Boost the profitability of your consulting firm or digital agency!

Unless you’re working for the sake of glory (or in the public sector), every business owner knows that profitability is essential to staying in business… Better yet, improving profitability is crucial to staying “in the game” in a growing market.

Good intentions are fine, but having a strategy to achieve your goal is better.

Here are 9 tips to put into practice every day:

Track the time employees spend on tasks.

We know it seems obvious, but just in case, we’re sharing our previous article again, which tells you how to effectively track your projects by time spent.

Track the time you spend on pre-sales activities.

In fact, sometimes the pre-sales role is a bit like a dumping ground where we toss everything we don’t quite know where to put. Or it’s like a competition where we spend 30,000 euros to make 10,000… By the way , do you know how to calculate the cost of your last pre-sales campaign?

Get a dashboard showing profitability by customer.

On any given project, it’s normal to make a profit or take a loss (as little as possible, of course), but when this becomes a regular and recurring pattern from project to project, it’s time to let that client go! Defining clear profitability criteria for your communications agency allows you to quickly identify the truly profitable accounts; Furious then helps you focus your efforts where it pays off!

Offer incentives based on project profitability.

If you get your employees interested in tracking these metrics, you’ll soon see that the drive to do better will take over—and it’ll be a win-win for everyone! With Furious, it’s simple and fun—give it a try!

Implement regular project debriefing meetings.

And with all project stakeholders at the conclusion of every unprofitable project, it is important to take stock and hear everyone’s views on what they believe caused the loss of profitability.

Allocate purchases to your projects.

Ask yourself this: are you able to generate clear cost accounting to allocate a purchase to a specific project? By linking a pricing grid template to your project management software, you can optimize cost allocation and track expenses with greater precision. With software like Furious, you can allocate a purchase to multiple projects with a single click. This is especially handy for managing a freelancer working on 4 or 5 projects, for example!

Analyze the projected profitability.

All too often (when it’s done at all), we only have a vague idea at the end of the project whether we made a profit or not. That’s fine for those looking back on the project, but it’s useless for making informed decisions. Knowing a project’s net profitability in advance, thanks to key metrics like the ROI formula, allows you to better anticipate results. By factoring in elements such as production costs or a potentially costly ERP migration, you can adjust your strategies before it’s too late.

Furious allows you to clearly see, right from the quote stage, the projected gross and net profitability of your projects—and ultimately, of your business.

Standardize processes for the products you sell most frequently.

In other words: Do you have a streamlined process that saves you time on the projects you sell the most? Example: If you regularly sell press releases or landing pages, do you have a process that ensures that no matter who is working on them—whether an individual or a team—it will take the same amount of time? This is a must-have that will boost your profitability!

Furious helps its clients optimize and automate their processes and effectively manages every stage of their projects.

Organize your management.

To ensure that profitability reviews are conducted, ideally on a weekly basis.

The idea is to quickly halt or realign projects that are veering off course. Furious is the manager’s virtual assistant that will automatically alert your managers well in advance in the event of a project risk. Thanks to the predictive engine! This helps avoid the question , “Why isn’t my project profitable when I’m giving it my all? !”

In short, as you can see, no wind is favorable to those who don’t know where they’re going. Furious is a control tower that lets you manage your production and profitability easily and proactively.

No more excuses for not winning the league next year 😉