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Allpoints Insights

The Top Five Books for Event Business Owners: Insights from Industry Leaders

Many of us love a good book, but if you’re like me, fiction isn’t your first choice (whisper: save it for holidays). I prefer books that offer educational or commercial value. I’m often asked for book recommendations, so I contacted over 30 business leaders in the events industry for their top picks.

I’m thrilled to share these with you. Here are the top 5 recommended reads for event business owners, as chosen by their peers:

1. The 80/20 Principle by Richard Koch

This book explores how to be more effective with less effort by leveraging the 80/20 principle—the idea that 80% of results come from 20% of efforts. Did you know that in most event businesses, 20% of customers generate 80% of revenue? Understanding and applying this principle can significantly enhance your effectiveness and business success.

2. Scale at Speed by Felix Velarde

Aimed at business owners and senior leaders, this book provides strategies to triple the size of your business while navigating key financial milestones. In the post-COVID era, many business owners are focused on rapid growth to sell, exit, or acquire. This straightforward and cost-effective read is a must.

3. How to Win Friends and Influence People by Dale Carnegie

A classic that many have heard of, if not read. Carnegie offers practical advice for personal development, focusing on improving relationships and interactions. This book is less about business strategies and more about enhancing your personal influence and effectiveness.

4. Good to Great by Jim Collins

Perfect for established businesses, this book analyses top companies to understand how they transition from good to great. Collins outlines the key actions and timings that can help your business replicate these successes.

5. Eat That Frog by Brian Tracy

With endless tasks on our ‘To Do’ lists, successful people focus on the most important ones. Tracy’s metaphor of “eating the frog”—tackling the most challenging task first—helps prioritise and achieve the most impactful results.

Other notable recommendations include “Brave New Work,” “The Chimp Paradox,” “Atomic Habits,” “Black Box Thinking,” “Blue Ocean Strategy,” “The Culture Code,” and “Rich Dad Poor Dad,” among others. If you’d like a full list of the 30 recommended books, comment below or send us a message.

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Allpoints Insights

How to Make Your Agency Brand Work Harder

Your agency’s brand is more than just a logo or a color scheme. It’s a strategic asset that can influence how clients perceive you and help you stand out from the competition. Here are five tips to ensure your brand is working hard for you:

Tip 1 – Influence Perception with Your Brand: In today’s fast-paced world, first impressions matter more than ever. Your brand is often the first thing potential clients see. Make those initial 5 seconds count by ensuring your brand accurately reflects your agency’s values, mission, and unique selling points.

Tip 2 – Punch Above Your Weight: Want to compete with bigger agencies? Your brand can help you punch above your weight. Use your visual identity to convey professionalism, expertise, and ambition. Show the world the agency you aspire to become.

Tip 3 – Create an ‘Agency Experience’: Branding goes beyond aesthetics; it’s about creating an experience. Your brand should reflect the personality and character of your agency. Whether it’s through your website, social media presence, or client interactions, ensure your brand consistently communicates who you are and what you stand for.

Tip 4 – Define Your Brand Personality: Do you know your agency’s personality? This goes beyond brand values—it’s about understanding the character and style that defines your agency. Knowing your brand personality can help you think creatively and consistently across all touchpoints.

Tip 5 – Make Better Business Decisions with Your Brand: Your brand’s core—the ‘Brand Heart’—should guide your business decisions. When faced with challenges, refer back to your brand’s purpose and values. Being guided by your brand’s principles builds trust with employees, clients, and prospects.

Your brand is your agency’s most valuable asset. By implementing these tips, you can ensure it works harder for you, helping you achieve your business goals and build meaningful connections with your audience.

Remember, a strong brand isn’t just about looking good—it’s about making a lasting impression and creating value for your agency.

For more insights and strategies to elevate your agency’s brand, connect with us and subscribe to our updates.

Let your brand be your guiding light in a competitive marketplace.

#BrandStrategy #AgencyBranding #BusinessSuccess

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Allpoints Insights

10 Key Considerations for Buying An Agency

Last time, we covered ‘selling an agency’, this time we are addressing buyers, or more specifically ‘would be’ buyers.

What are the benefits and ways of avoiding possible pitfalls of acquiring an agency?  Here are ten specific aspects to focus on from the buyer’s point of view:

  1. Client Base and Relationships – One of the main reasons to acquire is to add turnover and profit to your existing business and diversify into different markets. Also, the profit multiples you buy should be exceeded when integrated into your existing business at eventual group sale. Things to look out for:
  • Current Clients: Evaluate the target’s clients’ quality, diversity, and loyalty. Minimal overlap with your agency’s existing clients is good, but more experience in a given sector is also attractive – it can make you an expert in that field.
  • Contracts and Retention Rates: Any client contracts or preferred supplier status add stability and value. High retention rates indicate strong client satisfaction, although without any contracts a change in management in a client company can often lead to a change in agency.
  • Growth Potential: Assess the potential for upselling or cross-selling in the newly expanded client base.

2. Capabilities and Expertise – Another thing you are buying is talent

  • Skill Sets and Talent: Identify key employees and their expertise. The aim is to ensure critical talent is retained post-acquisition. Look at the employment contracts of key employees and focus on notice periods and post-employment restrictions. Examine how remuneration packages compare.
  • Service Offerings: Analyse the range of services provided and how they complement or enhance your current offerings.
  • Technology and Tools: Review the technology stack and tools used by the target agency to ensure compatibility and potential additional costs for integration.

3. Market Reach. Moving into other markets or service areas brings more opportunity

  • Geographic Presence: Consider the target’s locations regional influence and proximity to major client hubs. Evaluate the potential for market expansion. Point of caution, running a remote or overseas business can be extremely challenging especially where time zone differences are present.
  • Industry Segments: Determine the industries and market segments the target agency serves. Look for opportunities to diversify or deepen your market penetration.

4. Financial Health – This should probably be number one on the list.

  • Revenue and Profitability: Examine financial statements to understand the target’s revenue streams, profit margins, and financial stability. Cash position is important.
  • Cost Structure: Identify areas where cost synergies can be realised, such as overlapping functions or operational efficiencies. Make sure that directors’ reasonable salaries are taken into account before valuation and calculate the additional value to the business with rationalisation of costs you have identified. Be sure to calculate the costs of acquisition and be realistic.
  • Debt and Liabilities: Assess any outstanding debts or liabilities that could impact the financial health post-acquisition. These must be taken into account pre-valuation.

5. Competitive Position – If you are moving into a new sector, it is important to understand where your target sits in it.

  • Market Share: Understand the target agency’s market position relative to competitors and who those competitors are. Examine pitch conversion rates and how the agency attracts new business.
  • Reputation and Brand Strength: Evaluate the agency’s reputation within the industry and among its clients. A strong brand can add significant value.
  • Differentiators: Identify unique selling points or competitive advantages that the target agency has.

6. Cultural Fit – A sometimes underrated area by the moneymen, but a surefire route to disaster if it isn’t evaluated and plans for integration put in place as a priority.

  • Company Culture: Assess the target’s company culture to ensure compatibility with your own. Misalignment can lead to integration challenges.
  • Management Style: Evaluate the senior leadership team and their management style. Ensure alignment in vision and operational approach. If cuts need to be made, then they should be made as comprehensively and quickly as possible to ensure minimal disruption and uncertainty. A plan is an absolute necessity, as is good communication within both businesses.
  • Employee Morale: Gauge employee satisfaction and engagement. A positive work environment can ease the transition and integration process.

7. Operational Efficiency – Agencies live and die by their delivery:

  • Processes and Workflows: Review the operational processes and workflows for efficiency and best practices. Involve your own people in the evaluation.
  • Systems and Infrastructure: Assess the robustness of the IT systems and infrastructure. Compatibility with your systems is crucial for seamless integration. Again, involve your own people, they are almost certainly in a better position to evaluate this than you!
  • Project Management: Evaluate the target’s project management capabilities and methodologies. Same as above.

8. Legal and Compliance – Lots of paperwork, but an essential area to get right. Warranties may be in place, but knowledge of any potential issues ahead of time is necessary, not least because it could affect value:

  • Regulatory Compliance: Ensure the target agency complies with all relevant regulations, client expectations, and industry standards.
  • Intellectual Property: Review any intellectual property owned by the target, such as trademarks, or copyrights and any IP owned by others.
  • Litigation History: Investigate any past or ongoing legal issues that could pose risks.

9. Growth and Innovation Potential

Another of the top reasons to consider an acquisition

  • Innovation Track Record: Assess the target’s history of innovation and ability to adapt to industry changes.
  • Future Prospects: Evaluate the target’s strategic plans and growth projections. Look for alignment with your long-term goals.
  • AI: Have they integrated AI into their general day-to-day business and is future development in this area being embraced?

10. Integration Potential

The major reason for the failure of an acquisition

  • Integration Plan: Develop a clear plan for integrating the target agency into your organisation. Consider key personnel, timelines, key milestones, and potential challenges.
  • Change Management: Prepare for managing change within both organisations to ensure a smooth transition. Conduct Senior Leadership meetings to involve key players.
  • Communication Strategy: Establish a communication strategy to keep all stakeholders informed and engaged throughout the integration process.

By focusing on these areas, buyers can make informed decisions and maximise the benefits of acquiring another agency to add value, increase profile, capabilities, market share, and profitability, and increase the valuation of the acquirer’s business. These are the main points to look out for, but there are many variations along the way. Due diligence by legal professionals and tax advice are essential along with engaging an agency that has experience in the world of mergers and acquisitions – call us!

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Allpoints Insights

Selling Your Agency: 10 Key Considerations

In our view, every business owner should have their end game decided and the path to it mapped out, but that’s another story and another blog. Here we are addressing agency owners who have come towards the end of that cycle and are at the point of exit – and the crucial subject of maximising value and ten main points to get the deal over the line.

1. Valuation Accuracy – BE REALISTIC

Ensure your business is accurately valued using appropriate methods (e.g., EBITDA multiples, revenue multiples, or even future profit multiples). An accurate valuation is crucial to attract serious buyers and justify your asking price. Overvaluation is the most common cause of deals failing to materialise and will always derail negotiations. Put a number on the deal upfront, so everyone is aware of the expectation level before negotiations start, and BE REALISTIC!

2. Due Diligence Preparation – KNOW YOUR NUMBERS!

Prepare for due diligence by organising all necessary documentation, including financial statements, contracts, operational records, organogram, client lists, and potential growth commentary. Transparency is key and will reduce professional costs and readiness can instill confidence in buyers and expedite the process.

3. Relationship Building – BE ACCESSIBLE

Form and nurture relationships with potential buyers and key stakeholders. Building trust will facilitate smoother negotiations and more favourable terms. Take time to understand their business and motivations for the acquisition and highlight the areas of your business they would most be interested in. Maintain regular communication and transparency throughout the process as you will gain insight in every conversation.

4. Highlighting Financial Health and Growth Potential – SHOW CONSISTENCY

Present clear evidence of your business’s financial health and growth potential. Presenting a strong, consistent growth curve (with an explanation for any bumps in the road along the way) will impress. Emphasise strengths in the team, prospects, and unique selling points to justify a higher valuation.

5. Deal Structure (Cash vs. Paper) – WHAT DO YOU WANT?

Determine and communicate your preferred mix of cash and equity (paper) in the deal. While cash offers immediate liquidity, equity can provide long-term value. Usually, a deal will include an ‘earn out’ period. Decide upfront the period you want to be tied in for an acceptable target to be achieved post-deal. Balance your need for liquidity with potential future gains and if you still want to have skin in the game in the consolidated business.

6. Cultural Fit and Integration Plans – FOCUS ON CULTURE

The buyer should be concentrating on this as a priority as this is an area where most problems occur post-deal. Highlight the cultural fit between your business and the potential buyer’s operations. Demonstrating a seamless integration plan can add value and reassure buyers of a smooth transition. Having a senior management team in place that can run the business without the principal shareholders is a big plus.

7. Market Timing – DO YOUR RESEARCH

Consider market conditions and timing. Selling during a peak market can significantly increase the deal’s value. Conduct market research to identify the optimal time to sell and keep a keen eye on the business and political landscape in the years up to your preferred point of sale.

8. Legal and Tax Implications – GET PROFESSIONAL HELP

Understand the legal and tax implications of the deal structure. Proper planning can optimise tax outcomes and avoid legal pitfalls. Consulting with experienced industry consultants (allpoints!) and legal and tax professionals is essential to ensure a favourable outcome.

9. Negotiation Tactics – DECIDE STRATEGY IN ADVANCE

Employ strategic negotiation tactics. Understand the buyer’s motivations and constraints to leverage better terms. Be prepared to make concessions but know your limits to protect your interests. Again, industry consultants are of immense help in this area.

10. Competitive Landscape – PROMOTE THE BUSINESS

Highlight your competitive advantages and market position. Demonstrating how your business stands out in the competitive landscape both in terms of service offering and profitability can justify a higher valuation and attract serious buyers.

These points, in order of importance, focus on the seller’s perspective, emphasising strategic preparation, relationship building, and effective negotiation to achieve the best possible sale price for your agency. There are many more things to be considered and the process of sale should start years before the actual deal itself to structure the agency correctly. Deciding your end game and ensuring that all business focus moves towards that goal is essential, and allpoints are uniquely placed to help in this area.

Drop us a message! Let’s chat.

#AgencyLife #BusinessStrategy #MergersAndAcquisitions

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Allpoints Insights

Unlocking the Power of Rebranding

Allpoints is a unique independent consultancy supporting agencies, brands, and businesses within the creative industry.

Our First Point: Ask Why? And Why Now? These are two questions often overlooked but incredibly valuable. Being clear on the answers to these questions sets objectives for the branding process and informs measurable outcomes. For example, sales may be suffering due to confusing messaging or an outdated brand identity.

Point 2: Who Are You Talking to Now and Who Do You Want to Talk to? Understanding your current and future audience is crucial for your brand’s evolution. Consider how you can retain the loyalty of existing customers while appealing to the needs of future ones.

Point 3: What Do They Want to Hear? Focusing on an audience of one and understanding their needs, wants, and ambitions is key. In our case, we cater to SME companies by simplifying business jargon and communicating human to human.

Point 4: What Other Choices Do They Have? Knowing your competitors and identifying your point of difference is essential. Look for unmet needs or wants where there is evidence of demand. For us, collaboration with industry specialists provides a more comprehensive perspective.

Point 5: Can You Back It Up? It’s not just about talking the talk but also walking the walk. Your audience will quickly notice if you can’t deliver on your promises. Business and brand need to align seamlessly, and it’s crucial to prove your worth. In our case, our case studies speak for themselves!

That’s it from me this time. If you found this video interesting, please do share! To receive our weekly 5in5 updates directly to your inbox, subscribe via the link below.

For any questions or inquiries about how we can help you and your business, visit www.fromallpoints.co.uk.

Thanks for listening, and see you again soon.

#Rebranding #BrandStrategy #BusinessGrowth #MarketingStrategy