Explore every episode of the podcast The Agency Profit Podcast
| Title | Pub. Date | Duration | |
|---|---|---|---|
| Getting your EOS Scorecard Right, with Mark O’Donnell | 21 Aug 2024 | 00:38:33 | |
Points of Interest
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| Exit Planning Strategy, with David Tobin | 07 Aug 2024 | 00:34:59 | |
Points of Interest
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| Unlocking Profits with Recurring Services, With Pete Everitt | 03 Apr 2024 | 00:34:38 | |
Points of Interest
Show Notes
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| How to Become an ‘Expert’ Agency with David C. Baker – Episode 48. | 11 Nov 2020 | 00:15:04 | |
Quick Links:
Guest Links:
About David: Author of several books (five, in fact) – including The Financial Management of a Marketing Firm and The Business of Expertise – you may recognize him from the countless conferences he’s spoken at, including TEDx talks. In addition to being featured in The Wall Street Journal, Fast Company, USA Today, NY Times, Inc Magazine, Forbes, CBS (the list is endless), he’s worked with over 900 firms in this space. When he’s not helping experts and agencies, he’s teaching motorcycle racing at the Superbike School, Flying Planes and Helicopters around the world to shoot photography or doing custom woodworking at his home in Tennessee. Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising. | |||
| Forecasting the Future of Your Agency, with Rob Harr – Episode 47. | 28 Oct 2020 | 00:15:20 | |
Quick Links:
Guest Links: About Rob: Rob is the VP and Co-Founder of Sparkbox, a web design and development firm that crafts responsive websites and web applications. Here, his superpowers including overseeing operations and finance. He’s also the co-host of the Overly Human podcast. When he’s not beavering away at Sparkbox, helping others be awesome, he can be found hanging around Dayton, Ohio with his wife, their two kids, and a crazy Aussie dog. That or he’s golfing, weightlifting, or cooking meat over an open flame. Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising. | |||
| Making Your Estimates Fast and Accurate, with Marcel Petitpas – Episode 46. | 14 Oct 2020 | 00:10:04 | |
Quick Links:
Marcel Links: About Me: I am co-founder and CEO of Parakeeto and fractional COO at Gold Front – a creative agency working with top tech companies in San Francisco, including Uber, Slack, and Google. In addition to being an agency profitability consultant – specializing in helping agencies get a handle on their gains – I’m also an in-demand keynote/virtual speaker and podcaster. When I’m not helping agencies make more money, I’m probably binge-watching soothing sitcoms while consuming my own weight in breakfast confections. I mean, who isn’t at this point? Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising. | |||
| 4 Steps to Forging Indispensable Client Relationships, with John Jantsch – Episode 45. | 30 Sep 2020 | 00:14:46 | |
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Guest Links: About John... John Jantsch is a marketing consultant, speaker, and author of several books, including Duct Tape Marketing; Duct Tape Selling; The Commitment Engine; SEO for Growth; and The Referral Engine. His latest book, The Self-Reliant Entrepreneur: 366 Daily Meditations to Feed Your Soul and Grow Your Business, is a daily reminder to entrepreneurs that a better you makes a better business! He doesn’t spend all his time speaking and writing books; he’s also the founder of the Duct Tape Marketing Consultant Network and has had the honor of being featured in a TEDx Talk. In his spare time, John can mostly be found outdoors enjoying nature, woodworking, and strumming his guitar. Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising. | |||
| Collaborative Process Improvement, with Marcel Petipas – Episode 44. | 16 Sep 2020 | 00:12:06 | |
Quick Links:
About Me: I am co-founder and CEO of Parakeeto and fractional COO at Gold Front – a creative agency working with top tech companies in San Francisco, including Uber, Slack, and Google. In addition to being an agency profitability consultant – specializing in helping agencies get a handle on their gains – I’m also an in-demand keynote/virtual speaker and podcaster. When I’m not helping agencies make more money, I’m either watching The Office or Parks & Rec on a loop. Want to see more from me? You can do that @…Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising. | |||
| Lessons From Documenting over 100K Processes, with Chris Ronzio – Episode 43. | 02 Sep 2020 | 00:16:52 | |
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Guest Links: About Chris: Chris Ronzio is the founder and CEO of Trainual, the leading SaaS company helping fast-growing businesses automate their onboarding and training. Chris is also the host of the Process Makes Perfect podcast, author of 100 Hacks To Improve Your Business, and contributor to Inc. Magazine. On the weekends, Chris and his wife take their two kids on little adventures to lakes and hiking trails. He’s enjoyed getting out of the house with COVID going on!
Did you learn anything new from this episode? If so, let us know in the comments below – we value your feedback! Our next featured expert appearing via our #APP is John Jantsch on September 16th. Meanwhile, Marcel will share more agency profitability insights on September 9th. To view our previous blogs – with Marcel and Jeremy Jackson – please make your way here… Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising. | |||
| The Right Way to Track Time, with Marcel Petipas – Episode 42. | 26 Aug 2020 | 00:16:48 | |
Parakeeto Quick Links:
Marcel's Quick Links: About Me: I am co-founder and CEO of Parakeeto and fractional COO at Gold Front. In addition to being an agency profitability consultant – specializing in helping agencies get a handle on their gains – I’m also a respected keynote/virtual speaker and podcaster.
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| Transitioning from Creator to Agency Owner, with Jeremy Jackson – Episode 41. | 19 Aug 2020 | 00:13:46 | |
Quick Links:
Guest Links: About Jeremy: As the founder of Shift Lab, Jeremy focuses on projects that couple excellent design and technology, resulting in beautifully-designed digital products for clients as wide-ranging as Google, Comcast, Microsoft, and BreastCancer.org. Jeremy has worked in product development, UX, graphic design, and development for the web since the mid-’90s and was previously Director of Technology at Method. In his spare time, he’s allegedly a magnet enthusiast… Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising. | |||
| The Agency Profitability Flywheel, Marcel Petipas – Episode 40 | 12 Aug 2020 | 00:09:34 | |
About Marcel: Marcel Petitpas is co-founder and CEO of Parakeeto. Expect to see more from Marcel over the coming weeks, as he shares important insights for agency owners who want to earn more while working less. There’s more information regarding each point in our blog notes beneath below.
Identifying High ROI Processes Most agencies struggle at some point with going over budget on projects and potentially working evenings and weekends due to a looming deadline. Unfortunately, things can take longer than expected. Since the deadline isn’t moving, you and your team inevitably find yourselves trying to make up time by working late or weekends. Obviously, this isn’t sustainable. There are processes to help deal with such situations, ones you could be building and optimizing, but you never seem to have time to define and implement them – or identify which ones are going to generate the highest return on investment. Well, all that is about to change! I want to share with you our tried and tested Flywheel Framework which will help you identify the highest ROI investments. Its implementation will, in turn, help you protect your time – and your team’s time – as well and your profits. Then, I’m going to show you how you can embed this in your business. Over time, your team will learn how to run this process and tune your business for you – essentially making your agency self-optimizing, because it’s a feedback loop. Our four-step Flywheel Framework consists of…
Assumption > Measure > Meetings > Process = Profit + Predictability Capturing Assumptions Irrespective of what your agency does, assumptions will be made pre-project. From ‘time and materials’ projects, to ‘flat rate’ projects; from how much time a project is going to take, to prospective external costs – blind assumption-making can seem part and parcel of a project, but it doesn’t have to be. You need to analyze IF those assumptions were correct or not. By capturing these assumptions, and ensuring there’s a consistent format to how they’re tracked, you can compare how your pre-project presumptions stack up against reality over time – horizontally. Whether it’s a spreadsheet or a tool like Parakeeto, define a consistent format and methodology by which you can estimate – or capture – the assumptions about your projects. Now that you have a reference point, measure the accuracy of those assumptions. By way of example; compare your assumed costs to your actual costs; compare the time logged in your estimate against the true time spent; and so on. Then you can ascertain if there is a mismatch between your initial assumptions and the actual data. This process is simpler than it sounds – especially if you use an accounting tool, or a time tracking tool. Make sure, when tracking your time, that it’s mapping back to the original assumption because that’s the purpose of the exercise! The goal of these meetings is to sit down with your team to measure quantitative data. Discuss what matched up to your initial assumptions and, more importantly, what didn’t match. That’s where we’re going to surface qualitative data. For example, you might ascertain that you went over budget on design hours. Why was that? Did you assign too many designers to that task, resulting in duplicated work? In short, the objective of these meetings is to identify what is going well, what is going poorly, and what is taking a different path to what was expected! The result of these captured insights include ideas on how you can overcome those things, then how best to implement them in your process backlog. This will inform you what needs to be done in order to solve these problems that we’re seeing in our data and in our meetings that will help us make more accurate assumptions over time. Over time, if you continue using the Flywheel process, you’re going to have more profit and increased predictability. In our business, profit and predictability are the holy grail of goals! While profit obviously means there’s more money in the bank for you, for your team, and for potential investments, predictability denotes less time spent working on weekends and evenings, better resource planning, more accurate timelines, etc. Simply put, predictability gives you better visibility into your business. Time Tracking and Cost Tracking are two of the most important pieces of data for you as a service business owner – or as an agency owner – to optimize your business. It’s about shifting your mindset regarding Time Tracking. Tell yourself it’s not just something you do for a client. Applying time tracking to your team will, in the long run, lead to an enhanced work/life balance. If you want to dig deeper into this stuff and get some free resources to help you implement this flywheel in your business, download our Agency Profitability Tool Kit – it’s loaded with free resources to help you do everything described in this video! Did you learn anything new from this episode? If so, let us know in the comments below – we value your feedback! Our next installment of #APP, on August 19th, will see us chat with Jeremy Jackson. To view our previous blog with Rachel Gertz, make your way here… Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising. | |||
| How Project Management Can Support Profitability, with Rachel Gertz – Episode 39 | 05 Aug 2020 | 00:15:09 | |
Quick Links:
As well as being the co-founder of Louder Than Ten, Rachel is also a digital PM trainer at the company. Louder Than Ten helps digital agencies and product studios train their Project and Operations Managers to deliver healthy and profitable projects. Rachel trains tech companies how to knock their old project management flows upside down, by refining the most valuable steps in the process. She helps companies understand what project numbers really mean, and how to turn blocks into opportunities. Her mission is to transform the tech industry by training digital companies how to give back power to the people leading their projects. Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising. | |||
| Building Systems that Grow with Your Agency, With David Jenyns | 20 Mar 2024 | 00:36:57 | |
Points of Interest
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| Training Clients to Follow Your Processes, with James Rose – Episode 38. | 22 Jul 2020 | 00:14:44 | |
Quick Links:
Guest Links: About James: James (Jimmy to his pals) is the founder of Aktura Tech, ContentSnare, and the host of the Agency Highway podcast. Via his Zapier Mastery automation course, he enjoys finding and sharing ways for you to automate parts of your business so you can spend your precious time tackling things that really matter. In addition to sharing his knowledge of better processes via automation, James co-founded a tool for digital agencies to get content from their clients via ContentSnare, while Aktura builds custom software and mobile apps. One of his previous projects, SaaS application SilverSiphon, was sold to an angel investment firm based in Silicon Valley. When this Brisbanite isn’t informing people just how much “automation freaking rocks”, he can be found conversing with dogs; something he’s particularly skilled in.
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| From Start to 7 Figure Acquisition in Under 3 Years; Andy Cabasso – Episode 37 | 08 Jul 2020 | 00:13:46 | |
About Andy: Today, Andy is the co-founder of Postaga.com; an all-in-one SEO research platform for link building and email outreach that helps agencies and marketers build traffic and relationships. Aside from being a digital marketing professional, he is a speaker, lawyer, running enthusiast, and has enjoyed cooking up a storm for the family during Lockdown in New York. Plus, he’s officiated quite a few weddings on occasions (available for bookings!) Quick Links
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| Land and Expand More Deals Via ‘D.S.S.P’ Framework, With John Doherty – Episode 36 | 24 Jun 2020 | 00:13:01 | |
About John... As well as being Founder and CEO of Credo, John is also an independent growth marketing and SEO consultant, who’s work has been featured in publications such as The New York Times, TheNextWeb, Moz, TechCrunch, CNBC, WIRED, Entrepreneur, and many more. When he’s not beavering away at work, John’s probably spending time with wife Courtney, daughter Tatum, and dog Butterbean, or cycling the mountain ranges of Denver, Colorado! Guest Links Quick Links:
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| Streamlining Client Communication with Keith Perhac – Episode 35 | 10 Jun 2020 | 00:35:39 | |
About Keith: Keith Perhac is the founder of SegMetrics.io, a Saas company helping course authors, product creators, and self-funded businesses increase their revenue from their existing traffic. Unlike most marketers, Keith is also a developer, which facilitated his transition from DevelopYourMarketing.com to “the dark side” (AKA SaaS). This gives him an innate understanding of two key things: the marketing strategies required to grow, and how to implement said strategies for your business. Currently, his online software helps marketers and agency owners get 100% clarity on where their leads come from, how they act, and how much their marketing is really worth. In his spare time, you can find Keith buried in Dungeons & Dragons. SegMetrics.io and How it StartedLike all good software solutions, it was born from an itch that needed scratching. Keith started out as an agency owner, and had been doing funnel optimization and campaign optimization for a number of digital marketers. As his client base grew, so did the time spent on pulling the required numbers for the reporting process. “Pulling numbers is not what I got into marketing for… Understanding what to do with those numbers is why I got into marketing.” Numbers are vitally important to any business, particularly marketing, yet Keith and his colleagues were finding it to be a “huge time suck.” Being developers by nature, they committed to finding a more functional way forward. So, they built the first version internally, based on the premise of “Hey, can we drop these numbers into a Think about it… a client comes to work with you because they need guidance in a certain area. The more communication you have with a client, the more you can alleviate any lurking fears regarding your expertise in your field. “The number one thing I’ve found working with agencies, and things that we did internally, was to create a process. The stronger the communication process, the more confidence a client has in your agency.” Conversely, it’s worth bearing in mind that over-communication can have the opposite effect. It indicates a lack of structure and a certain malleability. When a client feels they should take control of a project, you’re in danger of losing your cache – that being your expertise. There are other pitfalls leading from that. For example, you could find yourself dealing with items that aren’t in the project scope; fixing up “little things” that need tweaking, and – as Keith attests – “suddenly, you’re a development shop instead of a marketing agency.”
This way, the client never feels in the dark, constantly wondering ‘What’s going on next?!’ Right now, it’s more critical than ever to be communicating value to clients. It can actually be bad for your clients to cut you right now if you’re driving results for them, particularly online. “If you can keep revenue the same, or keep it from tanking, that’s your agency fee paid for right there. That’s the value you need to show and that’s what we try to do with our funnel optimizations.” You need to show them you’re not a cost, but an investment and a value-add, and you do that through your concise communication and reporting process. “Look, here’s what we did this last month, here’s where you would have been without us, and here’s where you are with us. We’re only taking 5% of all the improvements we’ve made; so we’re definitely worth keeping on.” Set processes creates clarity, continuously reinforcing the value the client is getting. This, in turn, creates client confidence that you’re producing results. Keeping that pertinent word in mind (value), how should agencies think about setting up a process for communicating with clients that’s going to be efficient, streamlined and not take up a ton of their time? Depending on how much the client is paying you, create a cadence of a weekly call and/or email that updates them on where the stats are. When Keith signed a new client via his first company, he would follow a set schedule – core for clients that turned out to be a good fit. “They got a packet, a list saying, ‘go do this now. Go do this, go do this. This is going to give us all the information for our kickoff call…’ Then, give them a list of everything you’re going to do in that first six weeks – because it’s a process, right?!” A simple example of such a process should go a little something like this…
When should you consider automating the processes that feel like they might be quite tricky to streamline? According to Keith, there is one golden rule: “Never try to use software to automate the first time around, it is such a bad idea.” Instead, implement the below process before attempting to automate:
By way of summary, find ways of building more value into your relationships with your clients during COVID-19. Now is as good a time as any, according to Keith… “You are going to see a decline in revenue, that’s a given; don’t panic, take that extra time to make your business stronger… Now is the time.” So, take the imminent lull in customer interaction to refine your processes and, in turn, improve your value to both your existing and future clients. Go plug those holes! That way, you’ll be better prepared for whatever lies ahead…
Did you learn anything new from this episode? If so, let us know in the comments below – we value your feedback! Our next instalment of #APP, on June 10th, will see us chat with John Doherty. To view our previous blog with Alex Glenn, make your way here… If you’re looking for more resources to help you improve your agency’s profitability, then check out the Agency Profitability Tool Kit – it’s full of the same templates and checklists we’ve used with consulting clients to help them improve their profitability by over 100% in under 60 days. Download the Agency Profitability Toolkit!Get the same templates & guides we use with consulting clients to get them results fast. DOWNLOAD FREE
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| Using Partnerships to Increase Profits with Alex Glenn – Episode 34 | 27 May 2020 | 00:41:17 | |
Explaining Partnerprograms.io Their aim is ensuring that software and agencies can connect and become more successful together. The overall mission is just better partnerships; more connection, more interaction inside of the ecosystem, while optimizing communication and clarity, and therefore a faster turnaround for the client. So, what’s at the core of a partnership between a software company and an agency? According to Alex, partnerships can really help you define your operating procedures, helping you get more organized as a team… “Those partnerships can help you really streamline and optimize the services that you offer as an agency, which means higher ticket value, because customer retention is higher.” What should you be aware of in terms of how partnerships ought to be structured? Below are some pointers; there’s more info on the podcast at the 2:10 mark…
Assuming you’re an agency looking to build out some services on top of software solution, let’s address some signals indicating a great partner you can really trust – and grow with – going forward. For instance, if you’re more of a creative agency and don’t sell services on top of tools, look for co-marketing opportunities to add value to software companies that serve the same customer as you. An example would be Wistia’s partnership with Sandwich Video If you’re more of a digital or marketing shop, and have a process for how you deliver value to customers, look at the funnel and process that you use consistently. Then, look for partnership opportunities at each step of said funnel or process. An example of this would be using CallRail in a PPC campaign. While you’re growing, try to stay vertical and use the partnership to increase revenue and margin; this is achieved by going deeper into a single vertical service offering – before you try to go too wide. Productizing your services allows you to have a streamlined, scalable workflow, thus building out extremely deep relationships with your partnerships and support teams. This can develop some awesome co-marketing opportunities to reach more clients. Speed to value is key for both SaaS and agencies. Great SaaS partnerships should enable you, as an agency, to get your clients the outcome they want much faster – with higher margins and less work. The SaaS company is incentivized to help you do that, and your clients will get additional value from reaching their desired outcome faster. In some cases, you can essentially charge more for something that takes less time because the value of getting the outcome faster of high importance to your client. Some SaaS companies actually NEED agencies to scale. For example…
Understand that, as an agency, you can bring a lot of value to a SaaS company by helping them make their clients successful, sticking around in the long-term, and building case studies for the value of their product. How do you start evaluating partners? Where should you go? How do you start selling this to my clients? What’s the roadmap here?! What Alex recommends you do is: look at tools you can create from those replicable stacks. For example, Alex works with a partner called The.com, an awesome new tool that allows you – in your backend – to spin up. Using a very simple editor that’s database driven, you can give a client access to the backend so they populate it with all sorts of cool stuff. “You can create these templates for lawyers, you can create these templates for real estate agents; when you have a new client, not only do you immediately load them with an amazing SEO driven website, you can add on tools and snippets on top of those websites. “ For instance, you can launch a cookie cutter website that’s optimized already, that has chat already, and uses Smith.ai. If an agency is looking to find some good opportunities to build recurring, high-margin services into their agency through partnerships – where should they go? This is exactly what partnerprograms.io helps agencies figure out! As Alex says… “Just look for partnerships. Don’t look at this as a vendorship. Don’t look at this as, you know, I’m just going to be asked to refer business all day long. Find a partnership. You have to grow with this company. Just like any partnership, it has to be mutually beneficial.” Take a look at all the steps in your service delivery process. Start identifying opportunities to streamline each step of the process with software, and then evaluate the partner programs for each of those software solutions. This will help you create a very predictable scope of work, so you can give clear pricing to your clients, as well as a clear process, plus a commitment to getting a solution to them in a timely manner!
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| Get Reach and Results on LinkedIn, with Marcus Murphy – Episode 33 | 13 May 2020 | 00:46:36 | |
About Marcus: A recognized instructor and speaker at LinkedIn, Marcus Murphy cares deeply about the flourishing of fellow sales experts and entrepreneurs. Currently, he’s Head of Partnerships at DigitalMarketer.com, which arms its ‘insiders’ with strategic insights from industry experts, while also providing templates, tools and swipe files to help you become a better marketer. Marcus previously worked for Yelp in San Francisco, going from start-up to multi-billion dollar giant. He’s also honed his expertise at Infusionsoft as Global Partner Development Manager. There, he developed and broadened new international markets through strategic partnerships. When not at work, he’s either spending quality time with wife, Gina, and his daughters – or he’s working out! What makes LinkedIn such a unique opportunity right now? The answer to that is – basically – there are 675 million people on the platform. Additionally, organic reach across other social platforms is essentially dead, while LinkedIn still excels at this. Why? Because its algorithm loves engagement. Start having conversations on there to up your engagement, and the platform will show these posts to more people. This, in turn, motivates yet more users to get involved in your conversation. If your content is not starting the right conversations with potential connections, then it’s just noise, a distraction, a therefore a waste of your time. In short… content is King. The three initial motivators for people to connect with you and your brand on LinkedIn are: your profile picture, your header image, and your byline/title. So, make them count. You have a unique opportunity in your profile photo right away. If possible, invest $50 in the headshot. Do it 60% of the frame against a clean background. More importantly, Marcus says… “Make sure you’re not Catfishing people with your 1989 headshot… It’s tough to have integrity built and trust built into that.” If potential connections see your photo and what you have positioned yourself as – plus, if you ask a question in your ‘Summary‘ – then there’s your conversation starter.
If you do those things, then you’re better prepared to be part of the massive growth that’s happening on LinkedIn right now. Chances are, if you’re an agency owner on LinkedIn, you have both a personal profile and a business page. Now, how can you actually leverage and create momentum by using both? As Marcus says… “You gotta have a business page, you have to have a showcase page, and you have to have a website as a business – because everybody wants to see that you are who you say you are. They want to have those integrity pieces and something to anchor to.” Below is a strategy behind utilizing those assets together.
Your personal page should be used to generate ‘reach’, while your business page will provide conversion (i.e. website visits) and build buyer confidence. Optimizing Content for Organic Reach on LinkedInLet’s talk core strategies to consider when trying to optimize the content you’re posting on LinkedIn to obtain organic reach / drive results. Every piece of content Marcus generates is put through the lens of who Digital Marketer is as an organization. You need to create a ‘Character Diamond’ highlighting what your agency excels at, and then what balances that. Or, to put it another way… “No one would like Superman if there was no Kryptonite and he wasn’t a nerd – because none of us can fly, and we’d think he’s an asshole – ‘Oh, he’s flying again, well, screw that guy!’ We are marketing savants at Digital Marketer, but we are also highly irreverent and that’s a good balance; it helps people to go ‘Oh, these guys are really smart – but they’re human beings’.” In order to optimize your content for organic reach on LinkedIn, and therefore boost your ‘connections’ above 500 and beyond…
Again, it’s advantageous to have more (and more) people engage with, and comment on, the post as it takes it so much further. So, you’re running an agency, you’ve got a small team, and looking at LinkedIn as the next channel you want to double down on. What’s the execution plan?
By way of summary; it’s great to be professional on LinkedIn, but also bring it down to a human level. Did you learn anything new from this episode? If so, let us know in the comments below – we value your feedback! Our next instalment of #APP, on May 27th, will see us chat with Alex Glenn. To view our previous blog with Chris Badget, make your way here… If you’re looking for more resources to help you improve your agency’s profitability, then check out the Agency Profitability Tool Kit – it’s full of the same templates and checklists we’ve used with consulting clients to help them improve their profitability by over 100% in under 60 days. Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising. | |||
| Selling Productized Services, with Chris Badgett – Episode 32 | 29 Apr 2020 | 00:41:16 | |
By way of background; LifterLMS encompasses the needs of modern membership course creators, allowing you to create an integrated membership site. Chances are, you have a productized service option lurking within your current agency resources; this could be launched quickly, thus opening up a new, easier revenue source. A natural and authentic teacher, Chris uses his innate ability to hone every business he’s started or mentored. Creating a Learning Management System for WordPress, he helps online course creators launch, and scale. The LifterLMS community includes agencies who build learning management systems, membership sites, and courses for clients. When he’s not working in his cabin, or homeschooling his kids, you can find Chris on his organic farm spending time in nature, and wowing his family with magic tricks.
Once you’ve built out your SaaS product, complete with making the often necessary concessions on profit, there are other ways to maintain cash flow. Additional ways to maintain cash-flow as discussed by Chris include…
It’s one thing transitioning from an agency to a software company, but – once there – how can you (frankly) survive that transition and ease some of the cash-flow constraints? In short, it’s worth reminding yourself (often) that moving to productizing services is a “process not an event”. As it happens, this is a mantra Chris uses frequently… “I say that about a lot of different things, but transitioning from an agency to a software company was definitely a multi-year process, not an event – like, it happened on Tuesday on this date…” Therefore, it’s necessary to get good at scoping projects and forecasting cash-flow. Based on his experience in delivering high-end, custom web dev solutions for membership sites, Chris also challenged himself to create and productize, while “using mostly our tool, plus some templated sites, with limited customization”, that still delivered ALL the value and a medium price point. Given price points vary across the board, your productized service is likely going to be the customer. Bear in mind, the ideal customer or client is going to have different attributes than your custom high-end work. Five years ago, Chris’s process included some of the below…
Realizing he was a product person and packaging services that way made sense, it aided a shift in thinking from services to the product – on the way to SaaS. “When you really get clear on productized service offerings, you don’t have to put your best people on it.” Indeed, productized services don’t tend to require a number of high-talent staff. You may need their help to develop the templates, processes and to brainstorm, but in a standard operating procedures way of implementation, resulting in value for the client that feels customized and bespoke. Additionally, Chris was able to price on value and create great margins, plus he realised productized services brought far less stress. Regarding the resulting data and reporting, plus profitability, gross margin, and PR from the product; there was a lot of iteration to get to Product/Market fit. Oh, and margins flipped from 20% to 80%… Result. So, if you’re reading this at home – with a few ideas ruminating and therefore “product curious” – here are some points to consider if you’re pondering a similar move.
That’s the key to unlocking value in a really good offer; don’t get too attached to your assumptions, instead help your clients and your customers uncover their own cause. Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising. | |||
| The Top Three Time Wasters for Agencies, with Jennifer Kikkert – Episode 31 | 15 Apr 2020 | 00:42:10 | |
In Episode 31, Jennifer and Marcel address three potential time traps: superfluous meetings, email distraction, and issues around functional silos. Buckle up as we do a deep dive on making communication more efficient; how to map processes so they work optimally; plus how to implement them so they become part of your agency’s long-term process. Jennifer is a seasoned process facilitator and energizing public speaker, with 15 years of experience in process improvement and optimization, culture change, and operational excellence. Having spent 12 years working in the public sector, and then transitioning to the private sector, Jen has a wealth of experience in knowledge and service industries – where processes are hard to visualise. Hence the birth of her company Visualiiz Management Consulting Inc, which helps organizations ‘see’ opportunities for improvement that often go unnoticed. Below are some notable time stamps you can fast track to. There’s more information in our blog notes beneath the video.
Principles of Time Efficient Meetings Over the last decade, Jennifer has noticed a similar pattern emerging across the knowledge, services, manufacturing industries she’s worked with… inefficient meetings. “What if you had to run your meeting like the NBA or the NFL in a 62nd time out? What if you only had 60 seconds to get your point across, to have everyone discuss the issue, to come up with a solution, and have everyone to know exactly what they need to do, and then go back to work… Would you be able to do it?” So, what is the checklist to ensure more time efficient meetings?
We don’t need everyone to sit for two hours and have everyone “go around the room.” It’s not a good use of people’s time. Time is our number one resource. During our chat, Jennifer mentions that the “majority of workers check their email 77 times a day” and “can spend up to two-and-a-half hours just reading and sorting through email.” Sadly, the likelihood of this time adding any value to the client’s end product is limited. People are literally drowning in their inbox, however, there are proven strategies to help. The most notable one is simply “turn off all notifications.” Those who constantly succumb to the pinging and buzzing claim they’re “multitasking”. One could argue they’re not doing anything very efficiently because of continuous distraction. Every interruption leads to a loss of production, with it taking “seven-to-15-minutes to get back to where you were.” By disabling notifications, you control when you see your email, not the other way around. If possible, give yourself set times to check mail, ideally three times a day. For example, Jennifer tends to her inbox at 8:30am in the morning, then 11:45am, and lastly 4pm before the usual COB. You can give anyone emailing you a heads up by stating in your signature that your inbox is checked at these specific times. That way, you’re setting expectations. Within your organization, have an SLA around communication:
Time is precious, so people shouldn’t feel obligated to be at the behest of every communication channel fighting for our attention. In his book The Scientific Secrets of Perfect Timing, author Dan Pink states the two most unproductive hours of your entire day occur between 2pm and 4pm. Research shows that productivity, mental alertness and judgement lags at this time, so important work between those hours should be avoided. If you have the luxury of choice, perhaps use those hours to catch up on those emails! Most organizations evolve over time. Due to vertical silos, all of our deadlines and priorities are also vertical. However, work generally flows horizontally.
Ways of tackling functional silos include simply getting representatives from each department – working across said horizontal process – together to visually map the process. It should chronicle the process, from request for service to service delivered, for all to see. Only then can everyone see where the issues are. One of the biggest mistakes made by organizations is failing to physically map their process out, instead going by “what’s in their head.” While it’s easier for manufacturers to deal with potential issues on an assembly line situation, the same can’t be said for service and knowledge industries. Assumptions will be made unless the process is visually mapped with the people who actually do the work. Only then can the root of an issue be thoroughly investigated. Firstly, you don’t need to improve on your process if it’s not an issue. If it’s not a critical thing that needs immediate attention, then mapping all of your processes just for the sake of mapping it is in itself inefficient and unproductive. Focus on what’s going to make an impact. Secondly, directly involve the people undertaking the work. When people are given the autonomy to say how they think work should be done – in the most efficient and productive way for the customer – they’ll own it as they helped create it. Thirdly, daily management is key. Not the extensive, overbearing performance management type thing, more a daily check in that is visual. Have quick (virtual) huddles to discuss your project in terms of:
Make sure you have a process leader, and monitor/measure the results and make sure you capture modifications. Have a management cadence to harden the process after you launch it. Want to see more from Jennifer? Follow her online via…
Did you learn anything new from this episode? If so, let us know in the comments below – we value your feedback! Our next instalment of the Agency Profit Podcast, on April 29th, will see us chat with Chris Badgett, CEO at LifterLMS. To see our previous blog, make your way here… If you’re looking for more resources to help you improve your agency’s profitability, then check out the Agency Profitability Tool Kit – it’s full of the same templates and checklists we’ve used with consulting clients to help them improve their profitability by over 100% in under 60 days. Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising. | |||
| The Metrics that Matter During COVID-19 with Marcel Petitpas - Episode 30 | 01 Apr 2020 | 00:32:13 | |
About Marcel: Marcel Petitpas is co-founder and CEO of Parakeeto. Indeed you do recognize him from The Agency Profit Podcast! In addition to being an agency profitability consultant – specializing in helping agencies get a handle on their gains – Marcel is also a renowned keynote/virtual speaker and podcaster. Time Stamps: points of interest • Intro 0:00 • Behind The Agency Profit Podcast 3:35 • Focusing on the numbers 6:37 • Where should your focus be right now? 9:42 • Implementing and utilizing changes 10:55 • Identifying goals 13:27 • Importance of both internal and billable time 16:17 • Cost performance indexing 18:57 • Increasing efficiency and profitability 22:15 • Helpful tools! 25:00 • Outro 30:30 Blog:
Today’s episode of the Agency Profit Podcast is a bit different for you guys. Since we’re living in very uncertain times due to COVID-19, I decided to pause the usual podcast (on't worry; we've content in the can for the next few months!) and personally address how this outbreak impacts our lives – as well as all the agencies and businesses out there.
Whether you're an agency that had an office and had to send everybody home, or you were already a remote agency, this is probably impacting you and/or your clients.
I want to discuss some of the things I've addressed with our clients in the midst of this COVID-19 crisis. There are three really particular opportunities that exist around this situation, especially if you're in a position where you’re having to make a lot of changes to the way that your team operates.
First, I want to talk about how to increase your focus on numbers; the opportunity to implement new changes in your agency; and how to make your business more efficient. Behind The Agency Profit Podcast Before we dive into the things, I want to share a few things: I am an agency profitability consultant, specializing in helping agencies essentially get a handle on their basic numbers.
Focussing on the Numbers If you've been a frequent listener of the Agency Profit Podcast, you know the topic of increasing number focus is a hot topic. The three key foundations of the economic model of an agency are capacity, utilization, and average billable rates. • Capacity is defined as the amount of time your team could contribute towards doing billable work in any given time period. It’s determined by how many people you have access to on your team – from, freelancers or contractors – as well as how much of that time you expect them to work. This can quantify it in terms of dollars using an average billable rate. Essentially, if I know I've got 10,000 hours of billable time this year which I can sell, then that's good. You must invest time to earn revenue. It’s important to know what your capacity is and how much revenue you could potentially earn in a given time period. • Utilization is how much time your agency actually uses for things that result in payment from clients. This is the true and straightforward definition of the term. We'll discuss how there are a couple of different definitions of utilization that get used in the industry, and how to best use those with your team to avoid complications. • Average bill rate is basically every hour that my team invests working on projects for the agency or their client/s. When you have a really good handle on capacity, utilization, and average bill rate, it's easy to start modeling things such as:
Always remember; as an agency, the moment you sell a project, you have to start earning the revenue as there's already a gap due to liability. Interestingly, a lot of agency owners forget about this principle. Then, there's the cost of earning revenue; where you have to invest time and resources to earn said revenue. As much as possible, you must shorten that latency of when you close the revenue (when contract or bookings happened), and when you actually earn the revenue. You want to decrease that cost as much as possible. This should be the objective of your operational model when it comes to delivery. Gross profit or gross margin, for most people, is going to be a bit more challenging to follow accurately. Depending on how your systems are set up, generally you're going to want to do that via accounting software, or by spreadsheets. However, undertaking this exactly is usually more expensive than tracking the average bill rate, which is a super simple number to pinpoint. Where Should Your Focus be Right Now? Well, your focus really should be on utilization. This is probably the biggest and most important number, especially in this current economic downturn. Whether you're losing clients or experiencing a massive influx of clients due to the pandemic, then your focus should be actually on your average bill rate and your capacity. Another important note for agency owners; ensure you actually have enough people to service the work that's coming in. Make sure you're not causing your business indigestion: losing out on potential cash flow and profit by taking on projects you're not going to be able to earn efficiently from. That's where you, as an agency owner, should be focused on your average below rate and your capacity, because your utilization is going to be high – or low – depending on your company’s working schedule, whether it's busy or not. However, it’s very important to keep your rate of utilization as high as possible. This means taking on as much work possible and ensuring you adjust capacity to keep your utilization high. Unfortunately, this could mean potential layoffs. You may need to cut back on the hours for contractors you've been working with for a while. Implementing and Utilizing Changes Implementing and utilizing necessary changes, while obviously tough, can bring a sense of opportunity and excitement. In fact, a mentor of mine – Dan – has a great exercise he made us do in his coaching program; he basically sits us down and says, “I want you to write down everybody that's on your team. Now, imagine you have a blank slate and you're hiring everybody back.” If you're not excited to hire somebody back on the list, then you need to think really long and hard about whether they should still be on the team. Who, in the back of your mind, do you know isn't the right fit...
Now, I want to address the pure definition of utilization and how much of my team’s time is being used working on clients. The reason for its hard definition is because of the context of how we're using it on the operational side.
Therefore, it's really useful to know:
We can use this data to assess whether your agency is ready to have a new and improved operational process set up! Through this assessment, you can also estimate your maximum utilization, which must be around 80% or 85%.
We require our team to take a certain amount of time off, to sit in certain internal meetings, work on certain internal projects, and so on. However, I observe a lot of agencies inflating utilization to make their team feel good.
Personally speaking, we need to take a step back to consider utilization and the context of how we're sharing it with our team. Identifying Goals Time tracking compliance is an excellent tool for assessing or adjusting utilizations. It's perfectly fine to be holding your team accountable. In fact, it's encouraged for time tracking. Compliance shows agency owners the time you're investing through the week and where it's going. All of your employees must be honest about that. Hold people to a billable utilization goal; if we do that without also holding them to project profitability or average billable rate goal, it can become a bad habit. Your team may start logging extra billable hours against unnecessary projects just to hit a billable utilization goal.
It's also going to distort your time tracking data, making it seem like it takes a lot longer to earn revenue than it actually does. It's important to protect the quality and reliability of our data. Whether you're transitioning your business model to a new one, or if you're starting to expose more numbers to your team, I wouldn't encourage you to hold people accountable for a billable utilization goal rate without having full transparency about project profitability – or, at the very least, average billable rate. The reason being, at least those two things will counterbalance themselves. However, if you simply say, “Hey, I need you to hit 65% billable utilization at the end of the week.” 99% of the time, if they're not able to hit that goal, it's not their fault. It's yours. As an agency owner, you are responsible for giving your employees enough work to do and provide enough clarity. A good example is when your team is supposed to work for 40 hours a week. You must instruct them to track those 40 hours a week, even if two of those are vacation days. It is also very helpful to build transparency amongst your team. Ask them to leave notes in the time tracking system so that you have a good, clean, reliable time tracking data. That is one of the most valuable resources for your agency as it relates to your visibility as a management team. In order to make it more profitable. you're going to start holding your team accountable, which translates to increased visibility. Importance of Both Internal and Billable Time
The importance of internal time and billable time stems from questions such as:
Agency owners can ensure people are aligned with what their priorities are as a business, and have the necessary data to back it up. If you're trying to get your team onto utilization, do not hold them exclusively to an arbitrary Billable Utilization Goal. Once you have a clean time tracking data, first, you can use it to get an understanding of where your team's time is going. Based on that information, you can have conversations with your team leaders or your project managers. You can really glean an understanding of what internal projects are important to your agency at any given moment. It's important to use your clean and reliable time tracking data to indicate the risk of a potential project. This helps you and your management team understand where best to invest time and energy. In a remote environment, one of the biggest keys to success is being very intentional about conversations because you can't just wheel your chair down to somebody's office and have a quick chat, or just call an impromptu meeting. You're now dealing with other people's calendars and they're moving around. You need to have an agenda, and you need to schedule it. Intent becomes very important around where you focus on energy as a manager or owner. Cost Performance Indexing You take a piece of work, and the amount of time you're expecting it will take. Then, when you compare that to the amount of time that's been invested thus far, you then give that project 8% of the complete number. As an agency owner, you might ask whoever's leading the project to report on progress or roadblocks. Let's say you had 400 hours tracked, and you were expecting 800 hours to get the project done; that gets you to 50% of the project. Then, it's like, okay: do we feel we're ahead or behind at this 50% benchmark? They might report that said project may be a little bit behind, currently at 45%. In this instance, what we would essentially do is divide the total amount of time we're expecting the project to take by the delta between the amount of time you used and the percentage completed. That gives us a projection of how many hours we think it's actually gonna take to get a certain project done. In such a case, it's going to be about a 5% increase. Then we can look at what that does to our average billable rate. We can do this for all of our projects very quickly. This helps us get informed as a management team on where we should focus and who needs our help, plus where we might need to make some investments and catch fires before they start burning too hot. Increasing Efficiency and Profitability In a time like this, it's beneficial for us agency owners, and project leaders of organizations, to get our team involved in helping us become more efficient. This means having regularly scheduled cadences to review the profitability of projects and our project management process. Since you’re already implementing new tools and procedures, this is an opportunity for you to ask your team:
Urge them to provide feedback. Their input provides an opportunity to implement more efficient practices. If we don't do a good job of scoping initially, the protection of project profitability can become tricky. It can be difficult to make sure we are planning our resources well – that's how we own business situations where our team is working overtime. For example, if I’m noticing that all of our current website projects are going over budget, or have the potential to go over budget, we can surface that on our next team meeting. When reviewing project profitability, we ask ourselves:
From that conversation, a lot of feedback can surface and will help you understand what your company needs to do to make a certain project more efficient, more profitable, more streamlined, and easier for our team to undertake. This is an opportunity to change employee habits, and I believe getting them involved in the conversation – and therefore bringing ideas to the table – you're really just facilitating and managing who is going to take the lead going forward. It's important to build a foundation for your numbers and I highly encourage you to get a time tracking tool in place – if you don't already have one. If you do have one in place, the best way for us to have visibility into how well the business is running is for everyone to be proficient at tracking their time. Then, use that information to decipher what's going well in terms of projects; where people’s time is going; and use that data to inform us how we can improve as a business, making our processes more efficient. Helpful Tools We Use We at Parakeeto have been a remote-first company since day zero. Our team is scattered right now between, Edmonton, Alberta, Monkton Canada, and Harlem, New York. We also have people in the Philippines, Ireland, as well as South Africa. In short, the team is all over the place! We coordinate across multiple time zones, so there are few important tools enabling us to function productively in this way. The first is Zoom. I use Zoom every single day – for many, many hours – and I think they're doing a lot right now to make Zoom more accessible to teams that haven't used it before. Video conferencing is an important part and plays a major role in communicating with my team. We also use Acuity Scheduling, which is how I do all of my external scheduling. You might find yourself scheduling a lot of meetings right now, and some people on the team are also using X.AI – a virtual assistant AI bot, which works incredibly well. So, if you're looking for better solutions for scheduling meetings, within your team or with clients, definitely check those out. For documentation and knowledge-base tools, we're using Notion, which I'm a very big fan of. For collaboration and running meetings, especially our solution design meetings that we do for product management, and for our executive brainstorming and an offsite type of work we use Miro. We use it feverishly – Lee and I highly recommend it. We use Google Drive, and use Harvest for time tracking. We use QuickBooks online extensively to see where our expenses are going, plus track the profitability of our clients and projects. And of course, we use Parakeeto! Want to See More of Marcel? Follow him online via… Agency Profitability Tool Kit If you're looking for more resources to help you improve your agency's profitability, then check out the Agency Profitability Tool Kit - it's full of the same templates and checklists we've used with consulting clients to help them improve their profitability by over 100% in under 60 days.
Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising. | |||
| Surviving and Thriving Through a Recession with Keith Scandone - Episode 29 | 18 Mar 2020 | 00:46:41 | |
About Keith: Keith Scandone is co-founder and CEO of O3 World, a 15-year-old Digital Product Agency. Additionally, he’s co-founder of O3 Ventures – a spin-off of O3 World dedicated to investing in, and partnering with, existing Digital Product companies, aiding them to accelerate their businesses. As well as being a busy go-getter, Keith is co-founder of the Forge Conference, a 300 person UX and Design seminar. If that wasn’t enough, he’s co-founder of 1682; an invite-only Business of Innovation Conference, which they hosted this year. Wait, there’s more! Last, but certainly not least, he co-founded the Philadelphia chapter of the Awesome Foundation, and has sat on countless boards and committees, most notably the Philadelphia Global Identity Project, helping Philadelphia's global position. Time Stamps: points of interest• Intro 0:00 • Keith’s unorthodox beginnings 2:43 • O3 World’s business culture and their services 7:00 • Identifying and overcoming the agency ‘growing pains’ 12:00 • Importance of managing cash-flow 16:20 • Knowing your strengths 19:27 • Understanding the competition 24:05 • Decision making plus executing strategic changes 30:01 • Scaling your agency 35:12 • Outro 47:22 Blog:Keith Scandone is proof you don’t need a degree to start a string of businesses. A successful partner of O3 World and co-founder of 1682, Keith shares his humble start; the many challenges the ’08 recession brought the company; and how they overcame it. Most importantly, he pinpoints how to understand your company’s strong points while building a niche market. Before Keith found business success, acting was his passion. He was cast in a play while attending Loyola University, Maryland, and was swiftly bitten by ‘the bug', resulting in a move to Los Angeles. However, after seven years in showbiz, Keith realized he preferred working behind the scenes. Packing his bags once more, he headed to Philadelphia, whereupon he was hired as a marketing consultant for an online entertainment city guide. His soon-to-be business partners were freelancing at the same company… While their employers weren’t keen on working for bigger clients, Keith and Co knew they could do more. Spotting a gap in the market regarding client expansion, he and his partners set up O3 World 15 years ago, and haven’t looked back. Being involved in a tech-related industry means having to adapt to a continuously changing environment – a challenge for any tech agency owner. Humbled by his company’s tenacity, Keith reflects on how some of the businesses he used to aspire to no longer exist. O3 World’s Business Culture and ServicesO3 World currently has in the region of 50 full-time in-house employees, with Keith saying the company’s culture and collaborative nature plays a massive role in producing quality work. With innovation at its core, O3 World adapts to new technological changes and career opportunities. Constantly pushes boundaries with regards to new business and opportunities, Keith and his team ensure they’re astride their game when providing their range of services, including… • Brand Communications • Identity Development • API Development • Custom Integration • Account Strategy • Digital Content Strategy A go-getting and detail-oriented office culture is important, with Keith saying: “We don’t really like working project to project. We want to have more impact and influence on the work that we do…” It’s well documented that acquiring new clients tends to be more expensive than retaining existing ones (unless, of course, you’ve been letting 'scope creep' kill your margins that entire time). Another important consideration is that a mix of long-term or recurring income is critical to bolstering an agency’s valuation, and creating a strong foundation for cash-flow long-term. So, how are you going to extend the relationship with a new client once the project is over? Great question! Keith says you should reach out to your current client/s to consult with them on their future needs. With this in mind, O3 World honed an account strategy layer, selling on to clients, which turned out to be a successful venture. Identifying and Overcoming ‘Growing Pains’Unfortunately, there are no shortcuts in life. I can’t think of an agency that hasn’t encountered challenges. In fact, facing difficulties in your business is normal – the result actually depends on how you handle these issues. In Keith’s case, his biggest challenge was going through a recession. He recalls 2008 and 2009 as one of the toughest periods in his career – when he almost went out of business. Like many business owners at the time, he remembers sitting down with his partners, looking at each other, and having no idea how they were going to make payroll. It’s tough enough building a business, but it’s obviously more challenging during a global recession. Not only will there be difficulty in finding new investors or clients, but it’s also tough risking whatever money you may have in your business. Luckily, while one of Keith’s partners was looking into their bank account, an unexpected deposit of $5,000.00 landed. This turned out to be a referral fee they had no idea was coming. According to Keith, it was the “closest we’ve ever come to being out of business.” When building a business, people usually play to their strengths – whether they’re a great writer, a great designer, or a great developer – while finding the right talent they’re comfortable working with. And that’s just for starters. As Keith puts it: “Most people don’t realize that running a business is a lot of the things you don’t like doing.” There are lots of operational pieces, the most obvious being finance. Managing finances appropriately – in conjunction with legal documents, and staff benefits – is paramount. Plus, you need to understand the 'scope creep' every agency deals with. Keith adds: “The only way you get better at managing your agency is by getting burned by it a bunch of times.” Another beneficial point; it’s worth investing time, energy, and money ensuring the right people are in place for non-billable roles – it's something too many agencies procrastinate on. One of the more imperative moves is hiring a project manager to help you keep track of your business progress. Importance of Managing Cash-flowHaving a successful agency means taking smart risks while managing cash flow. Being critical and objective when working with clients is necessary to fulfill a job successfully. Therefore, try putting realistic budgets on certain projects, while maintaining it in line with a client’s usual work process. Additionally, manage your resources appropriately and strategize ahead to have solutions available if/when the project experiences setbacks. Fluctuation in business is normal, but it’s best to try avoiding potential layoffs by having enough runway! It’s important to hire someone who has a background in finance and operations, so you can properly elaborate on various strategies that will work within your agency. Again, an agency owners’ goal is not solely to make money and pay money; there are a lot of metrics associated with knowing when you should hire people, when you may have to lay off people. Knowing Your Strengths…Being completely honest with yourself when recognizing your strengths or weaknesses it key, says Keith. All too often, businesses avoid being honest with clients as they fear losing business, that’s not the case, however. Learn how to communicate and define your remit, as simply saying ‘YES’ to everything may result in unrealistic client expectations. Keith wants to dig in on that point specifically, as he’s currently going through this with an agency: “I’m on our next call and planning to sit the team down and give them the feedback; ‘You guys are doing an amazing job over here. But, you really shouldn’t be doing these other two things, cause I’ve had to rewrite the copy you wrote and I had to find a designer to fix the designs that you did. But, you’re doing really good on this stuff over here. I would still pay you the same amount of money if you didn’t do this other stuff’." From an operational perspective, this is not a good look for your brand... You say 'yes', you can do the job and get it done, but you may not have a process for it and, all of a sudden, the scope on that goes out of whack. You may not make a profit on this particular project because it ties up your team, taking their time away from working on other things that actually make more money or gross margin. Understanding The CompetitionFinding the right balance in scoping or scaling your agency can be tedious. Did you know that being open to working with other agencies will help you find that balance? Keith says they partner with many complimentary agencies, so they can work on things they’re not as experienced in. He and his team have no problem being brought in to work with different agencies as long as there’s a level of respect and a clear understanding of who’s doing what developmentally. Remarking on this, Keith says that “It’s very, very helpful for them and helpful for us, and vice versa. There’s also an aspect of not being greedy. Sometimes we’re okay coming in and not having to be the only agency. As long as we’re respectful of one another.” He adds, “In general, it’s important to be friendly with a lot of agency owners in town and actually outside of town, and be open with one another.” Keith has his own 'leadership philosophy' but admits he’s still inexperienced – in life and business. Therefore, meeting with other industry minds inspires him, and – by extension – builds the company's existing skillset and burgeoning ideas. Having spoken to a lot of people from the same field, it’s great to cultivate conversations and connections, so you can navigate your niche. Through this, you will be able to further understand your strength and use it to your advantage. As time goes by, your company will evolve as will your competitors. Therefore, it’s very important to adapt to new technologies and advances – while still being open to 'the competition.' Decision Making, Plus Executing Strategic ChangesAn agency owner must implement strategic changes or decision making on an ongoing basis. On this point, Keith says: “I don’t think there should just be like the end of the year thing that you focus on. It should be ongoing… Everybody should be curious. They should be curious about how they can do things better, things differently, how they could make their clients happier, and how they can make each other happier.” Before you start implementing changes it is important that business or agency owners are mindful with regards to the following... “Everybody should be curious. They should be curious about how they can do things better, how they can do things differently, how they could make their clients happier, and how they can make each other happier.” Before you start implementing changes it is important that business or agency owners are mindful with regards to:
Answering these questions will help in deciding the next step your agency must take. A combination of teamwork, keeping eyes and ears on the ground, and being aware of what’s happening within your organization can contribute to radical change. Be mindful of what’s happening with your clients, and what’s happening across the industry. Keep your curiosity going! Want to See More of Keith? Follow him online via…
If you're looking for more resources to help you improve your agency's profitability, then check out the Agency Profitability Tool Kit - it's full of the same templates and checklists we've used with consulting clients to help them improve their profitability by over 100% in under 60 days. Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising. | |||
| How to Build a 5 Million Dollar Agency, With Michael Wark | 06 Mar 2024 | 00:39:00 | |
Points of Interest
Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising. | |||
| How to Scope Projects & Protect Profits with Chip Griffin - Episode 28 | 04 Mar 2020 | 00:44:04 | |
About Chip: Chip Griffin is dubbed as “The Agency Whisper” in the industry. He’s the host of the Agency Leadership Podcast and Chats with Chip and helps PR and marketing agencies reach their goals and increase their efficiency.
Intro 0:00 How did Chip go from Building and Selling Businesses to Coaching Businesses? 3:28 How to Properly Scope Projects and Create your Budgets 6:04 When Should an Agency Evaluate the Cost Aspect of a Project 8:35 Scoping and creating accurate budgets inside your agency? 11:59 Expenses that Agencies Must Watch Out For 13:57 Contingency Reserves Based on People’s Risk 14:52 How to Reduce the Amount of Scope Creep Once the Projects Gets Underway 24:08 Gross Profit Margin Target for Agencies 25:11 Core Principles to Remember in Managing Relationship with a Client 36:55 Outro 44:21 How to Scope Projects & Protect Profits with Chip Griffin - Episode 28 The foundation of running a successful agency lies in charging more money to clients than it takes for us to deliver outcomes to them. Ideally, we’re consistently achieving 50-70% gross margins on projects, which sets us up to have reasonable overhead and continue to cash-flow our growth. For some of us, this still happens more often than we’d like to admit. That’s why I decided to invite my friend Chip Griffin onto the show to share his knowledge and experiences in scoping projects and protecting profits. He didn’t disappoint, as he broke down what he’s learned from years of running and scaling his own agencies to multiple exits, and helping clients do the same. How to Properly Scope Projects and Create Your BudgetsThere are a lot of factors that play in when properly scoping projects and creating budgets. It’s a complex process that often requires some analytical savvy. According to Chip “The agency community is filled with really creative people who are fantastic at client service, but a lot of them just don't have a lot of business experience.” It comes as no surprise that many of the agencies I speak to have a difficult time getting a handle on scoping, and spend most of their careers feeling like they’ve never found a reliable way to do it accurately. When it comes to getting a handle on estimate, Chip states that agency owners must create a project plan with their clients that will be beneficial for both parties. From billing clients based on an hourly rate, flat-rate pricing, or value-based pricing; there are a lot more factors that you, as an agency owner must take into consideration. So it becomes increasingly important to get really good at figuring out how much or how long will it take to deliver the project with our desired outcome to our clients while making sure to stay within the budget and submitting them on-time. This means tracking actuals against estimates over time to feed that information back to whatever supporting data/documents you might use to create estimates in the first place. With that being said is it important to answer these questions before signing a contract to a client:
Being thorough in the discovery process and really assessing the risk of a project is key in establishing the right level of contingency and padding in your estimation. Chip is also a big fan of doing paid discovery, giving you the ability to get compensated for the time it takes to properly assess your client’s needs. Project Budgeting for Accurate ProfitabilityIf you want an overall profitable business, you need to sit down and take note of all the expenses and other factors into consideration before pricing a project. This will drastically help in determining how much it will cost because as I’ve stated earlier it can’t just be about dollars and cents. It is more about coming up with the scope and if you’re putting together a budget that will help you think about the scope and what you’re going to deliver to your clients. According to Chip, he has seen a lot of agencies that start doing value-based pricing or they start doing flat-rate pricing and then since they do not have any use for timesheets when billing their clients they throw them away. Often, they also abandon the idea of actually assessing the client’s needs thoroughly in the sales process. For example, a client is willing to pay us $100,000 to build their website, and they have certain expectations, of course, like they want the website to look or function a certain way or they want the website to be up and running on this specific date. But, based on the client’s expectations and factor in the cost and time to deliver their expectations, will this project still be profitable for my business? Chip states that it’s important to dig deeper into what point their agency should start to evaluate the cost aspect of a project. At what point in that sales cycle should they start to have that conversation, and who should generally be involved in that conversation to make sure that the estimate is actually realistic, accurate, and transparent to all the stakeholders. When Should an Agency Evaluate the Cost Aspect of a Project?Chip advised that agency owners need to do a thorough cost evaluation of a project before giving the client a price. And based on his experience, a lot of agencies don't go about building a budget for their projects, and if they do, they do it after they've already submitted the proposal, the scope, and the price. And, when you've got the contract in place, but it turns out the fund is not sufficient to be able to run the project successfully can be a tad bit stressful to deal with. So you really need to have it in advance. “I'm not saying that you should take the budget and price solely based on it, instead the budget should be used to establish the minimum or maximum amount that you can charge for this project in order to be profitable.” he says “hat doesn't mean that you shouldn't charge more than that, because you also want to charge for the value that you're delivering. It's a very popular way to do agency pricing now, but you need to know what that bottom line is, that you just simply can't go below without.” It is extremely important that you involve the people who are going to manage the project in the budgeting process. This way, you will be sure that everyone understands the scope of a certain project and how they can be more efficient to be able to work on another project. It's also important to get those different ideas out on the table so that you can try to figure out what is a reasonable expectation for this particular piece of work or this particular process that this project needs to be successful. Creating Accurate Budgets Inside Your AgencyAccording to Chip Griffin, the first thing agency owners need to do is to start creating these budgets. They also need to make sure that they are closely monitoring and collaborating with their project managers to determine the factors that block their progress. And to create an accurate agency budget you must consider these factors:
Chip recalls a specific example: “I had a client who would pay me $75,000 annually with a condition to fly to Australia on a bi-monthly basis, but when I started digging in and it turned out that I was spending $15,00 to $20,000 a year on travels alone. And, all of a sudden, there’s 10% or so of the revenue being eaten up just by travel costs.” Make sure you’re thinking about all the costs of delivering outcomes to the client, and maintaining your relationship with them. Contingency Reserves Based on People’s RiskChip has seen a lot of agencies estimate with their rose colored glasses on. He says the first thing you need to do is create a budget without being wildly optimistic about how quickly you can get things done. It’s more important to be realistic, instead of conceptualizing an “ideal word scenario” where everything goes as planned. As we all know, they rarely do. Chip recommends having contingency factored into estimates based on the level of uncertainty around the work. Often, this will come down to how many times it’s been done in the past, and how consistent it was in scope. The objective should be to get estimates within 10% of reality over time. This is why having a cadence in place allows you to monitor how much time did it actually take to complete the project versus how long did you estimate the project is going to take and adjust estimating processes & documents accordingly. Another thing that you need to consider is building your agency’s culture and the rules on defining your initial scope of work. There's a wide range of agency approaches to this. And, in general, there's a lot of over-servicing that takes place. I personally believe in the importance of time tracking inside of an agency, because you will be able to get insights as to whether you are doing well or not, which can be challenging to estimate when you’re using a flat-rate or value-based pricing. And then that brings me to another point, which is the way that you structure your projects or deliverables or tasks within a time tracking software is important because it's like setting up your chart of accounts inside of your agency. Because, you need to track cost, not with a blended rate. Chip stated that “I know it's really popular in the agency world to charge clients a blended rate, and that's fine, but from a budgeting perspective, you need to make sure that you've got at least several bands. I'm not saying you need to go in and figure out each employee's individual costs and all that, but have at least three bands so that you can appropriately account for the different types of workers that you'll have on a project because it'll make a huge difference in your pricing and profitability.” If you want to make sure that it's not leaving money on the table. Make sure you do that piece of it. Core Principles to Remember in Managing Relationship with a ClientThe core principles that are really important when it comes to managing that relationship with your client:
The point of all of this is to learn how to create better systems in your business to become more efficient. To create processes that can scale, that can be repeatable, that can protect your margins, protect your team's time, and ultimately give you a business that is sustainable in the long term. And ultimately this all comes back to communication. It's ironic that in an industry where communication and collaboration is the key to success, communication tends to be the place where things break down. You need to have good communication amongst your team members and between your agency and the client. And the more of this communication that you have, the more accurate your budgets are going to be, the more accurate your scopes of work are going to be. The better your profitability is going to be. Agency Profitability Tool KitIf you're looking for more resources to help you improve your agency's profitability, then check out the Agency Profitability Tool Kit - it's full of the same templates and checklists we've used with consulting clients to help them improve their profitability by over 100% in under 60 days. Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising. | |||
| Agency Accounting 101 with Chris Hervochon - Episode 27 | 19 Feb 2020 | 00:49:58 | |
About Chris Hervocohon: Chris Hervochon is often referred to as the Michael Jordan of accounting. A graduate from Elon University with a degree in Accounting and minor in Finance. He is a Certified Public Accountant (CPA) in South Carolina and Pennsylvania, and also holds the Certified Valuation Analyst (CVA) certification. A Certified QuickBooks Online ProAdvisor, and have earned the Data Analytics Executive Certificate from the AICPA. In 2018, he was one of only 41 CPAs honored by the AICPA as a member of the Leadership Academy’s tenth graduating class. In 2019, I was named as one of CPA Practice Advisor's "40 Under 40" in the accounting profession. He started his firm called Better Way CPA, where he helps creative, digital marketing agencies, and service-based businesses with intelligent, actionable accounting. Follow Chris Online:Resources:Timestamps:Intro 0:00 Who is Chris 01:00 How Chris Started in the Service Business Industry 2:20 What Makes Accounting Service Businesses Unique 4:48 Why is it Important for Agencies to Have a Clean Accounting Data 8:58 Common Mistakes Agencies Commit in Terms of Accounting 10:04 Why Service Businesses Must Use Accrual Basis 13:53 Revenue Recognition for Accrual Accounting 17:25 Benefits of Cloud-Based Accounting 19:48 Cash Reserves for Agency’s Survival 22:30 The Right Corporate Entity for Your Business 28:10 Biggest Problem for Service Agencies’ Chart of Accounts 30:35 Freelancers Vs. Full-Time Employees 35:00 Allocating Your Salaries 39:48 Gross Profit Vs. Net Profit 41:50 Maximizing Profit: Pricing and Operating Perspective 45:50 Outro 50:00
Often, we base an agency’s success on its profitability. However, we tend to forget the financial aspect of things. And, why agencies need to understand the importance of accounting. And so there's just so many things that I want to talk to you about. And, I want you to ask yourselves why you chose to run or work on a service business. And according to Chris Hervechon: “Marketing agencies are a lot like accounting firms. How they operate. It’s a different service. Sure, it’s more creative, generally speaking. But they’re both service-based businesses.” What Makes Accounting for Service Businesses UniqueAccording to Chris Hervochon, there’s a lot of agency owners that do not realize that running a service business when it comes to accounting, which is very different than almost every other service business. And, its main difference happens above the margin. So your margin is your gross revenue minus all the variable costs that go into generating that gross revenue. If you think about a retail store that tends to have lower margins, your gross revenue is gonna be all the stuff that you sell. Let’s say you sold a television for $850, then that’s already your gross revenue. If it cost you $500 to buy the television, including taxes and licenses, then your gross profit is $350. On the other hand, service-based businesses tend to have higher margins. There is not much variable cost going into generating the revenue. It is solely based on human capital, on the amount of effort agency owners and their employees put into to generate profits. Why is it Important for Agencies to Have a Clean Accounting Data?The entire purpose of accounting is so that you can ask questions about your business and get accurate and reliable answers. According to Chris, you must ask yourselves these questions while also knowing how to answer them to see whether your business/es are properly tracked and documented:
Through these questions, you will be able to know your agency’s trajectory and what to expect. Common Mistakes Agencies Commit in Terms of AccountingYou will be surprised at how agencies commit the same mistakes. Let's start with how often you sit down with your accountant. Agency owners are usually the creative type who is good at marketing and promotion. However, it is important that you, as an agency owner know to hire someone who has proven knowledge in accounting. Not having organized and systematic documentation of your expenses and revenue. Make sure that you keep track of the inflows and outflows of your money. They did not start using the accrual basis. From an accrual accounting perspective. I've got somebody who comes and goes. My clients come every week on a Monday, we hope, but they come every week nonetheless. That's a real base accounting. It's matching the activity with the expense of the revenue when it happened. Why Service Businesses Must Use Accrual BasisLooking at things on an accrual basis is certainly a change for a lot of people, especially small businesses. But it's something that you need to do. Because there's no way to forecast cash accurately. And, it will answer the questions:
In a service-based business, accrual accounting is important because it's reflective of the business model. It's reflective of the way that value is earned and value is actually accrued over time. So if you run a service-based business, you should be doing your books and you're counting on an accrual basis so that you can get accurate insights into your business. Accrual-based accounting is more time-intensive. It does require more expertise and so to do it is more expensive. But there is a line where the business is big enough. Revenue Recognition for Accrual AccountingChris said that before anyone starts with what accounting method they’re going to use, you must start with what your contract stipulates. If the contract says that it's going to be based on specific deliverables, then you base your revenue recognition on those specific deliverables. If the contract says it's gonna be there's one deliverable and you're doing it over some time. If it were me, I would allocate it based on the amount of time it's been spent on that particular project. But, to get down to the real nitty-gritty. Look at the contract for the contract is going to dictate it and then go to some sort of another allocation method. Benefits of Cloud-Based AccountingChris states that as an agency owner, you need actual accounting software, you need applications that play well with that software, and most importantly your accounting software should be cloud-based instead not desktop based. The reason being is if you have an accountant who's halfway across the country, you could be looking at the same numbers in real-time while doing the same thing And, what you can effectively do with cloud-based accounting systems is offload the security to somebody who's probably a lot better at it than you are. You must protect your business information and there has been a lot of hackers targeting these hosted type platforms like QuickBooks. The third thing is that cloud-based accounting systems make it easier to plug-in other applications. Whether it’s a bill pay system or an expense tracking system or maybe it's just other marketing data that you can then combine with your financial data to make it leverage data. Non-financial data equals leverage data. When you can combine these two things, you can get greater insights out of it. That's near and dear to your heart as well. Cash Reserves for Agency’s SurvivalChris Hervochon recommends that agencies must set aside between two to six months’ worth of fixed expenses before investing in a new venture or offering new services. Fixed expenses are expenses that are going to exist in the business, whether or not you generate revenue for the whole month. Earlier we talked about margins, on how they’re a variable. Your revenue variable is the uncertainty of earning revenue for tomorrow. And the expenses to generate that revenue which are expenses that bring down to a margin. Because if you don't have the revenue, you're not going to have those expenses. So fixed expenses are all that inevitable expenses that come along with the operation of your business. Biggest Problem for Service Agencies’ Chart of AccountsThe chard of accounts is the foundation on which the insights that you get from your accounting data is built, or from which you get to the insights that you want to build. This is something that a lot of people don't think about a whole lot when they're setting up books for the first time or if they're hiring an accountant that doesn't know a lot about service businesses. Chris mentioned to try and answer the questions that they want to answer, they've got to sift through a ton of data and do a bunch of math. So when it comes to setting up your chart of accounts as a service business where some of the best practices we want to make sure we're keeping an eye on the inflows and outflows of our businesses. The biggest problem Chris generally sees is what we would refer to as a sprawling chart of accounts where you've got a separate account. When we say account, what we need is a bucket, a bucket where you would put activity. So in other words, it goes in a rent bucket and where a rent account and the chart of accounts is the total listing of all of the accounts that you have for your business. That said, the biggest mistake is a sprawling chart of accounts where you've got one account for every little transaction. So if you have accounts that you know, on a very regular basis have one transaction per month or one transaction per year, you've got way too many accounts. Charter accounts make it very difficult to manage. It makes it very difficult to do the accounting because now you're splitting hairs on how you're going to classify this transaction of that transaction. The two biggest things, according to Chris Hervochon are:
Freelancers, generally speaking, are going to go above the line because you're only going to bring them on for certain projects, certain clients, certain services, whatever it is. They're 100% variable because you've already generated some sort of revenue or you think that you're going to generate revenue because you have a signed contract. So there should be some sort of a contract labor line in your chart of accounts to get you to that gross profit number. Chris said that a lot of people are tied up with the idea of the relationship or the contractual relationship they have with an individual as it relates to “Are they an employee? Or are they a contractor?” There are four components that you must ask yourself to determine if they’re an employee or a contractor:
This is an important point that you're making about the relationship that that person has with variability. If you have a person that isn't technically an employee of the company, but you pay them $2000 a month which is going to be more of a fixed cost. And, this is how you classify people between contractors and employees. If you control how, when and why they do their work and you provide training and you provide the equipment and the software and all of that stuff, they’re an employee. If they can do the work unsupervised, they're going to provide you a deliverable. You're not controlling where they work or when they work. Then they're a contractor. Most businesses want more contractors because contractors are cheaper. And the reason that they're cheaper is that you don't have to pay benefits. You don't have to pay employee-employer taxes. You've got to be careful because that's a really good way to get yourself in trouble. Allocating Your SalariesAccording to Chris, time tracking will help you accurately allocate salaries within your agency. You can either ask your freelancer or contractors to either track time or give an estimate on how much time they need to complete the project or how much will that certain project costs, whichever works. There's no data-based way to go and allocate it aside from using a time tracker. At the end of the day, it's cost accounting and then you could allocate anything based on any model that you come up with. But if it's gonna be a data-driven approach, if it's gonna be based on reality. Chris mentioned that you’ve got to make sure that when you're allocating those expenses that you're allocating the fully loaded expenses which include salaries, benefits, and taxes. The full cost of having that employee is what you want to allocate. You can't just allocate the salary. Gross Profit Vs. Net ProfitIt's important to define what is gross profit and what is net profit because I think a lot of agencies now are starting to look at gross profits on projects I think is a good thing. But then a lot of them are not clear on what that means and what should and shouldn't be factored into that. So gross profit is gross revenue while net profit is gross revenue minus all of the variable costs that go into generating that revenue to revenue or so expenses that you would not generate otherwise if it were not for generating that revenue. Maximizing Profit: Pricing and Operating PerspectiveAgencies should be pricing not based on the time that they spend, they should be pricing based on the value that they deliver. And that's different for the different forms of agencies. Chris mentioned a really good example is a digital direct marketing agency that is running ads. “You should be charging higher if your ads are more effective than the next agency down the street. You should be pricing based on the value that you deliver and you should not need to be measurable.” As an example, while not all 20 of those industries are going to be profitable and you can't take the products or the service that you delivered for “Industry 1” and then apply that to “Industry 10.” Every age or every industry is different. You need to know about the business. And being diligent and paying close attention to the expenses in your business because they can get out of control quickly, especially in a software-heavy society that we have now. By being vigilant about where all those numbers go and that gets back to the point, you need to be looking at your finances with somebody qualified to walk you through and tell you the status on a very regular basis. From making sure that you're sitting down with your accountant regularly, reviewing these things, managing your expenses, the value-based pricing, which I think for most agencies need to do is probably a great way to increase the amount of money that you make for the amount of time that your team has to invest and the number of costs that you get. There you have it, folks! I hope you’re getting so much value from this episode. And, if you’re looking for more checkout our Agency Profitability Tool Kit, and find awesome resources such as downloadable spreadsheet templates, KPI cheat sheets, benchmarks, and other awesome stuff you need in running a profitable agency. And, we have Parakeeto, our software product which helps you keep track of all of your most important metrics in real-time without changing your software and processes. Things like bill rates, utilization, profitability capacity across your whole business, and even let you run simulations to help you gauge and understand business decisions before making them. All you have to do is request an early process to start earning more profits! Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising. | |||
| Scaling Hawke Media to 20 million + in under 6 years with Erik Huberman- Episode 26 | 05 Feb 2020 | 00:29:38 | |
About Erik: Erik Huberman is the Founder & CEO of Hawke Media, a full-service Outsourced CMO based in Santa Monica, CA that launched in 2014 and has been valued at $80 million. In just 5 years, Hawke Media has grown from 7 to over 120 employees and has serviced 400+ brands including Raden, BeautyCon, The Ridge Wallet, Buscemi, Red Bull, Evite, Verizon Wireless, HP. Want to See More of Erik? Follow him Online:Time Stamps:Useful insights and questions from this episode: Introduction 0:00 Who is Erik Huberman? 2:12 Starting Hawke Media 3:01 Challenges in Growing an Agency 4:17 How Important is Understanding the Cash Flow of Your Agency 8:05 Figuring Out Your Business Goals 10:43 How to Increase the Value of Your Agency 12:23 How to Know the Right Time to Offer More Services to Your Clients 16:38 Process of Adding New Services to the Agency 18:06 How to Manage Employee’s Capacity 19:24 Ensuring Your Team’s Well-Being 21:27 Different Tools and Systems to Ensure the Performance of Your Business 23:02 Convenient Automated Profitability Software 24:29 What are the Important Core Metrics in an Agency 26:12 Advice to Start-Up Agency Owners 28:14 Blog:Hawke Media is one of the Top 20 Most Promising Digital Marketing Solution Providers in 2017 and was named at the Top Inc 5,000 fastest growing companies in 2017 as well. Hawke Media has worked with over 400+ brands including Evite, Red Bull, Verizon, HP. Today, Hawke Media continuously provides exceptional marketing services to the business owner along with their team of top tier experts that helps the different aspects of a business. Erik began consulting and advising and it was organic when he started an agency. He first sought out help, hired people, until it grew into an agency with over 170 people and is continuously growing up to this day. Understanding a niche that is completely under-served and needed help drove Erik into building the agency that is now Hawke Media. Despite being offered to sell the company quite a few times, Erik liked the idea of continuing. He loves the idea of working with different companies, helping entrepreneurs, and most importantly he is truly passionate about what he does. What are the Challenges in Growing an Agency?It’s not always smooth sailing when it comes to running an agency. And, according to Erik, here are the challenges he faced while growing his company:
He also shared a challenging experience when they had a $400,000 payroll and $800,000 for a month while having only $13,000 in the bank. Entrepreneurs also said that it could happen again so he better get ready for his business. “That is very rare that you when you're growing a business like this and you don't have a ton of outside funding and you're not publicly traded, you’ll have so much cash that you're never gonna get thin.” Erik added, “Don't just let your money sit on the bank, invest it.” How Important is Understanding the Cash Flow of Your AgencyThe very first model Erik used to start his business was paying the flat base salary then giving 30% of what they get paid by the clients. On the next batch of talented individuals he hired, Erik said that they followed the same payroll model of which they give 30% of what they made in addition to their agreed flat rate. Erik found out that his employees are reactive. Erik added that they also looked at their amount of expenses on their first year to see how much they spent on overhead, advertisements, payroll, etc. He had a profit of 40% in the first year and from then, he knew it wasn’t sustainable. And, from the data which they have gathered, Erik and his team decided to change their business model, and see which works best for them. Figuring Our Your Business GoalsThe team experienced hitting their benchmark early so they had to find ways to maintain it. Erik's original plan was to get into 10 million in revenue. He didn't have a grandiose plan and now he has a multinational, multi-billion-dollar company plan. According to Erik, “I had a very clear path to 10 million, very clear what was going to take. In my head. We're going to do it. It's going to take four years. And that's what happened. And then two years, almost two years ago, we hit it.” It is really important to be objective, innovative, and realistic when you’re still figuring out your goals for your business. It’s not enough to conceptualize, and you have to actually put your time and effort into it. How to Increase the Value of Your AgencyLuckily, Erik is married to a person who is in private equity. His partner gives him constructive advice on how he can make his business more profitable. Now, here are the ways on how to increase the value of your agency according to Erik Huberman: 1. Long Term ContractsLong term contracts value consistency and reliability. And, it is a must that the moment you sign an agreement you are fully aware of what you’re getting yourself into. Make sure that you create appealing contracts for your stakeholders which you both can benefit from. Having long term contracts with your clients not only guarantees profits but it is also a gateway to meeting and attracting more clients and investors. 2. Client ConcentrationIt is important that you have multiple revenue sources, meaning you have a good amount of investors who are taking a chance on your product or you have multiple businesses where you earn profits from. And, as the saying goes, “Do not put all the eggs in one basket.”’” 3. Recurring RevenueRecurring revenue shows how much investors or consumers are sticking around your business model and of course, the business’s capacity to be profitable. 4. Profitability and Gross MarginThese are both massive and important. These factors, play-in with profitability too. Everybody knows that if you run an agency and you own the whole entity. There are a lot of expenses that aren't necessarily needed but somehow, they are essential to keep your agency up and running. Erik also stated that profitability and growth rate are the kind of equation that you need to see and carefully analyze. Erik said that in order to consider a business profitable, it needs to have at least a 40% increase in profit. How to Know the Right Time to Offer More Services to Your ClientsThe person running an agency needs to understand how to build a brand in their business. Thus, he or she must also understand what his or her client needs. 1. Know the Clients NeedsThe reason why Hawke Media is on top of their game because they truly understand what their clients need. However, before they venture into new services and offerings, they carefully analyze the risk of the said venture while making sure that their level of profitability is at least at a 40% margin. And of course, they also need to know how much or how little they’re going to charge in their new services to make sure that it will be profitable. 2. Take Risks"We'll take some risk." Says Erik. "It doesn't have to be perfect at the beginning of the scale. It is what you have to get better at to achieve perfection on those margins. And that's how we build it out. So it's finding that expert that we can build a team around finding someone that's amazing in that field." As an agency owner. You must know when and how to take risks. And, make sure that you are doing it the “smarter” way. Hiring and finding the right people is very essential, but never forget to learn, teach, and adapt to new trends and techniques that are essential to improve your business and profitability. This way your employees will be more efficient. How to Manage Employee’s CapacityNow, Erik's team has four full-time recruiters so they always have people on deck. They're constantly interviewing and ready to hire whether they have to replace people or bring in people as quickly as possible. They also have a full-training onboarding system that they've built so people can ramp up pretty quickly. According to Erik, it is important to establish your team’s and the individual’s strength and weaknesses. Through this process, you will be able to determine:
One of the things that we agree on is making sure you are not burning your team. Erik ensures that his agency is a fun place to work. "People feel very at home here, which is super fun and that’s what we want. I think that's part of the culture.” "If we want this to be a place people want to work and we want this to be a place that my partner calls it as “people want to be from” where it's like if Hawke Media is on a rabid resumé, you're known as a badass and that's something we felt we get." He added. Different Tools and Systems to Ensure the Performance of Your BusinessErik uses real-time reporting on all his business matters. They built their own ERP system that pulls everything from their CRM to their project management, to their timesheets. They don't charge for the time but they track time allocation on QuickBooks to their client data where they can log in. These will consistently create processes around the time when they are not retaining clients and clients who are performing well. Convenient Automated Profitability SoftwareEveryone who owns an agency knows that it is difficult to keep track of their agency’s profitability, growth, risks, losses, and even productivity. Granted that some of our data are spread out on different tools, files, and platforms, and it’s almost impossible to keep track. This is why I started Parakeeto, to makes transactions within agencies in just one place. What are the Important Core Metrics in an AgencyThe important core metrics are sales and marketing. Even lead generation. On the services side, it's retaining clients, it's upselling their growth that they are getting as well as what they are returning. Erik keeps it simple as possible within his five departments:
Erik said that his job is to visualize and predict the things that the company is lacking which hinders it from being profitable and whether they’re leaders of innovation of not. The second part is promotional. Speaking, doing podcasts, trying to keep the brand out there and keeping it top of mind. And third is expansion. Advice to Start-Up Agency OwnersErik's advance is pretty simple when it comes to start-up agency owners. "Either find that person, be that person or partner with that person, basically." Pretty straight-forward. But, if you’re planning to start an agency or expand your agency you must be genuinely passionate about it, make sure to hire the right people for the job and treat them the way you would want to be treated. And, always remember to take risks wisely! Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising. | |||
| Building a World-Class Culture in Your Agency with Clodagh Higgins - Episode 25 | 22 Jan 2020 | 00:44:53 | |
About This Episode: In this episode, Clodagh Higgins, a digital agency director, consultant, coach, and the author of A Happy & Healthy Digital Agency joined us to share her knowledge and experience as an ex-Hubspotter who has worked with 500+ agencies around the world. We get into why agencies must build and scale company culture, useful tips and techniques to hiring the right people, and how to retain talented employees in the long run. About Clodagh:Clodagh S.Higgins is a Digital Agency Director, Consultant & Coach with the Growit Group based in Ireland and works globally. An ex-HubSpotter, she has worked with over 500+ agencies around the world, helping them in the areas of sales, marketing, services, scaling and growth in their businesses so that they can deliver exceptional results for their clients. From working in Hubspot, she is now an agency coach and Consultant that has owned her own digital agency for 8+ years in Sydney & Dublin. She is also the author of A Happy & Healthy Digital Agency and hosts a weekly podcast, interviewing agency owners about the highs and lows of running a professional services business, Agency Life. Clodagh believes that agency owners can have a profitable business of their dreams, with an expert team that is happy, while getting great results for their clients. When Clodagh is not helping agencies you will find her training for Powerlifting competitions and she has a World Record in Strict Curl and a National Record in Bench Press. She lives in the West of Ireland in her retreat in progress called Isleen Cottage. Want to See More of Clodagh? Follow her Online:
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Running a profitable agency is no easy task. There are no shortage of challenges when it comes to managing projects, maintaining profitability, getting results for clients, closing deals and managing clients. Why? Because people are unpredictable. Each person has their needs, wants, and capabilities. Let’s dive in and learn about the biggest challenges agencies face. How to scale company culture, how to hire, empower and retain employees in the long run. Entrepreneur’s Mindset vs. Their Employees’Now, I’m not going to take sides or tell you that the other one’s better than the other. The truth is, entrepreneurs and their talents have a different way of thinking. This causes struggles for the agency. Entrepreneurs are risk-takers. They work day in and day out, they’re usually not concerned with having a future nor structure. When entrepreneurs see that their idea isn’t working for their favor or they lose interest in a project, they often ditch the project and move on to the next one. The same cannot be said about employees. They often want to know details about their job. From their job description, company culture, and compensation. With that being said, employees prefer to have a structure. Why? It reassures their stability, they want to know whether they can take vacations or work from home. Employees want to start a project, work on it, and finish it. Entrepreneurs need employees to have a successful business. While employees do not need entrepreneurs since they can go get a job at the bank. According to Clodagh, when an employee decides to work for you they’re eager to learn more about you and your company. They believe in your vision and mission. And they find your company’s dynamic exciting because it's different. Without a proper business structure, policies, or training, you’ll run into scaling and retention problems over time. This is why it’s best to communicate both you and your employees’ needs, ideas, and expectations. To be able to move forward, collaborate, and work on your common goals. How to Avoid Idea FatigueIdea fatigue? Is that even a thing? Well, yes. I’m looking at you, Mr./Mrs. CEO! As entrepreneurs we’re often ready to move on to the next big idea before the last one has been fully implemented. Often, our team has a lot more trouble reconciling enthusiasm for new ideas against the need to tie up loose ends and complete the last big initiative we put on their plate. Avoiding this scenario can be easy, and if you’re suffering from it, act on it, ASAP! First, talk to your employees about the changes which you want to implement in your business. If you have new ideas and want to start new projects, collaborate with your employees to figure out what to prioritize and keep expectations clear and simple. they'll be more than happy to help to make sure what’s truly important gets done, and more importantly; gets completed. This will not only help your company’s profitability. But it will be a great foundation to build a good relationship with your employees as they can feel a sense of accomplishment in being a part of successful initiatives that drive the business forward. How to Build a Strong Company CultureCompany culture starts with the agency’s owner. Clodagh advises business owners to grab and read the book written by Geno Wickman called Traction. The book will help you implement the fundamental systems in your business to build high performing teams and retain great talent. 1. Determine your core values Clodagh says the foundation of your culture is the values to set within the company. Values act as both guiding principles for the trajectory of your company, as well as a filter for the employees and clients that come along for the ride. Clodagh recommends going through an exercise to determine your company values and to make them a central part of your hiring process to ensure the right people “get on the bus.” 2. Organize your company’s culture committee Organizing a small culture committee in your company will be a great start to not only make your team feel valued and welcomed. This will also help them to push their limits and be better team members. From knowing all your employees’ birthdays, organizing the end of the month celebration, company outings, Friendsgiving, Halloween/Christmas parties, to set aside a budget to decorate the office, will make a huge difference in boosting your employees’ morale. These company perks, will not only boost your employees’ morale but it's also a way for them to take responsibility. And that, they will be merited for all the good things they do for the company from hitting the sales target or helping the team produce awesome content. 3. Do not punish your employees However, never punish your employees as well. Even if your team did not hit the month’s targeted sale. You should still acknowledge their hard work by ordering free lunch or snacks for everyone. As a business owner, you must always show your employees that you care and appreciate them. 4. Send care packages to your remote team members Distance will never be a problem and it will be nice to send your remote team members gift cards, company merch, books/ebooks, Netflix/Hulu/HBO/Spotify/Amazon Prime subscriptions, and even give them free paid training to show them that you care. 5. Hire People who are Hungry To Grow One important interview question Clodagh highlights is about extracurriculars. What are you doing outside of work? What kind of thought leaders are you following? Figuring out if people have the initiative to grow themselves and their skills on their own time is an important factor in building a team of superstars that can grow with your business. How To Attract High-Quality TalentsNow that we've got a great culture. And we're selling lots of stuff. We're making loads of money. And we've got to attract more talents. We've got to attract amazing people to come work at our agency. Which is something that I hear lots of people struggling with all the time! Here are some useful tips and strategies which you can try when hiring talents, as told by Clodagh.
How to Choose the Right Person for the Job Let's assume now that you've got lots of great people that are willing to be a part of your team or work with your team. And now the question is how do we figure out who is the best fit? How do we make sure that they're successful in our organization? Interview Techniques and Strategy
In 2019, It’s an employee market out there. Talent that doesn’t feel excited in the first 3 months of starting a new job will almost certainly continue looking elsewhere. Planning their onboarding with your team is important. There’s nothing worse than showing up on your first day of work and feeling like the team forgot you were starting today. Clodagh recommends clearly communicating to everyone on your team about new hires and making sure that their workstation is set up with a care package to make that first experience a memorable one. With your 90 day onboarding plan, you’ll have meetings and activities to introduce them to the team planned weeks ahead of time, so nobody is caught off guard. Prepare a list of FAQs about the company and their tasks. To help her navigate the company with ease. Instruct their team leaders and set up a mentorship cadence to help them feel supported. Get them to create a Google document with the list of questions that they want to ask you. Which you or their team lead can answer at the end of each day. These tips will help you pre-plan your employee’s onboarding process and make sure their transition to your company is successful. How to Retain Your EmployeesAs agencies, we’re often talent creator (not consumers) and we invest a lot into growing our teams and building their skillsets. So how do you make sure that your team isn’t constantly turning over?
How do you as an agency owner, get better at giving up control and empowering leaders and building that trust inside your team? Clodagh recommends reading Traction and looking at the Entrepreneurial Operating System for guidance on building out a structure, meeting cadence and metrics to build a foundation for scale in your agency. Having systems in place to ensure the right people are doing the right things, and metrics in place to hold them accountable to performance will give you the confidence to start letting go of responsibilities and empowering your team with them instead. She recommends meeting with your team once a month to implement accountability tasks to the entrepreneurial operating system and determine the right business structure and initiatives to fit your goals. Then, decide on what you want to do, whether you want to work and go to the office five or two days a week. Write about the assets and liabilities to understand the ins and outs of your business even if you are not as hands-on as you used to be. Designate tasks in accordance to your team’s expertise. Empower and motivate leaders and top performers to push their limits. Now that you are armed with knowledge and techniques on how to manage and build your agency's culture. And you've learned how to nurture a long lasting relationship with your employees, you're all set to start and build your empire. Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising. | |||
| Scaling Canada’s Fastest-Growing White-label Service Team at Vendasta with Troy Wruck - Episode 24 | 08 Jan 2020 | 00:43:52 | |
About This Episode: In this episode of The Agency Profit Podcast, we invited Troy Wruck, GM of Services at Vendasta to discuss how he runs and scales one of the fastest-growing white-label service teams in Canada. We talk about people, processes, metrics, scaling and everything in between. You won’t want to miss this episode. About Troy Wruck:Troy Wruck is the General Manager of Marketing Services at Vendasta, where he leads a large team of digital agents who provide social media, website creation, digital advertising, and other services in English and French to thousands of businesses worldwide. He has a successful track record in accounting, sales, marketing, and leadership, and has worked in a variety of organizations over his two-and-a-half decade career – from non-profit groups to small businesses, and enterprise companies. He has served in a variety of operational and management positions with Toastmasters International and worked closely with Tourism Saskatoon as a member of their National Strategic Advisory Committee. Follow Troy Online:TimestampsValuable Insights and Questions from this Episode:
They say starting an agency is hard. While that is certainly true, most agency owners can attest that growing an agency is much harder. While a growing agency means getting more clients, it also means having to deal with more work, as well as more workers. For some agencies, this is where plateaus are hit, and progress stops. At times, scaling too fast can even be the reason things fall apart. For those that are prepared and/or are flexible enough to scale and adapt, they start to achieve the elusive feeling of “scaling” their service business. That’s why we invited Troy Wruck onto the show. Troy Wruck oversees marketing services at Vendasta and is scaling one of the largest and fastest-growing whitelabel services teams in the country. The Secrets to a Successful Agency Being witness to the rise and fall of multiple agencies (and the success of Vendasta), we asked Troy about the qualities of successful agencies and what makes them different from those who failed.
He also added that one of the secrets to Vendasta’s success was that they veered away from hiring generalists. He explained that while generalists, on paper, are great hires - they often become the reason why businesses can’t scale properly. This is because generalists tend to spread themselves too thin doing multiple things at the same time. If you want to grow as an agency, it should be your goal to hire and/or develop experts. This ensures that you have one or a team of individuals who are good at what they do and that you can trust them enough to create excellent output. Another thing that Troy mentioned which caught my attention was that keeping your teams small helps as well. This makes them manageable and allows enough flexibility while still being able to provide consistent output. The number will vary depending on the roles, but generally Troy recommends having no more than 8 direct reports per manager or team lead. How to Improve Your Business Improving one’s business is crucial, not only to earn profits. But, to have a structured and ever-developing business process to deliver consistent results and services to our clients. How do You Expand Your Service Offerings Profitably? Let's assume you have your first few clients and you see that business is doing good. You’re thinking about expanding and adding a few more services to your agency. This is a very exciting phase in a growing business but for many agencies, this becomes a slippery slope that starts causing “delivery indigestion.” Since Vendasta has successfully added many services over the years, we asked Troy about his thoughts on how an agency can add service offerings while mitigating the downside risk. While on the surface, it looks like these services are added on a whim, Troy claims new service offerings go through a thorough process before they are made available to all their clients. For starters, the service needs to be scalable. Troy’s team has to ensure that a process can be developed that will be consistent in scope and deliver repeatable results to clients. This is the first and most important criteria for new services being evaluated. Next, Vendasta does some market research to find out who is offering these services, how they do it, what the going rates are and how the unit economics works out. Once they have a solid business case built that is approved by the rest of their executive team and team leads. It goes through a pilot process where it’s tested with select clients so the process can be battle-tested and hardened before scaling out to more clients. Troy also added that when you are adding a new service, or trying new strategies in your agency then you should accept the fact that it may not work. Sometimes they discover during this process that service just can’t be reliably scaled, or doesn’t have the economics to work as a white-label offering. Lastly, he claims that the best way to mitigate risk with new services is to rely on process and documentation. Through process and strategy documentation, you will be able to take note of the problems, issues, and successes as you develop service offerings. Troy also recommends running pilot projects and tests with long term clients or on your own business to tailor such processes to what works best for your clients’ business. He added that using white-label service providers (like Vendasta) to deliver new services can be a great low-risk way to start proving out the process and de-risking the sales pipeline before taking a new service offering in-house and investing in staff, tools and process. The Importance of Processes It has been established that one of the many things that differentiate a successful agency from one that struggles to scale its use off processes. They say that the right processes will always be core in every agency. We asked Troy to tell us about what he can say to agency owners who are having a hard time creating and keeping up with processes. Troy mentions that agency owners should not hesitate to use tools. Tools are there to follow processes and create strategies easier. He added that when creating new processes, owners should ensure that the process can easily be replicated and/or scaled depending on the needs of the customers. He also highlighted the importance of having a rhythm in the business to document new processes and review outdated ones. At Vendasta, every team is regularly meeting to review their process to ensure it’s delivering the right outcome and working for their team and clients. They’ve also developed a host of internal tools - some of which are now available to their clients to use, to help them manage their processes and teams. How Do You Deliver Consistent Results and Service to All Your Clients? As a white-label service provider, the ability to generate predictable and consistent results is paramount. For some agency owners, this seems like an impossible wish as they get marred by inconsistency, change, and other challenges from one client to the next. When we asked Troy about their secret to be providing quality service to customers at all times, he said that the secret lies in knowing your customers. In their case, they have multiple types of businesses but they have efficiently grouped them into certain categories. Now, each category more or less shares the same qualities and they require the same kind of service. For an agency to be successful, you have to understand each client (or at least each category of the client). You have to look for your customer's pain points and try to create a service to answer that specific pain point. You should also be able to convince yourself and your team that pivoting regularly will be a thing if you want to keep your customers happy. This also means having to update a process for a specific client if needed. In essence, it’s finding a balance between having processes (which create the consistency) and flexibility to document the nuances that lead to success for specific clients. Keeping Consistency Amidst the Challenges of an Agency From an agency owner’s point of view, there are a number of challenges that can shake the status quo of businesses. One excellent example is with regards to handling talent within the agency. While it’s always exciting to have a team of individuals working together, it’s not always rainbows and butterflies. Some people perform better than others. These things can severely affect the team dynamics and consistency of an agency. Troy says that managing people will always be a challenge for agency owners. That’s why you have to create processes that newly hired employees can follow to achieve success in their roles. This means developing very specific training and onboarding plans for new hires based on their role and measuring how quickly they get up to speed so they can be benchmarked against previous hires. Another important factor is the team size, Troy prefers keeping teams of 5-7 per manager. He says they’ve found this size works best for them as it allows the team to have redundancy in the case that someone quits or has to take time off but doesn’t sacrifice agility and adaptability. Troy also emphasized the importance of having a business forecast. This means looking at your business from a high vantage point and using data to see where your company is heading. This allows you to have a good grasp of your agency’s capacity. When you’re likely to exceed that capacity and get a lead time on hiring additional people to support your growth and put them through a full training process. He also mentioned that the best way to prevent any issues with management is to ensure you get the right people from the start. Fine-tuning your hiring process can get pretty tricky but it is a surefire way of saving you headaches in the future. With a good hiring process and a standardized training program, you can get your agency stable and ready for any challenges in no time. Challenges of Being an Agency Owner The life of an agency owner is tough. As a matter of fact, it’s not a life you would wish on your friends and Troy agrees. For him, it is always hard to be an agency owner because you have to learn how to balance growing the business, making sure it’s profitable, making sure you are offering consistent and efficient services while being able to keep up-to-date with new business trends/models and tools. This is why Vendasta was created in the first place. To offer a service that takes some load off the agency owners so they can focus on the important things. By letting a whitelabel program handle some of the work, the agency owner can focus on what they’re great at. Scaling Means Giving Up Control A lot of the agency owners we know have a tendency to hover and monitor (even do everything by themselves). As the business grows, agency owners often need to let go and let the team handle the tasks. This step is a big one for a lot of owners and it can get pretty scary. To them, it’s like letting another person hold your baby for you. For Troy, one of the biggest blockers for an agency owner is his/her self. Oftentimes, the owners limit themselves and their agency because of their own processes. This is mostly because owners believe they can do things better themselves so they don’t trust their team to handle everything. While it is true that there will be growing pains when you pass on tasks to your team, it will pick up speed as time passes by. Being patient is key. You also should be able to understand that mistakes happen. Your team might do something wrong and that should be fine as long as they learn. However, you should go and ensure you instill a fear of making mistakes. Troy mentioned that just trusting people can often push them to do things better. At the foundation of scale is a process that gives you the confidence that when followed properly, outcomes should remain consistent. Having structured processes in your agency should give you a base of confidence to start letting go of delivery and scaling your team. Importance of Data and Reporting? Towards the end, we talked with Troy about the importance of data and reporting. Troy explained that data is absolutely critical to Vendasta’s success. Without it, they’d be running blind. He added that data helps you make decisions. There is also a misconception that data has to be totally accurate for it to affect the owners’ decision making. Truthfully it doesn’t have to be 100% accurate but it should be directionally accurate (80%) It's the smoke signal before the fire which allows you to see where your business requires attention before it’s too late.
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| How to Maximize your Agency’s Value in an Acquisition with John Garuti | 11 Dec 2019 | 00:37:54 | |
About John: John Garuti is a partner at digitalacquisitions.co specializing in M&A for digital agencies, ecommerce and other digital businesses. He found M&A after running his family manufacturing business for 15 years and eventually selling it, becoming fascinated with he M&A process. Since then digital acquisitions has helped hundreds of digital businesses reach successful exits and spends most of his time helping his clients prepare for exits and maximize their sale price. Resources:
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| How to Eliminate Scope Creep, Improve Profits and Get Paid Faster with Jason Swenk | 27 Nov 2019 | 00:28:30 | |
About Jason Swenk: After working at Arthur Anderson (a big 5 consulting firm) Jason realized he needed to be his own boss and launched his first digital agency Solar Velocity. He grew it to over 100 employees and worked with big brands like AT&T, Hitachi and Lotus Cars. After 12 years of growth he sold it in 2012. Now he helps agencies replicate his success. He’s the bestselling author of Accelerate Your Agency, the 8 Systems playbook for growing your agency faster. He’s the host of the Smart Agency Master Class Podcast - the #1 Digital Marketing Agency owner Podcast for sharing stories and strategies from real world agency owners that are working today In his free time, he races cars and competes in IronMan’s. Resources:
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| Fireside Chat on Agency Growth, Positioning and New Business with Zach Hyder | 13 Nov 2019 | 00:48:01 | |
About Zach Hyder: Zach Hyder is an advisor and coach to professional services agencies in advertising, marketing, media, and public relations. He’s the founder of ThinkDendro and the host of The Dendro Cast - The podcast about the disruption of the agency business He spent his career working on agency business development and marketing, skills he now uses to help agency owners and executive teams rethink how they position and grow their business. Resources:
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| Fireside Chat on The Agency Model, Freelancing and Feeling Less Alone as a Creative with Justin Gignac | 23 Oct 2019 | 00:38:53 | |
About Justin: Justin Gignac is the co-founder of Working Not Working, a curated, global platform connecting the world’s best creative talent with the most innovative companies. Apple, Google, Droga5, Wieden+Kennedy, Airbnb, Nike, and thousands of other companies are now using Working Not Working to staff their creative teams with freelance and full-time talent. Prior to Working Not Working, Justin was an award-winning Art Director and Creative Director at ad agencies around the United States. Perhaps he’s best known for helping create the original ElfYourself.com and unexpectedly unleashing the world’s elf fetish, with over 1.5 billion elves created since its inception in 2006. He also has gained notoriety for his various art projects, including NYC Garbage, Wants for Sale and Needs for Sale. Justin was named one of the 50 Most Creative People of 2015 by AdAge Magazine and Class Dancer by the Norwich Free Academy Class of ’98. He currently resides in Brooklyn, NY with his pet ping pong table. Follow Justin Online:
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| Creating a Culture of Operational Excellence with Melanie Chandruang | 09 Oct 2019 | 00:24:53 | |
About Melanie: Melanie is the founder of WeConsult and helps agencies scale their business by focusing on improving their financials, business administration infrastructure, and performance management / culture within the organization. Not only do I help you carve out the initiatives and goals, I’m also available to do the work to execute on those goals and metrics, which is something valuable that you can’t get from a coach. She’s spent her entire career in finance and operations helping companies be their best and has had two of her clients go through successful acquisitions. Follow Melanie Online:
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| How to Increase Tax Efficiency in Your Agency, With Craig Cody | 21 Feb 2024 | 00:23:56 | |
Points of Interest
Show Notes
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| The 9 Systems Every Agency Needs to Grow and Scale with Dev Basu | 25 Sep 2019 | 00:42:27 | |
About Dev: Dev Basu is the founder of one of Canada’s fastest growing agencies - Powered By Search, he’s also the founder of Million Dollar Agency and is a Professor at the Seneca College School of Marketing. After growing powered by search to to multi 7 figure revenue he’s shifted his focus to helping other agencies move to and beyond the 7 figure mark and accelerate their growth. He’s truly one of the best agency operators I’ve met through my years of working with agencies and one of the best teachers in the coaching space. Follow Dev Online:
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| How to Leverage Directories to Acquire Clients for Your Agency with Robby Berthume | 11 Sep 2019 | 00:42:09 | |
About Robby: Robby is a former digital agency owner. He started it at 14 and eventually was named top 20 in their 20s by LA Biz Journal and achieved seven figure revenue. Since 2013, He’s been the CEO of Bull Beard, an agency collective that helps large brands get vouched and vetted talent for their products. They recently launched Agency Match, which connects brands with vetted and vouched-for specialized agencies, shortcutting the shortlist and breaking down the barriers and brinkmanship. He’s been featured in Forbes, Fortune, Success, Entrepreneur, Fox News, Inc., HuffPost, Mashable and just about every where else. Follow Robby Online:
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| The 3 Most Important Processes for Agency Success with Alyson Caffrey | 28 Aug 2019 | 00:34:52 | |
About Alyson Caffrey: Resources From Alyson:
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| How to Win Bigger Deals with Higher Prices, all Without Pitching with Blair Enns | 14 Aug 2019 | 00:41:03 | |
In this episode we're joined by the brilliant Blair Enns from Win Without Pitching to explore his innovative approach to new business for agencies. He shares some of the fundamentals required to sell based on value to command higher prices and close more deals. We also discuss how the sales process can make or break your delivery process by setting precedents in the client relationship and so much more. About Blair Enns Resources from Blair:
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| How to Find Talent in Unexpected Places with Chris Martinez | 31 Jul 2019 | 00:39:33 | |
In this episode Chris Martinez from DUDE agency joins us to share how he's found affordable agency talent in an unconventional place. We talk about the keys to successfully building an offshore team, details on DUDE's hiring process and keys to running a whitelabel agency. About Chris Martinez Chris Martinez is the CEO and Co-founder of DUDE which partners with digital agencies to provide them the people and processes to help them scale profitably. He's also the author of Hacking Mexico. Chris owned a digital agency for over 6 years and in 2013 moved all of his web design and development to Tijuana Mexico and it was a total game-changer for his agency. He quickly learned that Tijuana gives agencies all the benefits of outsourcing and none of the downsides. In 2017, Chris launched DUDE and is now providing the perfect outsourcing solution for digital agencies. Follow Chris Online
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| Fireside Chat on Agency Growth & Profitability with Chris Johnson | 17 Jul 2019 | 01:02:51 | |
In this episode Chris Johnson from Upscale Method joins us for a fireside chat to discuss how to chose between adding services or niching down, how to niche down, developing a sales strategy, optimizing for profitability and more. About Chris Johnson Follow Chris Online:
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| How to Connect People, Process and Systems to Scale Your Agency with Scott Gellatly | 26 Jun 2019 | 00:43:59 | |
In this episode, Scott Gellatly from Scale My Empire joins us to discuss his experience helping 100's of service businesses, consultancies and agencies systemize their business to increase their profitability and scale faster. Tune is to hear us talk tools, process, org charts and everything in between. About Scott Gellatly They build systems for fast growth, project services based businesses that are ready to transition into mid market. They do this by integrating people, process and technology together in a cohesive framework. Connect with Scott Online Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising. | |||
| How to Create a Culture That Grows Your People and Your Business with Bob Ruffolo | 16 May 2019 | 00:40:59 | |
In this episode, Bob Ruffolo from IMPACT joins us to share the story behind IMPACT - an award winning marketing agency. Among his lessons, he shares the struggle of getting stuck in the 20 ish employee range, and how he finally broke out of that to grow to over 60 employees today. About Bob Ruffolo Bob is the founder and CEO of IMPACT, a company focused on helping people find success with inbound marketing through education, events, and agency services. In 2017, IMPACT was recognized as HubSpot's Partner Agency of the Year. Personally, Bob is a graduate of Central Connecticut State University and was inducted into their School of Business Hall of Honor in 2014 for entrepreneurial excellence. In the same year, he was also recognized as one of Hartford Business Journal's 40 Under Forty. Beyond being driven to grow IMPACT, Bob strives to be at the forefront of the inbound marketing movement and loves helping similar agencies execute their growth. In his spare time, he is a regular speaker at HubSpot's annual Inbound Conference and local universities, an active member of several entrepreneurial groups, and sits on the boards of local educational and community foundations. He is also an avid Yankees and Jets fan. Resources from Bob
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| Lessons from Growing a 7 Figure Agency with Kim Barrett | 03 Apr 2019 | 00:35:00 | |
In this episode, Kim Barrett shares some of the most important lessons from his journey growing Your Social Voice. He shares how things got out of hand, and how he scaled back his team, dramatically increased his profitability and systemized his business to take up less of his time. About Kim Kim Barrett is a world renown Social Media Marketer, focussing on Facebook. He Is an International Best Selling Author, Speaker and Trainer, having taught marketing around the world and helping businesses grow to 6 and 7 figures. He's also the founder of Your Social Voice, which helps businesses get heard on social media, and most importantly, build engagement, generate more leads and more sales. Follow Kim Online
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| Are you Building to Sell or Building to Own? with Karl Sakas | 20 Mar 2019 | 00:34:59 | |
In this episode, Karl Sakas walks us through the differences in strategy for agencies who want to sell their business vs those who want to own it and fund their lifestyle. We talk specific metrics to measure & optimize, strategy changes and actionable tips to achieve your goals. About Karl Karl Sakas helps agency owners increase profits and reduce stress, by conquering growing pains. As a management consultant and executive coach at Sakas & Company, Karl has advised hundreds of agencies on every inhabited continent. He is the author of "Made to Lead," "The In-Demand Marketing Agency," and more than 300 articles on agency management on what we believe is one of the best agency blogs on the internet. When he’s not helping clients, Karl is an award-winning Past President of AMA Triangle and volunteers as a bartender on a 1930s railroad car. Resources from Karl
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| How to Create Process Without Killing Creativity, With Rob Sayles | 07 Feb 2024 | 00:40:57 | |
Show Notes: Love our Podcast? Leave us a review here! Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising. | |||
| How to Document Your Process so you can Scale Faster with Andrew Dymski | 06 Mar 2019 | 00:36:07 | |
In this episode, Andrew Dymski walks us through his process for creating beautifully documented processes your entire team can follow. We'll get into the how, who, when, where and why of documenting process, and cover some other great tips for agency scalability along the way. About Andrew Dymski Andrew is a Founder at ZenPilot where he helps marketing agencies buy back time by developing the processes and systems they need to scale without reinventing the wheel for every client. He's also co-host of the Agency Journey podcast where each week he interviews an agency owner, consultant, or author. He's also a founder at GuavaBox, an inbound marketing agency. Formerly he ran DoInbound, a software platform that helped agencies manage their projects and process and is truly a master when it comes to setting agencies up for scale and profitability. Follow Andrew Online
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| The 3 Pillars of a World Class Agency Strategy with Robert Craven | 20 Feb 2019 | 00:38:05 | |
In this episode, Robert Craven walks us through what he's learned from helping 100's of agencies develop market-proof strategies that lead their companies to success. From the long term vision and plan, to pricing and positioning and even how to plan and communicate to your team, we cover it all. About Robert Robert Craven is the bestselling author of 8 books on how to grow a profitable service business, including his newest book "Grow Your Digital Agency". He's also an international keynote speaker, the director of the Google Partners Business Coaching Program, the President of the GYDA Initiative (Grow Your Digital Agency) and the President of the Director's Center. Needless to say, he's a respected authority when it comes to helping agencies reach peak performance and has helped 100's do so through his consulting, training programs and content. Resources from Robert
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| Transitioning from Agency to Saas with Kyle Racki | 06 Feb 2019 | 00:30:45 | |
In this episode, CEO and founder of Proposify Kyle Racki joins us to share the story of how he transitioned from running an agency to running a fast-growing startup. You'll hear the pitfalls to avoid, some great advice for mitigating risk and a few pro tips on sending better proposals. ** About Kyle Racki** Kyle Racki is the CEO and Founder of Proposify, an angel investor, speaker, host of the LTV Podcast and author of his newest book: Free Trials and Tribulations - How To Build A Business While Getting Punched In The Mouth. He went from running a small digital agency back in the early 2000's to building a software platform as a side project that eventually turned into Proposify, a company that now serves over 6,000 businesses worldwide. ** Follow Kyle Online**
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