If you are concerned that your agency is struggling to survive then don’t try to resolve this on your own. Seek expert help. Do you have non-exec directors or mentors you can turn to? Your professional experts such as your accountants and lawyers will have a wealth of knowledge and can provide guidance. The DBA is also a great resource, along with the DBA Experts. Get in touch with Adam at the DBA (adam@dba.org.uk).

Don’t leave things to the last minute, at the first sign it looks like things are not going your way, you need to put in place a turnaround plan. Good practices, such as reviewing your key financials including your forecasts and cashflow forecast will be early warning indicators and can be the difference between staying afloat and closing up shop. 

A solid sales strategy and cost saving actions that can be immediately implemented will be key to your turnaround plan. You’ll also need to identify factors impacting your profit margin, cashflow and potential ability to deliver projects, putting in place a clear set of objectives with measurable targets to support your turnaround plan. 

Think fast, act quickly and take advantage of specialist support available to you. The DBA can help with signposting you to this – do get in touch with Adam on adam@dba.org.uk for more advice.