5 Ways Agencies can Prepare for a Recession

As the economy shows new signs of slowing down, many businesses are wondering how they can prepare for a recession. While no one can fully recession-proof their agency, there are steps that businesses can take to weather the storm. Here are 5 ways that agencies can prepare for a recession.

1. Diversify Your Client Base (and nurture new revenue streams)

One of the best ways to prepare for a recession is to diversify your client base. Having a mix of different industries will help insulate your business from fluctuations in any one sector. For example, if you have clients in the financial industry, you may see a drop-off in work during a recession. However, if you also have clients in healthcare or education, you may not be as affected. diversifying your client base can help insulate your business during tough economic times. 

2. Build up Your Cash Reserves 

Another way to prepare for a recession is to build up your cash reserves. This will give you the financial flexibility to better weather any storm. Many businesses don’t make it through a recession because they run out of cash and are forced to close their doors. By building up your cash reserves now, you can ensure that your business will be able to survive even the toughest economic conditions. 

3. Cut Expenses 

When a recession hits, one of the first things businesses need to do is cut expenses. This includes less-essential costs like travel, entertainment, and marketing. By cutting these expenses now, you’ll be in a better position to weather the economic downturn when it comes. 

4. Improve Your Collections Process 

In order to prepare for a recession, it’s also important to improve your collections process. Get paid faster by implementing things like shorter payment terms and automated invoicing and payments. By doing this, you’ll ensure that you have the cash flow you need to keep your business afloat during tough economic times. 

5. Double-down on Operational Maturity

Finally, now is the time to make sure that your Agency examines its processes, operations, and technology. How much is your legacy system and processes really costing you? It’s imperative that you maximize your productivity so you can deliver more with less. None of this can happen if you’re still dependent on legacy software and manual processes. Preparing for a recession means having a plan in place for how you will deal with things like layoffs and reduced demand for your services. Your ability to make data-driven decisions and compete, especially in a down market, will be super charged if you’ve invested in better systems, software and processes today.

By planning ahead, you can ensure that your business is well prepared during an economic downturn. 

A recession can be a difficult time for any business – but by taking these steps now, you can ensure that your agency is prepared for whatever comes its way. From diversifying your client base to improving your collections process, these tips will help insulate your agency in an economic downturn – so you can come out on top when things turn around again.


Celebrating International Women’s Day 2023 and Embracing Equity

International Women’s Day, celebrated annually on March 8th, is a time to honor and recognize the achievements of women worldwide. This year, the theme for International Women’s Day 2023 is “Embrace Equity.” This theme serves as an important reminder that we still have a long way to go in achieving gender equality in terms of rights and opportunity. 

What Can We Do to Embrace Equity? 

We can embrace Equity in our daily lives and communities in many ways. One way is by advocating for equal pay for women in the workplace – closing the gender wage gap – as well as investing in programs that promote female entrepreneurship and leadership development. Additionally, implementing initiatives such as flexible work hours or childcare support can make a big difference in helping working mothers stay employed while also caring for their families at home. Beyond these changes at an organizational level, individuals can also take action by educating themselves on social issues related to gender equality and supporting organizations that strive towards solving these inequities through donations or volunteering efforts. 

Embracing Equity is one of the main reasons Accountability launched a program for women returning to the workforce. “It was important to us to take action in creating opportunities for women,” says Joanne Miguel, Chief Product Officer of Accountability. “I know so many brilliant women who took a pause from work and are looking for opportunities to get back into the industry.” Accountability’s lean organizational structure is buoyed by a network of seasoned industry experts that add value throughout the customer journey. “This allows us to streamline operations without sacrificing expertise and skill. I’m really excited to work with our first group of women who have been accepted into this program.”

Selected participants can complete the certification requirements at their own pace. Once certified, participants join Accountability’s certified network of specialists and have the opportunity to support the financial transformation of innovative marketing and advertising agencies across the globe.

Certified Accountability specialists are carefully vetted and trained to ensure that Accountability clients get a consistent and high-quality experience throughout the customer journey.

If you are interested in getting certified or learning more about the program, click here.   

International Women’s Day 2023 has been designated with the very important theme of “Embrace Equity” – a reminder of how far we still have to go when it comes to achieving gender equality worldwide but also offering hope that progress can be made if each one of us plays our part in creating positive change through education, advocacy, activism, or investment in programs that strive for equitable outcomes for all genders alike! So let’s commit today — and every day — to embracing Equity and doing our part in ensuring all members of society have access to resources regardless of who they are or where they come from! Happy International Women’s Day! #IWD2023 #EmbraceEquity #WomenEmpowerment #GenderEquality


How Agency CFOs Can Drive Growth

Agency CFOs are under more pressure than ever to drive agency growth while maintaining a strong financial position. In today’s climate of constant change this can be daunting. However, by utilizing a modern financial management platform, CFOs can gain the visibility they need to make informed business decisions, maintain greater control over their operation, and increase profitability.

The Importance of Visibility

Access to real time data enables a CFO unbiased visibility into the financial health of his or her agency. An agency-specific financial management platform offers visibility by giving CFOs real-time insights into key metrics such as burn rate, margins, and project profitability. With this information at their fingertips, CFOs can identify areas of opportunity and take action to improve the bottom line.

Improving Agency Profitability

While visibility is important, it’s only part of the equation. To truly drive growth, CFOs need to be able to take actions that will improve agency profitability. For example, a modern financial management platform can help CFOs automate time-consuming tasks such as invoicing and billing. This frees CFOs, and their department, to focus on higher value, strategic initiatives to grow the business. Additionally, a financial management platform can help CFOs manage costs and optimize pricing models to improve margins.

Agency CFOs are under immense pressure to drive growth while maintaining a strong financial position. However, by utilizing a modern financial management platform, like Accountability, CFOs are empowered to make informed business decisions and increase profitability. With real-time insights into key metrics and the ability to automate time-consuming tasks, a financial management platform is essential for any agency looking to improve its bottom line.

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