Running a software development agency is a fun and rewarding experience. In the beginning, business escalates and income is good. However, after a few years or so, you start to wonder, “Am I stuck in a rut?” After all, you don’t want to be stuck in a situation where there is no movement, especially with the number of rivals growing in the industry.
How do you manage this tough balancing act — Ensure long-term success for clients and also focus on growing your tech agency? Here are 8 actionable steps for running an agency and getting more business!
1) Learn to delegate tasks effectively
A 2007 study on time management says that close to half of the 332 companies surveyed were worried about the delegation skills of their employees. Simultaneously, only 28% of those companies offered any training on the matter.
During the initial phases of starting a business, you tend to be a self-sufficient powerhouse. You, as a business owner, are the accountant, marketer, web designer, and developer, juggling all of these roles and more. However, it’s this very multitasking nature that can become an issue moving forward.
“Deciding what not to do is as important as deciding what to do.” – Steve Jobs
There will come a point when you are left to choose between running your agency and working on your projects. It’s crucial to work on your business, not in your business. Learn to delegate and hire replacements.
2) Invest and bet on yourself
So what if you’re a founder or an agency owner, it doesn’t mean you have to put a full stop on learning and developing your skillset. It’s all part of your business investment.
Attend a networking event, be a part of a conference, take a class, or upgrade your equipment. More than anything, look after yourself. Sleep for 8 hours, eat healthily and take a break whenever required.
3) Investing in your team and employees never goes out of style
Sure you’re occupied with running your agency, but make sure to invest time and effort in your team as well. Your team doesn’t have to get along like a house on fire with each other but create bonds and meet up outside of work so that they can be aligned with one another.
It’s one of the downsides of remote teams. They lack the familiarity of meeting face-to-face and connecting. So how can you encourage team alignment? Be transparent with your team, have frequent check-ins, and take time out to celebrate the brand and them.
Set individual goals too. People have career goals. Train your people so they can move up the ladder and support them while you do so. Don’t lose out on your star talent because you weren’t paying attention to their goals.
Pro tip! The culture of your workplace shouldn’t only revolve around finding new hires and retaining new clients. It has a lot to do with getting your existing employees to stick around. How you run your workplace matters just as much as winning over your next client.
4) Market your agency well
Don’t get so involved in the everyday tasks that you forget about attracting the right customers on board. Focus on marketing your agency desirably. Tasks such as marketing hold the same amount of gravitas as it’s here that you take the time to understand what the customer wants. It can be challenging but that only makes it all the more necessary.
“Good marketing makes the company look smart. Great marketing makes the customer look smart.” – Joe Chernov
It’s not about showing your company off, it’s about lending your knowledge and adding value to clients, sharing your expertise, and giving to the community.
5) Set processes in place so there is less confusion
It may seem tempting to focus on client projects and not waste time putting together processes. But, you can’t grow a thriving business without standardizing a process in place. In the long haul, it improves automation, processes, and documentation.
The biggest blessing? It reduces confusion. Without a process, work takes longer to get done and you encounter many mistakes. Spare yourself and every one the horror and set processes in place for your various workings and tasks.
6) Branding is the sweet spot that puts you at an advantage
It isn’t easy to fine-tune your services and recognize your niche early on. Businesses usually start as freelancers and then build out their service offerings. Slowly, as your business grows, your brand should too. What helps your agency stand apart from the rest helps you gain that extra edge over your competitors.
“Stop writing about everything. So many brands create content and try to cover everything, instead of focusing on the core niche that they can position themselves as an expert around. No one cares about your special recipe… Find your niche, and then go even more niche.” – Joe Pulizzi
All agencies don’t have the resources or skills to cater to every industry. Being a jack-of-all-trades isn’t going to impress your potential clients. Specialized labor is what prospects are looking for. Be sure to narrow your options down, recognize a niche you can cater to, and stick to it. If you wish to gain more clients, narrow down your focus.
7) Build external partnerships
Want to know the best way to grow your agency? Nurture external partnerships! They have an unbelievable impact on the business’ success. Every partnership bond is different and should be treated as such. Be authentic, and genuine, and make friends. If you think this partnership would really do you good, take it forward. And above all, lead with value without anticipating anything in return.
For instance, partnering with a marketing agency helps you improve your designs and brand, develop a sales funnel, put together eCommerce SEO, create web copy, and more!
8) Decide how to handle and manage cash flow
Talking about cash flow is a double-edged sword as not many entrepreneurs want to willingly talk about their overheads. If things are going well for you, it’s always a nice feeling to know your business is growing but eventually, you may hit a standstill where no new clients or projects are rolling in.
It’s not a wise decision to anticipate that your cash flow will always grow as your business does. To be on the safe side, set up a financial plan and payment structure. It becomes easier to reduce money issues hugely.
When preparing your agency for cash flow interruptions, it’s crucial to follow a few strategies. One of the strategies you can follow is keeping your employees aware of business operations.
“It’s understandable to focus on cash flow, a company’s oxygen. But its lifeblood is the dedication of the team, even as they anticipate tougher times. In a crisis, employees have many questions. Transparency is key. Make sure your employees are aware of clients that quit, belt-tightening, scenarios and outcomes. Keeping people motivated to work at their best throughout a crisis depends on keeping them informed as much as possible.” – Sam Michelson, Five Blocks
You can read about other cash flow interruption strategies.
9) Social media is the place to be!
Social media is growing so you might want to jump on the bandwagon and go at it full guns blazing. It’s a wonderful place to gain more customers and prospects. Be sure to have a Facebook presence and if you don’t, start now! Sign up for LinkedIn, Twitter, and Instagram profiles too, and begin posting your offers and services.
But be cautious! Don’t just create a profile and leave it like that. Post new and interesting content regularly, particularly authoritative content that creates value. It helps get more prospects. It’s also a great way to set up meetings, create buttons, and host consultations with new prospects.
Software development leads a fast-paced life and the growing number of rivals in the industry today only ups the stakes even more. Looking at all factors is crucial to ensure your business follows the right track and sees success!
In the end, it’s a balancing act! We hope these 9 practical steps help you run your agency more wisely and gain more business moving forward.