focusing on agency operations and employee management and more about shifting your way of thinking.
How To Be A Great Agency Owner?
Before you start leading a team, you should focus on developing this mindset that will help you become a successful agency owner.
Focus On Building a Brand
Your brand is the foundation of your business. It’s how customers identify and remember your products or services and distinguish you from the competition. Creating an impactful brand identity and digital presence will set you apart and drive more customers to your agency.
Start by creating a strong, memorable logo and consistent branding guidelines that you can use across all your digital assets. Then focus on building relationships with your customers by providing helpful content and engaging them in meaningful conversations through social media channels.
Another overall strategy for brand-building is to develop a unique mission and vision for your agency. This will ensure that everyone on the team is working towards the same goal and will create a sense of unity, purpose, and trust among employees and is a common aspect of successful agencies.
Know Your Numbers
The success of your business will depend on how well you understand and manage your finances. Successful agency owner is able to read financial statements, identify trends and opportunities for growth, and make informed decisions about investments and budgets.
Being able to accurately forecast cash flow and set appropriate pricing strategies are key components of any successful agency’s operations. To gain a better understanding of your finances, consider taking business classes or working with an accountant to get a handle on the numbers.
To get friendly with your financial health, you can also use software to track, manage and analyze your expenses. This will help you develop a budget and stay in control of your finances.
Embrace Change
The most successful agency owners are agile and willing to take risks, instead of clinging to what has worked in the past. You need to be able to pivot quickly when conditions change, in order to stay ahead of your competitors.
You should also be open to trying out a fresh perspective, new ideas, and technologies, such as artificial intelligence or automation. These can greatly improve your business operations, resulting in more efficiency and better customer experiences.
Staying abreast of the latest trends and being willing to embrace new technologies is a key trait of great agency owners.
Learn to Focus and Get Accurate
Focus is the key to efficient operations and getting accurate for pinpointing your next big moves. A visionary needs to be able to prioritize tasks and manage their time effectively in order to achieve the best results.
To stay on top of your workload, consider using task-management software such as Trello or Asana. These tools can help you organize tasks, prioritize important ones and track your progress.
Another great way to stay focused is to create a “time budget” that outlines how you will use your time and resources. This will keep you on track and help you make the most of your days, resulting in rapid agency growth.
Turn Ideas Into Systems
Having a great idea is one thing, but turning it into an actionable system is another. A great marketing agency owner will be able to turn ideas into efficient processes that can be implemented in the workplace.
Systems help streamline operations, improve efficiency, and reduce costs. To start creating systems, break down tasks into smaller parts and work on automating them. You can use software such as Zapier to automate simple tasks and create efficient workflows.
Creating systems can be time-consuming, but the effort is worth it in terms of long-term efficiency and cost savings.
Have a Plan
Planning for the future is essential for any successful marketing agency. You need to have a clear vision and strategy to ensure your business is always moving in the right direction.
As an agency owner, you should focus on setting goals, developing a strategy to reach them, and creating actionable steps that can be implemented. You should also plan for contingencies and unexpected events, as this will help you stay prepared for any eventuality.
Developing a thorough plan is the key to staying organized, focused, and prepared for the future.
Make Use of Their Wealth of Knowledge
Most successful agencies have a wealth of knowledge that can be used to make smarter decisions. Agency owners are able to tap into the expertise of their team, while also relying on the experience and advice of consulting professionals.
Having access to experts in various fields, such as digital marketing, finance, and legal, can provide valuable insight into business decisions. It is also important to stay up-to-date with industry trends and market developments, as this can help inform your strategies.
Most agencies are able to leverage the knowledge of their team and experts in order to make smarter, more informed decisions.
Build Relationships With Clients and Focus on Referrals
Managing clients while building strong relationships with them is essential for agency growth and increased profits. You should focus on nurturing these relationships and providing excellent customer service in order to ensure a loyal and satisfied customer base.
You should also focus on building referral relationships, as this can be a great way to acquire new business. Having established referral relationships with other businesses can be an effective way to boost your client base and spread the word about your agency.
Creating strong relationships with current and prospective clients and focusing on referrals can help with client retention.
Six Key Traits Of Agency Owners
1. Big-Picture Thinking
As the agency owner, you no longer have the luxury of being able to focus on one aspect of your business. Your success depends on your ability to have a broader perspective. You are responsible for the individual elements that make up your business – organization structure, your team, technology, and more; but you can’t get too bogged down with day-to-day agency management.
You are in a better position to serve both your old and new clients when you surround yourself with a team that can take your overall vision and manages it down through the agency. A great leader understands that they don’t always have all the answers. Be open to suggestions and input from your team. Encouraging collaboration creates a positive culture that enables your team to work beyond their individual roles and feel more valued.
2. Working With Purpose
Purpose, plan, and accountability are the three factors to help you achieve any goal. If you are not leading with your purpose each and every day, everything else means nothing. A well-defined purpose keeps everyone focused and working toward a common goal.
When you work with a purpose, you are enhancing your leadership abilities by showing your character and inner strength. It isn’t always easy to put integrity over a potential win or meeting a short-term goal but doing so will pay you back in the long run. Not only will your purpose help you forge long-lasting, trusted relationships, but the benefits will eventually show up on the bottom line.
3. Knowing the Numbers
A great agency owner is an expert in their own business, and that can help motivate your team toward achieving a goal. Your performance numbers are a measure of your success and an important part of running your agency operations. When you are familiar with your numbers, you gain a better understanding of what is driving your business and what is holding it back. This understanding takes you back into that big-picture view and helps you plan for minimizing those obstacles and challenges.
Knowing your financial position is extremely important for setting a good example for your team by demonstrating the best use of resources and means. Having a grasp on your position puts you in the best position to act fast and responsibly in an unexpected situation. The agency’s interests should always come first.
4. Relationship Building
Most business owners will tell you that your employees are your greatest asset. Being a great agency owner means you prioritize your people and your relationships. Sometimes, employee management can get in the way, but keep your focus on creating a work culture that demonstrates to your employees that they are trusted and valued members of your team.
When your team needs to talk, be a good listener. The feeling of being heard promotes motivation and efficiency. Always be forthright in your communications and take every opportunity to offer positive feedback.
Building great relationships should go beyond agency management. It is an asset to be liked and respected by your peers and competitors, as well as your vendors and suppliers. Act with integrity, show your gratitude and be someone others are proud to do business with.
5. Strategic Planning
The future of your agency is in your hands, and the only way to ensure security and success is through a well-formed strategic plan. A good strategic plan should trickle down to every aspect of your agency’s operations. Create detailed and measurable short-term and long-term goals for your agency, and regularly evaluate how you’re performing.
Don’t create a strategic plan just to keep it for yourself. Everyone on your team should be familiar with the strategy and goals so that everyone works toward the same thing. Each part of the business should have its own checks and balances in place to make sure they are meeting its objectives and have accountability for its results.
As you work through your strategic plan and day-to-day agency management, you must know how to prioritize your tasks and goals to best serve your agency. Using an Eisenhower Matrix will help you arrange priorities from urgent and important to non-urgent and unimportant.
6. Lifelong Learning
The minute you stop caring about personal growth is the minute your agency growth starts to suffer. One of the most important behaviors of a great agency owner is a commitment to lifelong learning, both in continuing your own education and sharing your knowledge with others. When new training opportunities become available, take them. When you are constantly evolving and expanding your skills, you have more to offer your clients. Look for opportunities to participate in industry networking events or discussions where you can meet and learn from your peers.
Consider acting as a mentor for a junior member of your agency. When you are willing to share your experience with others, you are acknowledging that your business doesn’t end with you. You are responsible for laying the groundwork for the success of future generations and giving back through mentorship and volunteerism can be just as valuable to you.
Transform As a Business Owner For Agency Success
If you want to build a successful agency business, you must be willing to dedicate yourself to the cause. Having these six key traits of great agency owners will ensure that you are setting yourself up for success. Invest in yourself, build relationships with your team and other businesses, create a strategic plan, and commit to lifelong learning. All of these traits will help you stay ahead of the competition and achieve your goals for your agency.
With dedication and focus, you can transform your business into the success you’ve always dreamed of. It doesn’t happen overnight, but with the right attitude and the necessary traits of great agency owners, you can make it happen.
Go From Good to Great
If you’re ready to hone your skills to become a great agency owner and prime your business for eight-figure growth, our experienced and motivated team is standing by to guide and support you. Schedule a free consultation with us today to begin your growth journey.
