Create a Vision Statement for a Digital Agency to Fuel Growth
Why did I almost QUIT my multi-million dollar agency to get a job? It sounds crazy to think that I’d gotten to that point – for many is a measure of success – and was willing to let it go. I needed to learn to plan for the future and create a vision statement for my agency.
You see, I envisioned owning a business as the ultimate path to freedom, but it was ending up being the exact opposite. Like most agency owners, I started off wanting a business that provided me with predictability, freedom, and wealth. However, there came a point where I felt like a prisoner to the agency I had created.
I was doing EVERYTHING!
Every little decision in the agency was going through me. My team was not making a single decision without me and everything was falling on my shoulders. I was stressed out and miserable.
It’s easy for agency owners to become overwhelmed by the daily grind. This habit will only take you so far and the agency will eventually plateau. You need to take time to plan for the future and envision the agency you want to build. Your vision dictates your eventual success.
Here’s what I want to discuss with you today:
- The first of two keys that led an agency from barely scraping to being nearly an 8-figure agency.
- The 5 most important questions which allowed my agency to grow faster while I worked fewer hours.
- The secret that led to eventually selling my first digital agency to a huge firm.
I’ve seen many agency owners skip these steps, but it’s the foundation that your agency is built on and the most important thing we make sure the members of our Agency Mastery do.
Setting the Vision for Your Agency
I always say running an agency is like getting on a boat with your team. As the captain, you set the course. However, if your team has no idea where you’re going, they’ll keep coming to you to steer the boat in the right direction. After a while, it’ll get pretty frustrating. It happens to a lot of us and things will never truly change for your agency until you figure out the two keys to successfully leading an agency, here’s the first one:
Communicate your vision. This means not just gathering your team and explaining your vision once. For them to steer the boat even in your absence, you’ll have to communicate that vision often.
The Five Most Important Questions Every Agency Owner Should Answer
When I say I almost made the decision to take a job a quit the agency I mean I even did interviews. One of those interviewers asked me the most important question I’ve ever been asked and one I encourage you to ask yourself:
1. What do you want to do every day and what do you want to avoid?
The answer to this question was the beginning of my vision. I realized I didn’t have to shut down the agency. I just needed to create a vision and plan that allowed me to work on the things I loved and delegate the ones I didn’t want to work on.
2. What type of agency do you want to have?
Do you want to have an agency you can one day sell? Then we need to figure out what to do to get it to that point. Do you want to create a lifestyle business where it’s built around your lifestyle and you can do what you want? Do you want an incubator agency where you use the business to build products and companies? Or do you want to be high-priced or high-value, low-price? Deciding the type of agency you want will make it easier for you and your team to make decisions along the way.
3. Where do you want revenue to be in the next year? And in 5 years?
After the first 3 to 5 years with the agency, I felt like we were hitting a glass ceiling. I was being reactive to the business coming to me and never thought about where I wanted to take the agency. Once I started thinking about the number I wanted to reach – which was over eight figures – I was able to start formulating a plan.
By planning ahead to the number I wanted to reach, I realized I either had to 5x the number of clients I had or 5x my pricing. The first one just wasn’t an option without depleting my team, and if you can’t implement the second then, then you have the wrong clients, which leads me to the next question.
4. What types of clients, industries, and engagements excite you?
I was taking on the wrong clients and saying yes to the wrong engagements. One time, the agency took on a client who wanted to build the next big thing for golf. It was an industry we had no experience in and it quickly became apparent the engagement would be a nightmare for all. We kept missing deadlines because we had no prior experience in this industry, the client demanded constant meetings, low budgets and unrealistic timelines; the worst part was that we took time and focus from other clients.
It was tough for the team’s morale and made me question everything. This is what took me to the point of considering shutting down the agency and taking a job.
Looking back, this could all have been avoided if I’d just been clear about the type of clients we as an agency should be going after.
5. What are the values you’re looking for in your team?
I figured we needed to get the right workers to get the job done but went about it the wrong way. I thought if we hired workers from the biggest agencies we would become like them. This turned out to be a big mistake. Coming from a big agency made no difference because the person we hired didn’t share our values, especially being resourceful.
I should’ve focused on hiring team members who believed in the same things the agency stood for and shared my vision. So I started by defining our values and what we believed in. This way, we could measure future and current team members on our values.
The Ultimate Guide to Unlocking Your Agency’s Potential
The answers to these questions will become the ultimate guideline for unlocking your agency’s potential. If you’re feeling lost and unsure about why you do what you do, it will be the cause of a lack of clarity.
So why haven’t you worked on clearly defining your vision yet? I get that this is probably the last thing you want to do. It’s tedious and you came here to learn how to attract your ideal clients. That will only happen once you define who your perfect clients are, which you can’t do until you define who YOU are.