Durbin Media opened its doors in January 2006, merging with a web design company and built to use new media to drive traffic to beautifully designed websites. It's moved into the larger social media world since then, adding training, products, applications, and management consulting, but the idea is always the same - take advantage of the fat curve of social media while your competition continues to dabble in puffery.
This has been an exciting year for Durbin Media. While our blog lay dormant, our business doubled as the boutique model we embraced last year allowed us to grow in some very tough economic times.
There have been tradeoffs, and some new risks that have arisen, but the switch to three business lines and a focus on larger clients seems to have really paid off as 2009 ended. In the first 30 months of our social media marketing firm, we had over 40 clients. This year, we had six, but three separate revenue channels that addressed different aspects of our business.
Next year proves to be even more challenging, as we struggle to manage all that we have done. Initially we were looking at bringing on extra staff, but the desire to grow is still tempered by cash flow and credit access. We're still hiring through socialmediaheadhunter.com and we're still selling training products through multiple channels, but bringing on staff without contracts in place just doesn't seem to be a good risk, when tax rates look to be about to explode. It's too bad. Give me $300,000 to hire, and I could make a couple million in returns, but borrowing $300,000 in this climate is too big of a risk.
Ultimately we will grow - the business demands it. Our group just can't handle all the business now, and anything we take that isn't enterprise-wide suffers in comparison. We've even asked a few clients to add other designers and consultants because we felt we couldn't service them properly. But the right way to do this is to add the cash first, and then do the hiring when it has no impact on your business, just your profit.
Is that the new normal? I see a lot of owners doing the same. Doing the work themselves rather than hiring, training, and growing. Employees equal overhead, and the kind you want to hire all want to start their own business. But that's always been a problem. One thing we have seen is that high dollar agencies are struggling. It's actually been good for us, as cutting an ad budget by several million necessitates doing more twith less - and we offer a lot of "do more with less" services.
On deck is the growth of our online video business - we're going to start sharing the ideas that have made us successful, figuring that the time is right. Execution and staff are still the hardest aspects of integrating marketing with results. Why worry what gets stolen if they can't impement it? And we've got the hot idea and the right team that may change it all again.
We're talking to folks in Chicago and Dallas to upgrade portions of the business, specifically the recruiting. i anticipate a lot of flights on Southwest this year, but the impact will be satellite offices if I do this right. Imagine us, running a multi-city firm.
On a personal front, this company, our company, now has the distinction of being the longest job I have held. I think it's because it changes every year. It's been the most exciting, rewarding, and fulfilling job I've held, although it still doesn't beat being a husband and father. Strangely enough, this job makes me a better husband and father (though the rest of the family I don't see as much - I get plenty of time with my wife and kid).
I want you all to have your best year in 2010. In all seriousness, your country depends on it. Keep in mind that when you succeed, you are in a position to set others up for success. Merry Christmas, and remember to keep working hard the rest of December. January should be a time to reap rewards, not begin earning them.
