Like all businesses, marketing agencies need to have a solid business plan that informs decisions and guides strategy.  The plan should account for costs, revenue, and growth objectives as well as establishing where the business is going and by when.  The business plan should act as a reference when making decisions so that changes are conducted in line with the underlying plan.  With this in mind, it’s important to remember that a business plan is not carved in stone, and needs to be adaptable over time to ensure that if external or internal factors change, the agency’s goals can evolve with them.

Having a process to regularly reviewing and update your business plan will ensure that it remains relevant and accurate. The frequency of review will depend on the type of business and the stage of its development.

How often should you review your agency’s business plan?

The marketing landscape can change quickly – new channel opportunities arise that can influence direction, and major client wins or losses can transform revenues, so the plan you start the year with may not be the plan you finish with.

Start-up agencies should review the business plan every 3-6 months. This will allow the management team to adapt their growth strategy to changes in the market and to adjust as needed. This can also be the case for agencies in a fast growth industry – for example those targeting emerging digital channels like TikTok.

More established agencies with a more stable client or channel portfolio should review the business plan at least once a year. This will allow the business to assess its progress and to make any necessary adjustments to its longer term objectives strategy. An annual review will also help the business to identify new opportunities and to stay ahead of any potential challenges.

Adapting to Change

Regardless of the type or stage of the business, a marketing agency’s business plan needs to be reviewed whenever there is a significant change in the business, such as a change in ownership, a merger, or a major expansion. The plan should be reviewed and updated to ensure that it reflects the current status and goals of the business. It can be useful to engage with a growth consultant like Ex Fonte when reviewing your business plan to get additional information about the wider industry trends and to assess how you are performing against your targets.

A business plan should be a living document that changes and evolves as the agency grows. It’s a tool to guide the business through its journey, and regular review is crucial to ensure that the plan remains relevant, accurate and effective.

When reviewing the plan, it’s important to consider the following:

• The current market conditions and how they might affect the business.
• The progress made towards achieving the goals set out in the plan.
• The financial performance of the business.
• Any changes in the competitive landscape.
• Any new opportunities or threats that have arisen.

Based on the review, the plan should be updated to reflect any changes in the agency’s strategy or goals. It’s essential to be realistic and honest when making these updates, and to ensure that the plan is achievable and remains aligned with the overall vision and mission of the business.

Need Help?

If your agency is going through change, or planning to, getting a second opinion can be helpful.  Get in touch to talk about your plans and how we can help you structure your business and sales strategy to help you make those plans work or refine them to make them more achievable.