Top Metrics to Measure for Small Agencies and Studios

Navigating the terrain of managing a small agency or studio can be quite challenging. To streamline operations and ensure sustainable growth, it's crucial to keep a close eye on key performance metrics. Leveraging automated analytics and reporting tools like Wethos can turn this task into a breeze, giving you the insights you need with no set-up required. Here are the top metrics that small agencies and studios should measure.

1. Project Status by Creation Date

Why It Matters:
Understanding the lifecycle of your projects—whether they are won, lost, completed, or still in the pitching phase—is essential. This metric helps you keep track of your project's pipeline and make more informed strategic decisions.

agency chart for tracking projects by creation date in lead, won, completed, or lost

How Wethos Helps:

Actionable Tips:

  • Regularly update the status of your projects.

  • Analyze the data to identify trends and refine your pitching strategy.

  • Use the insights to allocate resources effectively.

2. Project Value vs. Time to Complete

Why It Matters:
Knowing which projects offer the highest return on your time and investment is crucial for optimizing profitability. By comparing the value generated from each project to the time spent completing it, you can focus on more lucrative opportunities.

agency chart for projects by value of revenue made versus the duration of time spent on each project

How Wethos Helps:

Actionable Tips:

  • Prioritize projects that offer higher returns.

  • Review time investment regularly to improve efficiency.

  • Use data-driven insights to negotiate better contracts or pricing.

3. Invoice Breakdowns by Status and Due Date

Why It Matters:
Cash flow management is a critical aspect of running any agency or studio. Tracking incoming payments and managing outstanding invoices ensures you maintain healthy financials and avoid payment delays.

agency charts for tracking invoices by their status and future payments

How Wethos Helps:

Actionable Tips:

  • Set automatic reminders for due invoices.

  • Regularly reconcile incoming payments with expected payments.

  • Use the data to identify late-paying clients and manage them proactively.

4. Bookings vs. Actuals

Why It Matters:
Comparing your planned revenue (bookings) against actual revenue is vital for assessing financial health and business growth. This comparison helps you understand if financial targets are being met.

agency chart for tracking bookings versus actuals

How Wethos Helps:

Actionable Tips:

  • Set realistic revenue goals based on historical data.

  • Regularly analyze deviations between bookings and actuals.

  • Adjust your business strategies based on these insights to meet financial targets more effectively.

5. Manage Project Milestones

Why It Matters:
Keeping track of project milestones prevents scope creep and ensures timely project completion. It also helps in aligning invoicing with project progress stages.

agency charts for managing project milestones and calendars

How Wethos Helps:

Actionable Tips:

  • Break projects into well-defined milestones.

  • Align invoicing schedules with milestone completions to ensure timely payments.

  • Use milestone tracking to manage project timelines and deliverable deadlines.

Conclusion

For small agencies and studios, leveraging the right metrics is essential to streamline operations and drive growth. Platforms like Wethos make it easier than ever to track crucial metrics such as project status, project value versus time to complete, invoice status, bookings vs. actuals, and project milestones. By keeping an eye on these metrics, you can make data-driven decisions that optimize your agency's workflow and profitability.

Ready to take the guesswork out of running your business? Start utilizing Wethos today and join the hundreds of thousands of businesses already benefiting from their comprehensive analytics and reporting tools.

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