This document summarizes the results of a survey of UK consultancy businesses conducted by Magnifeye. Most respondents reported that their business outlook for the next quarter was improving or slightly improving. The top challenges identified were recruiting talent, increasing new business leads, and decreasing client budgets. Regarding finances, the biggest challenges were increasing profitability, managing cashflow, and late payments. While most firms held firm on rates, some reported dropping rates by 10-20% to win new business contracts. The survey aims to provide a quarterly benchmark of issues facing consultancies.
Agency Food is a quarterly barometer compiled by The Agency Works for Agency heads to feed in their views on how their Agencies operate and in return benefit from the collective feedback.
courts circuits : l'innovation dans le luxe 'mon idendité de luxe" (partie 3)nous sommes vivants
rapport d'innovation de courts circuits : le marketing du luxe ("mon identité de luxe")
Des marques comme Paul&Joe ou Nespresso en s'appropriant les codes du luxe de plus en plus vite et avec talent forcent le luxe à INNOVER
Plus qu'une remise en cause de la notion de "luxe", nous assistons à une confrontation d'IDENTITÉ entre les ADNs de marque et les individus qui cherchent à s'accomplir à travers elles.
Le renouveau viendra de ce que les marques et les individus ont en commun...la CULTURE...mais cela n'ira pas sans certaines tensions...
jeremy dumont, directeur de pourquoi tu cours (l'agence des idees)
Agency Food is a quarterly barometer compiled by The Agency Works for Agency heads to feed in their views on how their Agencies operate and in return benefit from the collective feedback.
courts circuits : l'innovation dans le luxe 'mon idendité de luxe" (partie 3)nous sommes vivants
rapport d'innovation de courts circuits : le marketing du luxe ("mon identité de luxe")
Des marques comme Paul&Joe ou Nespresso en s'appropriant les codes du luxe de plus en plus vite et avec talent forcent le luxe à INNOVER
Plus qu'une remise en cause de la notion de "luxe", nous assistons à une confrontation d'IDENTITÉ entre les ADNs de marque et les individus qui cherchent à s'accomplir à travers elles.
Le renouveau viendra de ce que les marques et les individus ont en commun...la CULTURE...mais cela n'ira pas sans certaines tensions...
jeremy dumont, directeur de pourquoi tu cours (l'agence des idees)
With growth slowing and cash getting tighter, now is the time to reduce the working capital tied up in receivables.
In the first of two China papers we focus on reducing trading risk and freeing up cash from receivables. In the second, we suggest that uncertainty can be exploited to grow market share and profitability.
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"Arranging a valuation is both easy and a great investment. It gives you peace of mind as well as a clear plan outlining what you should do to maximise your business now and in the long term."
With business valuation, business owners can identify and correct any gaps undermining their business value, be ready if opportunities arise, and gain confidence by knowing how saleable their business is right now.
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Note: Content is targeted to hedge funds, but the information is applicable to other types of asset managers.
Wise Pivot is a strategy fit for the digital age that can help companies pursue new growth opportunities. Read more on how to choose your pivot wisely.
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Do we really have attained successful business model?
Are we getting repeat business?
Does our margins are in line with industry (rather should be better)?
What is our Market Share & how to increase it?
Do we really have a performing team?
Does our organisation possess required leadership skills?
Do we have open mind set for innovation & growth?
Does financial crunch crossing our Way?
Does our control systems working properly
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If a creative team helps to increase the bottom line and can't prove it, did it really help the business at all? Tracking the impact of a creative team in any company is a tricky task, and 73% of CEOs think marketing and creative teams lack business credibility because they can't prove that they generate business growth. It's unrealistic to think you can accurately show how creative work directly increases revenue, but that doesn't mean there's no way to show upper management that you belong—it just requires a different approach.
Agency Food is a quarterly survey for Agency heads to feed in their views on how their Agencies operate and in return benefit from the collective feedback.
This, the most recent Agency Food report
compiled by The Agency Works with the
highest level of response to the industry survey
we’ve had to date, gives a detailed insight into
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outlook and current perception of their trading
landscape in Q1 2016, versus Q1 2015.
With growth slowing and cash getting tighter, now is the time to reduce the working capital tied up in receivables.
In the first of two China papers we focus on reducing trading risk and freeing up cash from receivables. In the second, we suggest that uncertainty can be exploited to grow market share and profitability.
Tax reform actually changes everything. We've never had a moment in which so much cash will be sitting on corporate balance sheets. The most strategic-minded executives will see this opportunity as a watershed moment to reevaluate how they allocate cash.
As a tech startup, it's important to consider your acquisition strategy with the same energy you consider your funding strategy. Acquirers think a certain way. Do you know how they think? Tribal Advisors has years of being on the buy side of transactions. We bring that expertise to tech companies to help them appropriately strategize their options to maximize their exit opportunities.
"Arranging a valuation is both easy and a great investment. It gives you peace of mind as well as a clear plan outlining what you should do to maximise your business now and in the long term."
With business valuation, business owners can identify and correct any gaps undermining their business value, be ready if opportunities arise, and gain confidence by knowing how saleable their business is right now.
Thinking about launching a hedge fund or looking to grow your fund's assets faster? Find out why some funds raise capital faster than others.
Note: Content is targeted to hedge funds, but the information is applicable to other types of asset managers.
Wise Pivot is a strategy fit for the digital age that can help companies pursue new growth opportunities. Read more on how to choose your pivot wisely.
Uncover the differences between Marketing and Business Development for professional services firms in this informative presentation. Noted CRM expert, Chris Fritsch, helps you discover myths and truths as well as best practices for getting results from your business development efforts.
Over 100 decision-makers working directly on corporate innovation in Fortune 1000 (Americas, Europe, Asia) corporations share their learnings. By 500 Startups.
Do we really have attained successful business model?
Are we getting repeat business?
Does our margins are in line with industry (rather should be better)?
What is our Market Share & how to increase it?
Do we really have a performing team?
Does our organisation possess required leadership skills?
Do we have open mind set for innovation & growth?
Does financial crunch crossing our Way?
Does our control systems working properly
4 KPIs Every Creative Team Should Be TrackingWorkfront
If a creative team helps to increase the bottom line and can't prove it, did it really help the business at all? Tracking the impact of a creative team in any company is a tricky task, and 73% of CEOs think marketing and creative teams lack business credibility because they can't prove that they generate business growth. It's unrealistic to think you can accurately show how creative work directly increases revenue, but that doesn't mean there's no way to show upper management that you belong—it just requires a different approach.
Agency Food is a quarterly survey for Agency heads to feed in their views on how their Agencies operate and in return benefit from the collective feedback.
This, the most recent Agency Food report
compiled by The Agency Works with the
highest level of response to the industry survey
we’ve had to date, gives a detailed insight into
Agencies in the Creative sector, looking at the
outlook and current perception of their trading
landscape in Q1 2016, versus Q1 2015.
Agency Food is a quarterly barometer for Agency heads to feed in their views on how their Agencies operate and in return benefit from the collective feedback.
Hướng dẫn sử dụng cho chủ shop và doanh nghiệp khi khởi tạo và sử dụng Zalo Official Account nhằm tăng tương tác và hỗ trợ bán hàng hiệu quả trên Zalo. Liên hệ hợp tác qua duynt7@vng.com.vn
Did you miss any of the IQ Management tips over the past few months?
Do not fear! We've compiled them all into one handy place so you can get up to speed.
Barometer 2016: Social and economic performance of French digital business st...EY
The fifth edition of this annual barometer, realized in collaboration with France Digitale, presents the social and economic performance of French digital business start-up financed by venture capitalists.
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To ensure success, you must rigorously measure the performance of your business.
We have identified five key strategic areas to help you determine if your business will be successful in the future.
They will help you get started on deriving your own solutions to the key challenges, hurdles, and problems you may face.
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The KPI - Cash Flow Modeling and Projections (Series: MBA Boot Camp)Financial Poise
You can chase a lot of financial measures of your business, but nothing stacks up to cash flow. Like a boat captain on a rough sea, being able to see what is coming at you financially is absolutely invaluable.
Cash flow models are the absolute go-to tool for reviewing companies in distress, yet they are also invaluable to venture capitalists who must manage long range investments as well as fast growth. This webinar discusses the basic components of a cash flow model, why it is weekly and not monthly and why 13 weeks is the usual length. This webinar also discusses what type of data is best for making an efficient and practical cash flow model, as well as best practices for reporting and pitfalls associated with modeling and balance roll forwards.
To view the accompanying webinar, go to: https://www.financialpoise.com/financial-poise-webinars/the-kpi-cash-flow-modeling-and-projections-2021/
During this session we define what a business plan is and it's uses and benefits. We provide a framework to follow when developing your plan that helps you go through all the key elements to ensure that you have a concise and solid plan for investors and for your partners, employees and other stakeholders.
This white paper will provide small-business owners with a clear understanding of what they should to do in order achieve sustainable growth in their business.
An accounting firm business plan outlines the strategy for providing financial and accounting services to individuals, businesses, or organizations. It includes an analysis of the target market, services offered (such as tax preparation, auditing, or financial consulting), pricing structures, and marketing tactics. The plan also addresses staffing, certifications, and qualifications of personnel, as well as strategies for client acquisition and retention. Financial projections and budgeting are crucial components to ensure sustainable growth. A well-crafted accounting firm business plan serves as a roadmap for success in the competitive financial services industry, guiding operations and attracting potential clients.
Similar to Magnifeye - Business Vision Barometer (20)
In this issue of Agency Food, we look at what
makes agency heads tick. We ask why you set up
in business in the first place, what your agency
ambitions are and your hopes and dreams for the future.
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If your agency is considering getting a new project management system, here's a useful guide to selecting and implementing the right system for your business.
Implicitly or explicitly all competing businesses employ a strategy to select a mix
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involves recognizing relationships between elements of the marketing mix (e.g.,
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[Note: This is a partial preview. To download this presentation, visit:
https://www.oeconsulting.com.sg/training-presentations]
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2. Explore the sustainability implementation model, focusing on effective measures and reporting strategies to track and communicate sustainability efforts.
3. Identify and define best practices and critical success factors essential for achieving sustainability goals within organizations.
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1. Introduction and Key Concepts of Sustainability
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3. Measures and Reporting in Sustainability
4. Sustainability Implementation & Best Practices
To download the complete presentation, visit: https://www.oeconsulting.com.sg/training-presentations
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Editable Toolkit to help you reuse our content: 700 Powerpoint slides | 35 Excel sheets | 84 minutes of Video training
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Magnifeye - Business Vision Barometer
1. MAGNIFEYEP A R T O F T H E A G E N C Y W O R K S T E A M
MAGNIFEYEP A R T O F T H E A G E N C Y W O R K S T E A M
ISSUE #1
BUSINESS
B A R O M E T E R
VISION
2. We are thrilled to be launching the Business Vision
Barometer, an on-the-ground viewpoint from consultancies
in the UK on what it’s like to be doing business, their
business, in 2015.
The team at Magnifeye has a firm grasp of the consultancy
sector having implemented project management systems
through Synergist for over 10 years. However, there is
no substitute in hearing from you on how you are finding
project-based working in the current climate, and how
you feel about the prospects for your company in the
future.
With this in mind we would like to thank the participants
of this first Business Vision Barometer which aims to
provide the starting points for open forum discussions
and learning between peers in this area, supporting
ambition, and highlighting the need for our support
where we can provide it.
The Business Vision Barometer will be issued as a
quarterly report for project-based firms in the UK so we
would encourage as many of you as possible to take
part, sharing your view and story of the challenges you
face and successes you enjoy.
The UK is currently enjoying economic growth, although
at a slower rate than initially anticipated at the beginning
of the year, and consultancies are a sizeable part of this
economic expansion. Not only as an important power
house of business themselves, but also in terms of
the valuable expertise provided to drive other
businesses forward.
To help maximise your profitability, we have created
a Fee Income Calculator to find out your annual fee
income target. Simply fill in a few details here we'll
work out the rest
No matter which industry sector your business operates
in, we hope you will find something of interest within
this report and please do email us if you’d like to take
part in the future or if you’re facing similar challenges as
highlighted in the report. We would relish the opportunity
to see how we can help create a system that works to
support your business.
The full set of questions we asked can be found at the
back of this document.
Thank you for reading.
Jay Neale, co-founder
Magnifeye
WELCOME TO THE BUSINESS VISION BAROMETER
BUSINESS
B A R O M E T E R
VISION
7. FOCUS ON: THE CURRENT TRADING LANDSCAPE FOR CONSULTANCIES
JAY SAYS:
“This first Business Vision Barometer
happily reports that consultancies are
feeling positive at this mid-way point in the
year, but as with any business there are
always hurdles to overcome, and ambitions
to be met. By putting project management
processes and profitability under the
microscope, consultancies will give
themselves a better chance of spotting
trends in their finances, areas of over
service perhaps and even where further
growth is possible. Coupled with the need
to recruit talent as highlighted in the
Barometer, this half way point in the year
is a natural time for many to review and
streamline processes, aiming for another
successful quarter and beyond.”
This first Business Vision Barometer sets the
scene for how consultancies are faring so far in
2015 as the economy shows signs of growth after
an uncertain few years for firms.
A healthy 88% of consultancies said the general
outlook of their business’ performance over the
next quarter is improving or slightly improving,
with none of the firms seeing it decrease or
dramatically decrease. The remaining 12% saw
their outlook remaining the same.
When considering the key challenges facing
their business at the moment, it is the issue of
finding the talent needed to meet the needs of
the business which plays on the minds of bosses
the most.
The top five challenges for consultancies at
present are:
1. Recruiting talent - 59%
2. Increasing new business leads - 47%
2. Growing existing clients - 47%
4. Decreasing client budgets - 35%
5. Increased competition - 29%
Perhaps reflecting the key business challenges
of finding new talent and increasing business
through the door, the financial challenges which
are predominantly facing consultancies are
focused on driving revenue.
The top five financial challenges faced by
consultancies:
1. Increasing profitability - 53%
2. Late payment - 41%
2. Accurate forecasting - 41%
4. Managing cashflow - 35%
5. Paying taxes/business rates - 18%
There is a clear need for consultancies to angle
the spotlight on driving growth in the current
climate to maximise on this period of positive
economic growth. With that in mind, concentrating
on recruiting the right talent and putting robust
systems in place to highlight revenue-driving
opportunities within the business, could be key
in the next quarter.
BUSINESS
B A R O M E T E R
VISION
8. FOCUS ON: WINNING AT WHAT PRICE?
The positive outlook displayed by consultancies
currently could be founded in their new business
successes. Over a third (35%) reported a 1 in 2
new business win rate in Q2 of 2015, 29% are
winning 1 in 3, and 12% are even winning at a
higher rate than 1 in 2. In terms of how this translates
to profitability, in the most part respondents said
they have not budged on reducing their rates
in the last quarter just to win new business with
over half, 53%, standing firm on cost to the
client. However, 47% of consultancies admitted
to dropping rates to win new business and of this
number, 29% are dropping rates by 10-20%.
Dropping rates to win business can be a slippery
slope for firms as it can give the client the
perception of a lower value service, and it becomes
difficult to bring the rate back up once the client
has received a discount. It also affects the
consultancy’s bottom line narrowing margins, and
not contributing enough to revenues to meet the
business’ targets.
There are of course business cases to be
made for dropping rates in instances where
agreements with clients are made for short term
rate reductions for longer term gain, or perhaps
on reviewing their finances a consultancy can be
sure that the business will stand up to it. But with
41% of respondents charging an average hourly
rate of £95-£105 per hour, could your business
afford to drop £10-£20 per hour?
JAY SAYS:
“Alongside growing or adding to projects with existing clients, the new business stream
is hugely important to consultancies and undoubtedly has a knock-on effect on recruiting
talent and growth targets.
Compromising on rates, which will have been carefully worked out to ensure profitability
on projects and that value is delivered for the work required, could be perceived as under
estimating the worth of the consultancy provided, and can also create problems further
down the line in trying to bring that rate back to what it should be.
As part of the Business Vision Barometer, we asked consultancies why it is they think they
lose out on new business and 65% said they thought it was due to budget constraints.
So we see why the temptation is there to drop rates just to win the business with one eye
on a longer term relationship.
And yes in some cases it can work to discount rates on an agreed short term basis, but
devaluing your work is not an ideal starting point with a client. Know your worth,
understand what a piece of business needs to bring to your books in terms of revenue
and be resolute in the value of your consultancy.”
BUSINESS
B A R O M E T E R
VISION
9. FOCUS ON: NEW BUSINESS: INVESTMENT OR PLANNED FOR?
The new business process can be pressured
especially if you are a small consultancy and
there’s no one with a designated new business
role to handle much of the workload. Invariably
a team will have to cope with client work as well
as new business pitches or tenders.
The Business Vision Barometer revealed that
when it comes to new business, consultancies
face a multitude of challenges:
Having a new business resource would alleviate
the pressure of some of these challenges but
if this is a business cost you can’t afford, then
what other options are open to help ease the
process? Clearly there are some elements of the
pitching process that are out of a consultancy’s
control - budget disclosure or project scope from
the client being some of those - but in terms of
resource, taking the view that new business is
a revenue stream to be planned for rather than
an investment could be a mind set change worth
exploring.
You may be one of the 30% of consultancies that
already allocate a budget to winning new
business. But 35% are only sometimes, and
not that accurately, allocating a budget with an
additional 35% stating that they never allocate a
budget, according to the results of the Barometer.
Putting a resource and costs budget in place for
new business, beginning with an audit of time
reports and outgoings spent on the first half of
this year, can really help consultancies to
understand the cost of new business, and then
go on to create time and space for teams to
dedicate to maintaining that healthy win rate.
Almost half, 47%, of respondents in the Barometer
said they are already monitoring internal and
external costs spent on winning new business.
By planning new business resource and
budgeting for this spend, what has been
previously perceived as investment, could be
turned into a valuable revenue stream.
1. Working to short notice deadlines - 29%
2. Not knowing what the budget is making it hard to cost accurately - 24%
2. Having the right people available to work on it - 24%
4. Project scope is not clear from the potential clients - 18%
BUSINESS
B A R O M E T E R
VISION
10. WHAT WE ASKED
HOW MANY EMPLOYEES
WORK AT YOUR COMPANY?
WHAT IS THE GENERAL OUTLOOK
OF YOUR BUSINESS’ PERFORMANCE
OVER THE NEXT QUARTER?
(compared to last quarter)
WHAT IS YOUR AVERAGE
NEW BUSINESS WIN RATE
AT THE MOMENT?
IN WHICH REGION OF THE UK
IS YOUR COMPANY BASED?
WHICH OF THESE IS A KEY
CHALLENGE FOR YOUR BUSINESS
AT PRESENT?
WHAT IS YOUR AVERAGE HOURLY
CHARGE RATE?
WHAT IS YOUR BUSINESS’
FIELD OF EXPERTISE?
WHAT ARE THE BIGGEST
FINANCIAL CHALLENGES
YOU FACE IN RUNNING
YOUR BUSINESS?
DO YOU ALLOCATE A BUDGET
TO WIN NEW BUSINESS?
WHO IS RESPONSIBLE FOR
NEW BUSINESS WITHIN YOUR
ORGANISATION?
WHEN YOU DO LOSE OUT ON NEW
BUSINESS, WHAT DO YOU THINK
ARE THE MAIN REASONS?
ARE YOU MONITORING HOW MUCH
YOU SPEND (INTERNAL & EXTERNAL
COSTS E.G. RESOURCE, EXPENSES)
ON WINNING NEW BUSINESS?
WHAT IS YOUR BUSINESS’
ANNUAL TURNOVER?
DURING THE LAST QUARTER,
HOW MUCH HAVE YOU REDUCED
YOUR RATES BY TO WIN A NEW
BUSINESS CONTRACT?
WHAT IS YOUR BIGGEST
CHALLENGE IN NEW BUSINESS?
BUSINESS
B A R O M E T E R
VISION
11. Magnifeye is part of The Agency Works Team,
the UK implementation partner of Synergist.
With a wealth of knowledge in accounting and
project management systems, we work with you
at every stage of the process taking a closer look
to understand your business’ needs, right through
to the installation and training of new users.
We have a dedicated Client Services team
who will ensure that your management system
continues to run smoothly for your business after
it has been implemented.
MAGNIFEYEP A R T O F T H E A G E N C Y W O R K S T E A M
MAGNIFEYEP A R T O F T H E A G E N C Y W O R K S T E A M
ABOUT MAGNIFEYE CONTACT DETAILS / LINKS
To discover how a project management system
can benefit your business...
call 01455 553 246
or email hello@magnifeye.co.uk
www.magnifeye.co.uk
Twitter @Magnifeye_UK
Follow us on LinkedIn
And join the LinkedIn Business Vision Group
BUSINESS
B A R O M E T E R
VISION