According to the seventh annual BenchPress Report, Britain’s entrepreneurial spirit is flourishing in the face of broader economic uncertainty.
The report, which is the UK’s largest survey of independent agency owners, has captured data from over 500 entrepreneurs and agency owners across the country and its findings have now been published by accounting firm, The Wow Company.
Wow told The Drum that confidence remains high among agency owners, with their drive and determination to grow in 2018 overriding any doubts about wider market conditions. The results reveal that most agencies grew their revenues in 2017, with just over two-thirds of participating agencies increasing turnover by 5% or more. Around a third of those surveyed recorded revenue growth of 25% or more.
While the implications of Brexit are yet to become clear, 75% of agencies forecast a minimum growth percentage of 11% in sectors such as creative, digital, media and marketing.
As companies grow, the report suggests there could be positivity for the UK jobs market in 2018 – with 65% of participating agencies stating their intention to recruit this year. Additionally, 46% of agencies plan on giving wage increases beyond the rate of inflation in 2018.
Speaking of the wider impact these results could have on agencies, co-founder of The Wow Company, Peter Czapp, said: “The UK has a wealth of ambitious agency owners who are continuing to grow their businesses and benefit the economy in some pretty testing conditions.
“The BenchPress Report is all about reflecting the reality of agency life across a wide range of sectors – capturing their successes, challenges and expectations of the year ahead. We want to provide the best practice for the benefit of the nation’s agency community.”
Access to the full BenchPress report can be found here.
Peter Czapp will be holding an Inside Track webinar on the results of the report on Wednesday 16 May, including discussions on the traits and trends of the UK’s top-performing agencies. Registration details can be found here.