What is your agency worth? How do you know? What’s involved in an agency valuation? Once you understand your agency’s value, you can decide what tactics you need to take to improve that number. Staffing, technology, training, expansion and compensation. These are just a few of the elements that play a role in the valuation [...]
One of the questions I get from agency owners all the time is "how many clients can an account executive manage?" On smaller accounts or where you don’t have multiple levels of AEs working on the same client, it’s pretty easy. There are two different ways of looking at it. The first one is an [...]
Do you have a reliable, regular handle on your agency's future and agency financial picture? On any given day – agency ownership is akin to riding a roller coaster – the highs are exhilarating and the lows are terrifying. While the highs and lows are triggered by a variety of factors (clients, technology, employees, etc.) [...]
Are you struggling to determine how to price digital marketing services? Do you find yourself asking how does your pricing align with other agencies? What KPIs are other agency owners tracking? What should my profit margin be? How many clients do I need to make $X per year? What sources generate the best leads? These [...]
Whether you like it or not, there are several financial mistakes being made in your agency today that are costing you money. You’re in business to make money, so every step you can take to prevent these mistakes is worth it’s weight in gold, literally. Most of these mistakes happen slowly over time and just [...]
Short of losing out on work, I'm not sure there's anything more frustrating then when a client is stalled on a project. You know how it goes. Client calls with their hair on fire. You move heaven and earth to get the resources ready to help them solve their crisis and you're knee deep into [...]
One of the most annoying and expensive aspects of running an agency is when you do a lot of groundwork on a project and then the client pulls the plug before you've been paid. The phrase is actually an American idiom that originated in the 19th century. Back in 19th century America, toilets had plugs [...]
A lot of agency owners are accidental agency owners. Do you remember the day that you looked around and realized that you were running a business? For many agency owners, that wasn’t really the plan. And even if it was – we’re not prepared for it. We grew up in either the account service world [...]
Everyone in the agency business has a deep hatred for two aspects of your business. The billable hour and the timesheet. My podcast guest, Ron Baker, believes agencies should do away with both. (I disagree with him on the timesheet and you’ll hear why in our conversation). Ron’s philosophy is built around the concept of [...]
Internal fraud. Two words that strike fear into the hearts of any agency owner. It’s not a subject that we want to talk about but it’s a real danger for agencies. And while most agency owners think that it could never happen to them, I know from my experience with hundreds of agencies that it [...]
