Tag Archives: strategic planning

ILN Today Post

Incentives for Higher Performance

The beginning of the year is a good time for a PR firm, like any business, to think carefully about its strategic initiatives. It is an equally opportune time to consider what initiatives really mean to revenue growth and how an agency’s key team is compensated.

Strategic planning is critical, especially now when fewer and fewer firms can be all things to all people, trying to offer (usually without success) all types of specialization to all types of clients. However, too much of strategic planning ends at the planning phase and only addresses one piece of the puzzle (e.g., revenues). The best such plans take into account the viewpoint of multiple stakeholders (e.g., owners, employees, and clients), time horizons (e.g., one year, three years, and more), metrics (e.g., revenue, profit), and agency objectives (e.g., organic growth, employee incentive and retention, and sale event considerations). More…

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