Now more than ever, in this challenging business environment, it's time to come together to share knowledge and ultimately evolve to enable our collective longer-term success. While the last couple of years have undoubtedly been difficult for almost all creative agencies and businesses, many have performed far better than others.
There seems to be a common trend that underpins these successful businesses, which I outline below.
The first is having clarity of PURPOSE:
Define your reason for your company's existence beyond just generating profits.
Remember, it's about having a clear dream with a plan that positively impacts society and creates long-term value.
Being a purpose driven organisation means you are more likely to engage and motivate employees, customers and stakeholders by demonstrating that their actions contribute to a greater good.
The next is a more profound attention to your PEOPLE. Not only your most expensive asset but ultimately your competitive advantage.
The question that many businesses struggle with is how do you unleash the full potential of your team? Consider how to:
Improve team performance whilst treating employees fairly and with respect.
Ensure a focus on people including promoting diversity and inclusion, providing fair wages and working conditions and supporting employee growth and development.
This then leads to increased employee satisfaction, loyalty and overall better performance.
Now the third area of focus, which has never been more important, is PLANET. You have probably heard the Greek proverb, "A society grows great when its elders plant trees in whose shade they shall never sit."
I'm currently working with several companies supporting them on their journey to become B Corp certified. It is an approach to demonstrate their belief that sustainability must happen from the ground up. It reminds you that it is a businesses' responsibility to consider the impact of its decisions on its employees, customers, suppliers, the wider community and the environment. This includes:
Fostering a commitment to environmental sustainability and reducing negative impacts on the planet.
Sustainable practices including reducing waste, using resources efficiently and minimising carbon emissions.
Businesses that prioritise the planet can reduce their environmental footprint, save on resources and contribute to a healthier and cleaner world.
But I would warn you this cannot be a tick box exercise or a way to win clients. You must genuinely believe that business can be and should be a force for good.
The fourth and final area is a focus on PERFORMANCE.
I believe the whole mindset of profit in agencies and businesses needs to change. Profit is too often seen as a dirty word and something that gets in the way of creativity; it is seen as a stick and not as an enabler.
To start this shift, you need to focus on prosperity rather than profit; this is about the collective success of all stakeholders, not just the success of the shareholders.
To achieve this shift, you need to:
Create a focus on performance optimisation through profit planning, sales engine enhancement and data driven decision-making.
Tailor strategies to empower your business to maximise profitability, improve commercial understanding and foster sustainable growth.
Focus on building long-term stakeholder value and a solid financial foundation.
The whole team needs to recognise that prosperity does not just happen; it must be anticipated and planned for.
It is through balancing people and planet but with a shift from profit to performance and with the additional focus on purpose that good agencies and businesses can become great agencies and businesses; we can then not only meet but surpass the challenges we face and unleash our full potential.
At Actus Consulting, we specialise in answering the difficult questions around how to grow your business and to maximise stakeholder value.
Our team of experts, with extensive experience in a variety of fields, collaborates closely with you to develop tailored solutions that align with your unique culture, circumstances, and long-term objectives.
Remember, incredible things happen when you focus on growth with purpose!