When done in the right way, contract compliance audits of marketing services agencies deliver far more value to both client and agency than simply identifying accounting errors. That was the message delivered by Philipp Schuster of adidas Group at the ProcureCon Marketing Conference held in London in June.
Cast your mind back to your toughest ever panel-based job interview? Now make it even tougher and it will pretty similar to the grilling I received a few months ago from the European FD of a global agency network and his UK counterpart. This was before we had even started the audits of their agencies!
During the past year we have had the opportunity to audit some small, independent and relatively young agencies in a number of different countries across Europe and in the USA. This has been a learning experience for both us and our clients. Here’s why: standard brand/agency contracts are often based upon a standard contract available to Read More
As the line goes in “Let’s Call The Whole Thing Off” sung by Fred Astaire and Ginger Rogers in their 1937 movie “Shall We Dance”: “You say “either” and I say “either” You say “neither” I say “neither” “Either” “either”, “neither” “neither” Let’s call the whole thing off You say “potato,” I say “potahto” You Read More
Adrian Jenkins knows where it goes. John Wanamaker, pioneer of modern advertising and marketing techniques, famously hated budgetary black holes. Here at Financial Progression we’re not huge fans of unproductive marketing spend either. Adrian Jenkins and his expert team of finance professionals work with global brands like yours to ensure exemplary budgetary behaviour and contractual compliance Read More
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
When you commission a financial audit of one of your agencies, is it inevitably going to destroy the trust in the relationship? Let’s just suppose for a minute that you were the Finance Director of an agency that we had just carried out a contract compliance audit on. Not only had we taken up a Read More
Many of us at this time of year are wondering what the year ahead will bring and New Year’s Day 2012 is no exception for us here at Financial Progression. There is much look forward to from both a business and cultural perspective — in the case of the latter both the Olympics and Golden Read More
Being in the business we’re in, Marketing magazine is a must-read every week. One of the more thought-provoking columns is written by Andrew Walmsley. His focus is on matters Digital and this article on “Murky Media Deals” published in Marketing at the end of October 2010 really hits the button in certain areas (and not Read More
This is a question we at Financial Progression often find ourselves pondering with our clients. How much financial transparency is it reasonable to expect of a supplier? How candid will they be in their response? How much does it matter? Can mutual trust exist without complete transparency? Establishing the importance of financial transparency of suppliers Read More