So, today I was quite pleased to learn that we were ranked as the 23rd largest PR firm in the U.S. in the just released 2009′ PRWeek Agency Rankings, a public relations industry magazine.  5WPR, for their 6th full year of operations ranked 23rd in the U.S., with $11,919,546 in revenues.

One of the 25 largest PR firms in the US, Inc. Magazine fastest growing companies, fastest growing PR firm in the US 3 years in a row – These are all accolades we have had in only our 1st 6 years of business.

Am very very proud we rank as one of the 25 largest PR agencies in the U.S.

Ronn Torossian

5WPR

Someone who worked for 5WPR for 4 years and left the agency to pursue another career sent me the following note today, which I very much appreciated and wanted to share:

Brain has been racing since 5am. Thinking about my time here and I want to let you know what has meant the most:

What I learned:

Working hard – set a pace and make people keep up with you not the other way around

Be responsive – answer emails quickly no matter how busy

Everything is a learning experience – good or bad decisions ideas etc, get *something* out of everything

Ronn Torossian

5WPR

Anyone who’s spent more than 30 seconds next to me knows of my intense blackberry addiction; I have slept with my blackberry next to my bed for years.  If that need for instant communications wasn’t enough, I recently joined Twitter (pre CNN, Oprah and Ashton’s high-profile media).

As 5WPR matures along with the industry, we have expanded our leadership and focus in emerging and social media campaigns for our clients.

This continues to be an important space for PR and communications.  As the Public Relations industry evolves and our firm continues to grow, I invite you to follow me on Twitter to engage in a greater conversation about public relations.  And while you are at it, friend me on Facebook.

Ronn Torossian

5WPR

In the last few weeks, I’ve noticed that entrepreneurs and small- to mid-sized businesses are making a lot fewer decisions by committee.  Wreckage from layoffs has pushed lean, mean, smart business people to stand up and take more responsibility for the activities in their companies (no government bailouts there).

Even amongst our clients with up to 100 employees, CEOs are much more involved in smaller issues and are making each and every decision.  These CEOs are taking on a greater share of responsibility, making direct, quick decisions that they would never have made a year ago.  Yes, companies are smaller, but they also realize that decision by committee is too cumbersome in these uncertain, fast-moving times. CEOs are leading, for better or for worse.

One of the people I respect most in the world said to me today that new horses will begin to emerge from the economic rubble – people ready to lead, because the old guard is tired and beat up from the last few months, which have been very tough on all of us.  The new horses will emerge and lead.  I think we are starting to see the inkling of those horses.

Ronn Torossian

5WPR

An interesting discussion this morning with a start-up CEO prompted me to pinpoint  a few guidelines I learned for small businesses to follow, especially in a struggling economy. Gathered from years of personal experience, as well as lessons relayed by fellow entrepreneurs, these simple tenets can  be helpful.

I started my agency, 5W Public Relations, in 2003.  Since then, it has grown to become one of the 25 largest independent PR agencies in the U.S., ending 2008 with nearly $12 million in revenue.  We have no debt, pay vendors on time, and have always had a profitable business, as we work very hard and deliver results.  We don’t accept complacency: we demand and deliver.  We have never had a line of credit, don’t carry credit card balances and pay our bills on time.

One of the hardest parts of running a business and being an entrepreneur is extending credit to companies and managing cash flow. To this day, in our seventh year of business, when I look at my accounts receivable and see seven figures outstanding, it’s terrifying. It’s one of the biggest differences for me between owning a business and having a job.

Anyone who owns a business has been stiffed. The question isn’t “if,” but “how much and how often.”  Additionally, as AdAge says, asking agencies to wait “as long as 120 days to be reimbursed” is “putting a painful burden on some shops.” There’s not much one can do other than understand that cash is king and good clients pay their bills.  In this economy many agencies will merge or fold, as they simply can’t afford to keep their doors open.  The small businesses that are having trouble managing cash flow (or lack thereof) will have no choice.

My small business guidelines to live and breathe by:

1. There are basic cardinal rules that seem simple but shouldn’t be violated, especially during these unique times: Don’t spend what you don’t have (cash is king, not credit). Sweat the small things.

2. Keep overhead as low as possible. If you currently have office space, now is the time to act quickly and look at options to renegotiate your current lease. If you are a new business looking for office space, there are many companies that are currently renting extra space.

3. Hire strategically, because the growth of any new start-up will be affected by new government policies, from matching employees Medicare tax rates to the added burden of paying extra commercial real estate taxes.

Food for thought.

Ronn Torossian

5WPR