3 Ways WorkBook Helps You Make Strategic Business Decisions with Actionable Insights

Posted by Regan Riddoch on May 20, 2019

team working

As the volume of work and speed to market increases, and project margins continue to get squeezed, it’s not only important to manage project delivery and profitability today, but to also make strategic business decisions in order to set your agency up for success in the future. Because WorkBook integrates your agency operations from end-to-end, you not only get greater visibility into real-time project performance, you also get detailed forecasts into the future that give you actionable insights to help you future-proof your agency’s business strategy in a number of ways.

Project Planning

For a project-based agency, protecting project margins is crucial to agency profitability. That’s why it’s important to build accurate estimates from the beginning in order to avoid over-servicing and protect against scope creep. It’s inevitable that some projects will succumb to a bit of margin loss due to unexpected factors, but by applying what you’ve learned from those projects to help you build more realistic estimates and project plans, you can continuously improve the process to ensure greater profitability in the future.

When an opportunity hits their pipeline, Bluebird Agency can find a similar job and simply copy that estimate, adding in some additional line items to make up for any gaps in profitability.

Copy Quote From Job

By continually improving the project planning process with learnings from historical projects, Bluebird Agency can now confidently deliver a more profitable project built on realistic agency performance.

Hiring Strategy

Successful projects depend on proper staffing. And when there’s an uptick in project volume it’s important that your agency have the capacity to deliver. Many times projects require the help of skilled freelancers, which is usually accounted for in the budget, but sometimes you need to bring in freelance help to simply shoulder the workload. But in a project-based agency, bringing in freelancers too often can have a negative impact your bottom line. That’s why it’s important to have a forecast of resource capacity in advance so that you can make strategic decisions around hiring a new employee or bringing in short-term help.  

If Bluebird Agency’s capacity looks to be quite low for an extended period of time, the Resource Manager can then troubleshoot by adjusting resource capacity to include a small fraction of allotted down time. If Bluebird’s Resource Manager can see that capacity is still low, but not for long enough that would require them to hire a full-time employee, she/he can then make the cost-effective decision to begin the process of contracting a freelancer for those months in order to balance out the workload. On the other hand, if when Bluebird’s Resource Manager adjusted capacity to include as much allotted downtime as was comfortable and the agency’s capacity was still too low for the foreseeable future, it would be a more cost-effective decision to start the process of hiring a new full-time employee.

New Business Strategy

A project-based agency’s pipeline is its lifeline. Without a healthy amount of profitable work at all times, agency profitability would suffer. But the task of determining what work will be profitable and when the agency has capacity to take it on can be nearly impossible without accurate forecasts and reporting.

WorkBook’s Pipeline Forecast helps Bluebird Agency’s New Business Managers get a comprehensive picture of the agency’s pipeline health. By mapping current project revenue with potential project revenue 12 months in advance, Bluebird’s New Biz team can see right away if they need to bring in new work and how much that new work contributes to the agency’s Net Revenue Forecast.

And by consulting the agency’s Capacity Forecast, they can make strategic decisions around when to bring in new work that the agency can accommodate or if its necessary to build freelance costs into an opportunity estimate ahead of time.

A Client Profitability report can also help Bluebird Agency identify which clients to nurture and which aren’t worth their investment. By nurturing more profitable client relationships, the New Biz team can increase client satisfaction and boost pipeline health.

To learn more about how WorkBook forecasts and insights can help you, register to watch the latest webinar hosted by Deltek WorkBook experts.



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