Archive for the ‘Running the business’ Category
Written by Mihai Dragan on Thursday, April 22nd, 2010 ( One response )
Tags: bigger office, new office
We moved into a new office. It’s bigger, better, and we even have a (potential) fun room 
.
I was the one prospecting the market and I had to say I’ve seen almost 30 offices before settling on this one. I had some ups and downs, I’ve met a couple of unfriendly / not very trust worthy owners but I guess we’ve nailed the right combination of space/light/positioning.
The fact is we took advantage of the new low the real estate market has reached. So guess what – recession has its perks.
Written by Mihai Dragan on Wednesday, March 3rd, 2010 ( Start discussion )
Tags: insurance, investment, money, warren buffet
Although it’s not the focus of this blog I sometimes read things regarding investment. And who else is better to read than Warren Buffet. While I was reading his annual letter to Berkshire Hathaway (thanks Lee for pointing it out) I’ve stumbled across some interesting view on the Insurance industry:
“Insurers receive premiums upfront and pay claims later. In extreme cases, such as those arising from certain workers’ compensation accidents, payments can stretch over decades. This collect-now, pay-later model leaves us holding large sums – money we call “float” – that will eventually go to others. Meanwhile, we get to invest this float for Berkshire’s benefit. Though individual policies and claims come and go, the amount of float we hold remains remarkably stable in relation to premium volume. Consequently, as our business grows, so does our float.
If premiums exceed the total of expenses and eventual losses, we register an underwriting profit that adds to the investment income produced from the float. This combination allows us to enjoy the use of free money – and, better yet, get paid for holding it.
Insurers receive premiums upfront and pay claims later. In extreme cases, such as those arising fromcertain workers’ compensation accidents, payments can stretch over decades. This collect-now, pay-later modelleaves us holding large sums – money we call “float” – that will eventually go to others. Meanwhile, we get toinvest this float for Berkshire’s benefit. Though individual policies and claims come and go, the amount of floatwe hold remains remarkably stable in relation to premium volume. Consequently, as our business grows, so doesour float.If premiums exceed the total of expenses and eventual losses, we register an underwriting profit thatadds to the investment income produced from the float. This combination allows us to enjoy the use of free money – and, better yet, get paid for holding it.”
Written by Mihai Dragan on Tuesday, February 2nd, 2010 ( 9 responses )
Tags: agency, mb dragan, three years
I started MB Dragan, the agency I run today, with a dream in mind – creating a new, better, interactive agency. The best in the world.
Three years have passed but they seem like ten to me. It was harder than I would have ever imagined. The last one was the hardest. It was full of sleepless nights, stressful deadlines and issues I never thought I would have stumble upon.
I wish I could say everything went by like a breeze but it didn’t. Some people let me down and I’ve let others down. Promises got broken. Some dreams too.
I had tough choices to make. Choices that keep me awake at night. I’ve made mistakes of which I am sorry. Mostly in my private life.
But through the darkest times I’ve realized how bright some stars can really shine. I am thankful to have met people like mr. Alex Buga, Gabi Nistoran and Andrei Gheorghe, which became my associates. I am honored by their presence and trust.
It’s not just about them. I thank all those I can still call colleagues and which I treasure more than I can say, although it’s getting harder to say it, being a larger group now.
We are the fastest growing agency in Romania. The people that joined this group are the best of breed in this domain. With a background like this, things aren’t always easy but the goal and path that lie ahead seem clearer by the day. We will be the best digital agency in the world. The agency for tomorrow.
Written by Mihai Dragan on Wednesday, August 12th, 2009 ( Start discussion )
Tags: agency 2.0, future, interactive, restructuring, rethinking
Here’s a very good presentation on the future of advertising agencies. Glad to see we share the same views. Even happier to know we have already implemented some of them .
Giles runs OgilvyOne, as director of Interactive.
Written by Mihai Dragan on Thursday, February 19th, 2009 ( One response )
Tags: organizations, power, problems, psychology
While reading an article on happiness I came to find an interesting study on organizational sociopaths and their strive for power in over-grown companies.
The organizational structure is often an interesting social reality. Many times it is built around some basic principles that fade in time, due to shifts in moral code, written or unwritten.
Although I can’t say I came across behaviors as those stated in the document, i did found interesting facts. It seems these individuals are “emotionally detached”, as well as “impulsive and irresponsible”. They usually fit well in positions were goals are abstracted, usually “overseeing” or “managing” processes.
The study shows these people are bound to bully colleagues and strongly defend their positions, usually when a challenger appears.
They tend to have subjective view of matters and whilst still managing to get the job done the “authoritarian and task-centered management style” pushes valuable people away. “The Peter Principle” (as in Peter and Hull, authors of … well … the principle) states that these managers are promoted “one or more levels beyond their optimum level of competence”.
The moral code at AMex
To manage internal culture American Express employs this three sets of moral codes, which I find amazing. It may not keep the problems away but it states it’s principles pretty clear:
- Moral values:
- Integrity – uphold the highest standards of integrity in all of our actions.
- Respect for people – value our people. Encourage development. Reward performance.
- Personal accountability – be personally accountable for delivering on our commitment.
- Social values:
- Teamwork – we work together across boundaries.
- Good citizenship – we are good citizens in the communities in which we live and work.
- Business values:
- Customer commitment – develop relationships that make a positive difference in our customers’ lives.
- Quality – provide outstanding products and unsurpassed service.
- Will to win – demonstrate a strong will to win in the market place and in every aspect of our business.
Written by Mihai Dragan on Thursday, February 5th, 2009 ( Start discussion )
Tags: 2 years, agency, mb dragan
I haven’t had a chance to write about it but MB Dragan has turned 2 on February the 2nd.
It’s been a hell of a ride and I am glad I had a chance to meet all these great people and do all the amazing things we’ve did.
We’ve launched websites, interactive campaigns, viral campaigns, online branding projects, blogs, social media campaigns, iphone webapps and many others. But most important … we tryed to make it fun.
We now have colleagues in three cities and espect even more this year. We plan to make the next step heading west.
I would like to thank all my colleagues for their passion and hard work and especially to my dear friend and partner, mr. Alex Buga. Keep up the good work.
Written by Mihai Dragan on Sunday, February 1st, 2009 ( One response )
Tags: advertising agency business, book review, interactive agency management, managing agency
I was looking for quite some time for a good book on Agency Management when I happened to stumble on this jewel, written by Eugene Hameroff.
The complete name is The Advertising Agency Business: The Complete Manual for Management & Operation and I can recommend it to anyone in charge with managing an Conventional or Interactive Agency (there are some differences but you will find out that they work pretty much the same).
You will find professional advice on:
- Starting an agency (I have already done this and I was happy to find out that I did it well)
- Running an profitable business
- Keeping both clients and colleagues happy
- Evaluating the agency
- Managing the structure and ownership (I did find a lot of interesting concepts here)
- Developing strong relationships with clients and suppliers
- Generating new business
Strongly recommended!
Written by Mihai Dragan on Wednesday, January 21st, 2009 ( 4 responses )
Tags: interactive agency, purpose, services
I am the first to admit there is a lot to discover regarding “interactive”. Right now we are doing something that pushes the boundaries farther and it is something I wouldn’t have thought of a few weeks ago.
However I am aware of some basic things all agencies should do:
1. Serve the client
I’ve noticed a strange feeling towards the idea of serving a client. But let’s make one thing clear: the agency does not exist without the client. The agency is a service provider and should take full responsibility and pride in this. It can’t evolve if it doesn’t.
2. Understand the client
The client does not need to understand the agency. The agency needs to understand the client. I have rarely met people that are really interested in the technologies we use, the colors we mix, the way we come up with ideas and others. It’s tough but hey – I’ve got over it.
However – all the clients want you to understand them. I find this absolutely reasonable. How can you market a brand you don’t understand or reach objectives you do not know?
… which brings us to
3. Achieve objectives
Weather we’re talking about sales, brand awareness, leads, crisis management your job is to make sure you reach the objectives you have been commissioned to. Sometimes you’ll like it. Sometimes you won’t. This industry is not just sugar and spice. Someone’s gotta do it.
And do it well…
4. Research, Innovate, Invent
Repeating several online marketing and advertising techniques makes you good at it but good is not enough.
Try to find out more. Find out new ways of doing things. Better ways. Faster ways. Smarter ways.
5. Evangelize interactivity
An interactive agency is powered by technology and fueled by creativity. We as an industry should tell the world there is a better way: our way. We can provide better results in less time to more people. The world should know it.
Written by Mihai Dragan on Saturday, December 6th, 2008 ( One response )
Tags: no influence, no money, no team, presentation, startup, startups
For anyone who missed it, see the slides below. Maybe they’ll upload the video too.
Read the rest of this entry »
Written by Mihai Dragan on Tuesday, December 2nd, 2008 ( 6 responses )
Tags: netcamp, Running the business, startups
Tomorrow at Netcamp I will be speaking about online startups and how to start one with no money, no influence and no team.
Be there.
