There’s no end to the financial advice available about what to do in a downturn (including our own podcast), so I’d like to focus on the priorities that principals and managers should follow as they lead the agency. If that doesn’t describe you, perhaps you could pass this along to someone who might benefit from it.
Without a single exception, there are five priorities for where the principal focuses. But it’s not just the list that’s important—the sequence is also in a very specific order. You make sure you’re doing the first one, and if that’s all you have time to do, then so be it. But if you are doing the first one well, you can and should advance to the second priority. And so on, until there is no more time or energy left.
We’ll walk through all five of them, but you really only need to worry about the first two (unless you’re a really small marketing firm).