I got stuck in traffic today. A truck turned over on the highway and created a backup that held me up for over an hour. You probably winced a little when you read that. Mostly because the phrase ‘truck turned over’ does that to people. You may also have winced at the thought of over an hour lost to traffic. It’s something most of us have experienced and a frustration we can all understand.
As you sit there, and watch the minutes tick by, it’s natural to think of all the work that you’re not able to do and that you’ll have to catch up on when you get to your office. That’s not what I did this morning. Instead, I just went to work. I made a few calls, I sent a couple of emails and I ran through the details of a meeting in my head to sharpen up what I wanted to say.
I also had a thought; modern technology saved my work day. While I may be showing my age by calling a cellphone ‘technology’, it’s important to remember the power technology has to offer. As an agency owner, you may be missing out on technological solutions that would improve your business.
Modern technology has broken down barriers for many businesses. Mobile devices have made it possible for business to be done from anywhere. You don’t need to be in the office to review presentations or reports nor do you need to be in the same room to have a full client meeting. That creates opportunities for agency owners willing to embrace technology.
Along with the practical opportunities, technology has also allowed smaller businesses to market in a way that was impossible in the past. Through blogs, social media and your website, you can communicate with clients and prospects in a far more detailed and fluid way. You can create an online presence that promotes and represents your agency 24 hours a day.
However, in our experience, most owners either don’t know what technology could do for them or are reluctant to try it. Meanwhile, a lot of the larger agencies are pushing ahead with technological advances. This could create a problem when those reluctant owners decide to sell the agency. The majority of agency acquisitions are made by bigger agencies and one of the main factors they look for is a good fit.
While it’s not a big problem now, these larger agencies are becoming more and more advanced; if your agency is slow to adopt modern technology it could have an impact on your value. In the end value always comes back to how much a buyer is willing to pay. When presented with a modern agency ready to integrate or an old-school agency stuck in its ways; where do you think that buyer will see the most value?
That’s something to think about next time you’re stuck in traffic and can’t get any work done.
“What is the Value of my Agency?” I hear you ask? You can contact us for a valuation, or download our free whitepaper on the topic.
