Capital allocation is one of those terms that sounds complex, but in reality, it could not be more simple.
It’s where you put your money as a business.
Agencies - and that’s who this advice is for - have a particular benefit as they often have high profit margins, and can invoice in advance. This should not be underestimated as an advantage for a business.
However, any business should - as an absolute imperative, make sure they have available capital to allocate - again, very simply, you’ve got to have money in the bank.
Capital should then be allocated on the basis of what generates profit.
There are simple operating costs like software, or contractors.
Then there’s yourself, as the agency owner.
You need to allocate capital to maximise your impact, and your ability to generate consistent sales.
This is agency-specific advice, because as an agency owner, you are ultimately responsible for driving your business forward.
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