It is impossible to provide an all-encompassing example of how a firm should approach strategic planning. Ultimately, company executives need to reconcile the planning framework and their firm’s individual culture to make an effective plan that fits their situation. Here are the three basic steps to get you started: Step one. Assess where you are…
KEEP READING
Category: Strategic Planning
THE VALUE OF HUMAN CAPITAL
The term “Human Capital” is offensive to some. They see it as treating people as material objects. I hope to build a greater appreciation that the character, competence and commitment of a firm’s professional talent has a major impact on its valuation in an M&A situation. That acknowledgement, together with other recommendations, are intended to…
KEEP READING
VIDEO: PR Benefits of the Bolt-on Acquisition
Expand your firm’s talent pool. Diversify your PR services and boost the agency’s appeal among both existing clients and prospects. Find new cost efficiencies. These are just a few of the PR benefits of the bolt-on acquisition. Unlike a full-blown acquisition, bolt-on buys are relatively small and won’t break the bank. However, similar to larger…
KEEP READING
Lippe: Incumbent Upon PR Industry to Promote More Women
Maureen Lippe, founder-CEO of Lippe Taylor, recalls a series of dinner meetings she initiated with other female leaders in the PR industry. “What was astonishing to me is that most of these women had competed for years in business, but had never really met each other,” says Lippe, who since founding her PR firm in…
KEEP READING
Webinar: Millennials Eager to Lead, Willing to Learn
Millennials and older PR executives have a great deal to learn from one another. By collaborating more effectively they can bolster the value of their firm, break into emerging markets and land new clients. They just need to put their suspicions of one another aside and not let stereotypical thinking get the better of them….
KEEP READING
VIDEO: Transparency Key to Integration, Post-Sale
The celebratory dinner was a blast. The tapas were a joy to behold and the Merlot was ever so zesty. But now that the party is over, the real work of creative services transactions begins. The new teams have to commit to working together for what can often be a six-month transition process. It’s probably…
KEEP READING
VIDEO: The ‘Build to Sell’ Mindset
Clients are satisfied with your firm’s work. You’re on the short list to land a new (and prestigious) account. The staff is growing nicely. They’re all positive indices for creative services firm owners. But, in order to maximize the profitability and overall value of their firm, owners need to adopt a ‘Build to Sell‘ mentality….
KEEP READING
PR Agency Spotlight: 3 Ways to Meet Millennials Halfway
PR Agency Spotlight: Kate Finley, CEO, Belle Communications PR Firm Owners Need to Be More Willing to Adapt to Millennials but Not Bend Over Backward Kate Finley, CEO of Belle Communications, was about to start her presentation at a work session at the PRSA’s Counselors Academy spring meeting titled “The Marvelous and Mysterious World of…
KEEP READING
The PR Trifecta: Growth, Profitability and Billing Rates Stalling
In light of this solar eclipse this week, the constellations have started to align for the PR industry. But it’s not a pretty picture, with all the major financial indices down and little sign that the industry has started to make headways in order to reverse the declines. Just check out the tale of the…
KEEP READING
Brain Training for Better PR Writing
Influencer marketing. Gamification. Online video. The list of relatively new PR channels goes on and on, with little room for PR firm owners to catch their breath before they have to consider the next investment. Even the most seasoned PR executives—who possess total recall and a photographic memory—may be hard-pressed to keep up with all…
KEEP READING
PR Agency Spotlight: ‘Pick up the Phone!’
PR Agency Spotlight: Kris Ruby, CEO, Ruby Media Group Pick up The Phone! Why Savvy Millennial Firm Owners Need to Adopt Soft Business Skills to Stay Competitive (In this new column, we focus on C-level millennials/ firm owners and how they’re starting to impact the creative services field.) Millennials are quickly climbing the management ranks throughout the PR…
KEEP READING
Kraus: 3 Tips for PR Firms That Want to Promote Women, Spur Diversity
When Margery Kraus founded APCO Worldwide in 1984, women didn’t predominate the PR sector—as they do these days—so there was little to no chatter throughout the industry about why it’s important to promote female PR execs to the C-suite. “I had to fight in a different way when I built my own firm because everybody…
KEEP READING