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.
That’s the major takeaway from a recent webinar titled, “How Millennial Creative Services Firm Owners Boost Profitability, Spike Valuation and Position Themselves as Thought Leaders.” The hourlong webinar featured Aerial Ellis, an award-winning PR executive and author of “The Original Millennial,” and Rick Gould, CPA, J.D., managing partner of Gould+Partners.
“Imagine the breakthroughs that can be created by working together toward common goals of greater service for clients and building value for their firm,” said Gould, who focused on how owners can grow both their top and bottom lines. “Millennials will listen. They’re coachable. They want ongoing feedback from [senior] staff and clients. They’ll make the changes.”
But millennials are blazing trails of their own. They’re starting to run their own firms—PR shops, in particular—and bringing with them a financial and digital savvy lost on many of their Gen X and baby boomer predecessors. These millennial firm owners embrace disruption. They know their way around a balance sheet and P&L. And they don’t suffer from being stereotyped.
“Many of us lead, rather than follow, which creates more opportunity for the [PR] industry—one that’s accountable, forward-thinking and fiscally responsible on behalf of our clients and our firms,” said Ellis, who shared some of her business strategies for how firm owners can build their personal brand and generate thought leadership initiatives.
While many millennial owners consider themselves born leaders, they still have a lot to learn when it comes to how to maximize the profitability of their firm and spike value.
However, regardless of age or how committed they are to an exit strategy, owners need to posses more of a build to sell mindset and ensure they’re running their firm as profitably as possible.“You must look in the mirror,” Gould said. “Are you building a model firm, with 20-25 percent profitability, focusing on growth, minimizing overservicing and setting the right billing rates?”
The webinar tackles these and many other issues pertaining to agency management. To listen and view, please click here.
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