Vision and goal setting to accelerate further growth for your agency
Most agency owners are “accidental entrepreneurs”, achieving success without the structure of a defined business plan, a clear vision, or deployment of management objectives. Many find building their business to the first £1M in revenue can be relatively straightforward.
Growing an agency is one thing, scaling one is a different matter. When you’re running a bigger business, you need a balance of strategic planning, clear goal-setting, and a mindset of continuous learning. It’s a complex and challenging period, and often one that agency owners find daunting and difficult.
Creating a vision and a clear set of goals are vital for your next phase of growth. Vision and goal setting are different things serving a complementary purpose. A vision provides an overarching purpose and direction for the agency. It defines where you want to be in the future, and helps to guide your decision-making and strategy.
Goal-setting on the other hand, is more tangible and short-term. Goals provide clear targets to aim for, and their achievement should bring the agency one step closer to realising your vision. We’re all familiar with specific, measurable, achievable, realistic, and time-bound (SMART) objectives, but taking the time to set them and align them to a vision is often difficult for agency founders.
Marketing agency owners often have a very reactive approach to what they do due to the fast-paced and competitive nature of the marketing industry. They frequently have to adjust to new trends and client preferences and manage multiple projects simultaneously. This reactivity can be advantageous in certain situations. However, it can also become a barrier to long-term strategic planning and goal setting.
Setting a vision for a business can be challenging for several reasons. Firstly, it requires clarity around the company's values, mission, and long-term objectives. Most businesses find these elements hard to articulate, agency owners seem to find it particularly difficult. Secondly, creating a vision requires forward-thinking and the ability to predict future trends and market conditions. Few sectors are predictable, but the service based nature of an agency is particularly hard to forecast. Lastly, a vision must be inspiring and resonate with all stakeholders, including you the founder, your employees and your clients. Balancing these differing interests and perspectives can be a complex task.
Assuming you’re able to establish a clear vision for the development of your agency, the next task is to decide how you’re going to make it happen? Not every business owner sets and measures themselves against defined goals. There are several reasons for this. Firstly, the process of setting SMART goals can be time-consuming and requires a clear understanding of the business's current performance and future potential, which not every agency owner has. Secondly, some business owners may prefer a more flexible, adaptive approach to running their business, responding to changes in the market conditions as they occur rather than adhering to a strict set of predefined goals. As we have discussed, this is certainly a common approach for agency owners. Lastly, measuring performance against set goals requires consistent tracking and analysis of business metrics, which can be challenging for business owners without the necessary resources or expertise.
In summary, the bigger your agency becomes, the more important it is to have a clear vision and defined goals for the business. As an agency owner, you must:
Set a Clear Vision First: Start by defining your vision and long-term goal. Once you have a clear understanding of where you want to go, you can create a detailed plan on how to get there. This involves setting smaller, achievable objectives that align with your overall vision and creating a plan of action.
Develop a Routine: Dedicate time to strategic planning. This can include regular team meetings to review progress and adjust plans, as well as personal time for reflection and forward-thinking. Engaging an accountability partner such as a Non-Exec Director or business advisor can help to ensure you carve out the time to work on your own business as well as satisfy the needs of your clients.
Embrace Continuous Learning: Stay informed about the latest trends and changes in the industry. Learn from others who have been on, or are currently on a similar journey. Networking with peers is a valuable activity that many agency owners struggle to find the time to do. Make sure you invest in it.
We will be exploring more about vision and goal setting in our new development programme for owners of larger agencies, The Cactus Agency MBA.
The Cactus Agency MBA is designed for agencies who are already achieving a turnover of £1M and looking to accelerate further growth. This programme will be delivered in person in London, and hosted by Cactus Managing Partners with the support of external specialists.
