How Are Your Agency’s Economic Vital Signs? Keys to Developing an Agency Financial Health Self-Assessment

Responsible agency leaders are typically very conscious of the quality of their new business development efforts, client service skills, and the comparative strengths and weaknesses of their work product.  Those are appropriate focal points of agency management teams and are certainly critical to continued growth and success. 

Often times, however, much less time and attention is paid to assessing the agency’s true financial condition and how current circumstances may be symptomatic of troubling trends, financial vulnerability, or areas necessitating remedial action. 

Too frequently, agency leadership performs only periodic cursory reviews of the basic financial reports with little further consideration of the full story behind the balance sheet, income statement, and operating budget performance.  

As a result, important financial course corrections are often delayed, or based on an incomplete understanding of what your regular financial reporting is really telling you.

Join Steve Koskela, sjk advisory group as he provides the framework for performing a critical self-assessment of your agency’s financial health --- an important management tool that can help bolster your core financial strength and contribute to enhancing the long term value of your business.

Key takeaways:

• Three fundamental barometers to derive from your basic financial statements
• Relevance of industry benchmarks – how they should and should not be used  
• What your key aging reports can tell you (A/R, A/P, and WIP)
• Evaluating your agency revenue makeup and trends 
• Developing a liquidity awareness – impact of billing, credit, and vendor policies.

Who should attend:  

Anyone who has a role in shaping an agency’s financial future and contributing to its profitability and financial health, including agency owners, key management team leaders ie.– CEOs, COOs, CFOs and their staffs, and client service managers.

About Steve Koskela:

Steve Koskela has more than 30 years of executive level financial management experience in the marketing communications industry with both independent and global scale publicly held agency organizations.  A CPA with a Big Four background, Steve has held executive positions with prestigious advertising agencies and marketing service firms. In 1996, he founded sjk advisory group, a specialized financial consulting boutique that serves as independent consultant to advertising and marketing firms across North America.  Steve is a leading advocate for the adoption of alternative pricing and intellectual property ownership practices for the advertising industry.