I have written many columns on what it takes to make a profit by providing public relations services. However, many of PR firm advisors are on the same bandwagon. This month I will codify some of the best thinking on the subject from advisors.
One of the most important keys to success is to have a vision, a goal if you will, that by earning anything less than 25 percent to 35 percent, or more, pre-tax profitability just cannot be in the cards.
Many PR agencies reach out to PR advisors to learn what is necessary to reach the next level in PR. In my view, preparing and implementing a strategic business plan is the key to reaching the next level.
*O'Dwyer's is the only PR firm ranking which requires the top page of the latest corporate income tax return and W-3, establishing particpants as PR firms rather than ad agencies or other types of businesses.