I live in the Midwest and as a result, I am fascinated by farmers. They can do everything right and in the blink of an eye — a hail storm, too much rain or on the flip side, a drought can wipe out all of their efforts. It seems like the riskiest and most frustrating business model in the world. As dangerous as it seems, farmers tend to know how to manage money in business. But I can’t deny that our world of agency life has some similarities.
How Agencies Need to Manage Money
Agency owners and leaders work their tails off to chase down new clients, to keep the clients they have, to attract and grow the right team members. But then we make mistakes that either erode or completely eliminate all of the effort and the potential profits from those efforts. I identified some of these money mistakes in an article for Hubspot Mistakes that Will Bankrupt Your Agency. Check it out and put a plan in place to eliminate those mistakes from your agency’s SOP before you pay too great a price.
If you know that your agency could use a tune-up (right structure, operating systems, staffing, actually making a double-digit profit, etc.) why not spend two days with us talking about these topics? Our workshop, Running Your Agency for Growth, Profit (and a little sanity) is designed for agency owners and we will pepper you with best practices, practical tips, and hacks that will help you make more and keep more of what you make.
This was originally published in the weekly AMI newsletter. To subscribe, click here.
Learn More About Agency Money Management
If you’re looking for even more guidance on how to manage money in business, sign up for our Money Matters workshop. If you’re already an AMI member – register for our money matters workshop with your discount here.
Not a member? Learn more here.