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Steps to Keep Your Agency Retainer Jobs
Profitable5
A Retainer Client: a client who is billed monthly (or sometimes even weekly) for work being done by the agency.
The Benefit: a retainer client could allow for consistent cashflow for the duration of the contract.
The Problem: if you’re not careful, you can turn a potentially profitable client into one that costs you money and stress.
If you follow these 5 simple steps, your creative agency team will thank you for making their lives easier & senior management will thank you for ensuring the agency is actually making money.
But first…
My name is Tate Lillies. I am an avid Vancouver Canucks fan. In fact, I flew to Boston to watch game 6 of the 2011 Finals. Which they lost. So I’m pretty much responsible for the Canucks losing the Stanley Cup.
Hi!
Now back to business
Ensure the Client has Reasonable Expectations from the Start1
Don’t just say you’ll do whatever it takes. Make sure they understand that time is what you’re selling to them.
Track time & expenses to the Retainer2
It’s very important that all team members track time accurately and that
nothing is missed.
Bill your client for the month in advance3
Bringing in money at the start of the job will
help with cashflow immediately.
Present last month’s timesheets & expenses with next month’s invoice4
Being open with these costs to the client will
allow them to see what you’re doing for them.
This detailed reporting will help with retainer planning & negotiation
both with this client and future retainer clients.
Set up a 6-month review with the client5
A retainer relationship will only work if both sides find the value in it.
A review will allow your client & agency to discuss the process openly and maybe even re-negotiate the remainder of the year if needed.
Check out the full blog post
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