HACKENSACK, NJ--(Marketwired - Jan 20, 2016) - "Because most PR agency owners lack a background in business and financial management, new PR firms have a very high rate of failure within their first five years," according to management consultant Rick Gould, CPA, JD, Managing Partner, Gould+Partners. Even many PR firms that have survived for five years generally have substandard net profit margins, well below the 20% considered normal for "model firms" that adhere to proven PR agency financial ratios and benchmarks, says Gould.
Now, however, PR agency entrepreneurs and financial managers can find these benchmarks and ratios for billing rates by agency size, region and specialty, as well as proper percentages for all major expense items, such as labor, rent and marketing, in Bulldog Reporter's new, third edition of "The Ultimate PR Agency Financial Management Handbook." The new edition, written by Mr. Gould, also contains practical, street-smart advice on issues such as staff utilization, cash management and how to build a more valuable asset when it comes time to sell.
Originally published in 2012, the book has become the definitive guide for financial management of the PR firm. Its chapters provide best-practices financial and operational ratios, as well as wisdom from renowned PR agency executives on such issues as managing client payments, staff compensation, client billing rates, and new-business spec proposals.
The new edition's benchmarking data cover billing rates and staff utilization by title and agency size, region and specialty; and income and expense benchmarks by the same categories. Data are gleaned from Mr. Gould's surveys of PR firms of all sizes and specializations in the U.S. and Canada and are current as of 2015.
"After advising PR firms for the past 30 years," Gould said, "I wanted to put all of my best insights on agencies' most frequently encountered challenges in one volume. This book should be able to lift the average firm's profitability to 20% or greater, while saving it thousands of dollars in consulting fees."
Agency executives will find new chapters in this edition of "The Ultimate PR Agency Financial Management Handbook" covering high-performance staffing and compensation strategies, as well as advice on achieving the healthiest client mix and strategies for increasing an agency's asset value today, so it attracts the highest possible purchase price in future years.
This third edition will be available for $299, plus tax, directly from Bulldog Reporter. To reserve your copy, visit store.bulldogreporter.com. To arrange an interview with Rick Gould, phone 212-896-1909.
About Bulldog Reporter
Bulldog Reporter provides media relations and PR agency management strategy intelligence. It is a brand of MediaMiser, a leading provider of media monitoring and analysis software and professional services for organizations of all sizes. Through innovative web-based and mobile solutions, MediaMiser reduces the time and effort it takes to gather, analyze and distribute valuable business intelligence extracted from traditional and social media sources. For organizations that prefer to outsource, MediaMiser also provides detailed analysis reports and daily media briefings through an expert client services team.