Exit Audits

Am I allowed to audit my agency?

Having read “The 105th thing on your to do list” you will now know what kind of audit you’re looking to conduct. So what’s the next step? Before you go out looking for an auditor, you need to check that you are actually ‘allowed’ to audit your agency and, if you are, what can and Read More

Posted on September 22, 2016 by Janis Prescott

The 105th thing on your ‘to do’ list may be the most important…

So imagine the scenario: you’ve got a set marketing budget that seems to be squeezed year-on-year; new opportunities arise that need to be tested; old, well-trodden routes to market need to be sustained; constant evaluations need to be done to ensure you’re nimble and maximizing the opportunities; and your parent company has just issued the Read More

Posted on April 20, 2016 by Adrian

Trust and transparency in client-agency relationships

From the perspective of any marketing contract compliance auditor, the results of the ID Comms 2016 Transparency Survey are music to their ears.  For Financial Progression, the results mirror exactly the ethos on which the business was established: namely that the more brands understand the financial realities and business models of agencies, the more readily Read More

Posted on August 29, 2014 by Adrian

What does ‘independent’ really mean when it comes to contract compliance auditors?

As I read through the agency’s feedback on our draft audit report, I was somewhat surprised. Apparently, “We [the agency] provided all necessary documentation during the audit. There was only one exception, the [words deleted].” The reason why they hadn’t complied with this one (as it happens rather important) clause, was they had a group Read More

Posted on March 14, 2014 by Adrian

You’ve avoided handing over a ‘golden goodbye’ to your old agency. What’s next?

You’ve appointed a new agency. Tick. Done the exit audit of its predecessor. Tick. Read our audit report. Tick. Surely all that is left to do now is agree how any monies owing will be paid back? Actually, for the majority of brands, this is where the hard work starts. In this blog post I will explain why…

Posted on January 10, 2014 by Adrian

9 things you really need to know before doing an exit audit

Very often the first piece of work we do for a brand is an exit audit after it has parted company with an agency. Here we look at what you really need to know before doing an exit audit. We’ve completed many exit audits over the last five years. Not unsurprisingly, there are a set Read More

Posted on January 6, 2014 by Adrian

With advertising and marketing agency contracts, God is in the details

Before you sign on the dotted line, an eye for detail and the opinions of subject matter experts can save you loads of time and money. We were approached by a well-known FMCG company to quote for an exit audit in case it decided to move away from the incumbent agency during an upcoming pitch Read More

Posted on January 2, 2014 by Adrian

Did you really want to give your agency a golden goodbye?

If you’re thinking of changing agencies, it pays to do a bit of financial housekeeping before you wave them off. When you serve notice on an agency, it’s amazing how quickly everyone takes their eye off the ball. A well-known brand asked us to carry out an exit audit of a PR agency. The spend Read More

Posted on December 16, 2013 by Adrian

Agencies seek fame for their creative work, not for their financial management

As an FMCG client recently discovered, priorities and practicalities dictate that the Finance function in an agency is often not as high up the departmental pecking order as it is in your organisation. A large FMCG decided, after six years of working successfully with a creative agency, that it required a change in creative direction Read More

Posted on October 9, 2012 by Adrian

How exactly do marketing agencies make money?

Like many businesses providing services, marketing agencies make money by selling the time of their people. Take a fully-loaded salary cost and mark it up by an amount sufficient to cover overheads and make an economic profit. The more of an individual’s time that can be billed to clients, the more money the agency makes and Read More

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