On this week's episode of Own It, we’re talking to Julia Beardwood and Sarah Williams from Beardwood & Co. Julia started the agency almost 20 years ago after time at P&G both on the brand side, and serving them at an agency. And Sarah, though she was one of the first employees, just took over ownership from Julia.
The firm was born from a dissatisfaction with existing agency models. The agency aimed to accelerate growth for existing brands and create mighty new ones. And have they!
We talked about their respective journeys and perspectives on the agency world. And, of course, we talked about the challenge of closing the gender gap in agency ownership.
You’ll so enjoy this conversation. We know we did.
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The transition from a freelance setup to hiring a full-time employee is a significant step for an agency owner, requiring a shift in responsibility and a commitment to building a larger entity. This move signals to clients that the business is evolving into a more structured agency, often leading to rapid growth as client trust and demand increase.
New agency owners face challenges such as balancing full-time and freelance staff to manage workflow, navigating financial pressures, and adapting to industry-wide disruptions like recessions or pandemics. However, the joys include stepping into a leadership role, connecting with other entrepreneurs, and learning through shared experiences. Strategic succession planning, including early profit-sharing and partner titles, can make the transition of ownership smoother and ensure the business's sustainability by nurturing future leaders.
For aspiring agency owners, it's crucial to focus on building a strong internal culture that prioritizes creativity and fosters an environment where great ideas can flourish. This healthy culture is essential for navigating challenges like time and budget constraints, market complexity, and emerging technologies like AI, ensuring the agency remains competitive and valuable.
Networking, redefined as building genuine relationships without an immediate agenda, is critical for an agency's growth. Starting with a "Friends and Family Program" where trusted individuals and their networks provide initial opportunities, and continuously investing in these relationships throughout one's career, is key. Additionally, developing a strong personal brand, particularly on platforms like LinkedIn, ensures that the agency's leadership is recognized for their expertise and unique perspective, which in turn benefits the agency's reputation and client acquisition.
Pursuing challenging endeavors, even those that seem intimidating or scary, leads to greater satisfaction and personal growth. The act of "doing hard things" expands one's skill set and expertise, pushing individuals beyond their comfort zones and leading to a deeper sense of accomplishment than easily achieved tasks. This philosophy is especially relevant for agency owners who constantly face new and complex challenges.
