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Agency owners need to embrace the 50-20-30 rule

Given that it's the Monday after a holiday weekend, I have one question for you ... Where were you?  Most agency owners can barely squeak out a long holiday weekend, let alone a family vacation. And even when you get away, you aren’t really disconnected. There are lots of issues with this reality and the costs are significant. It’s tough on your relationships, you’re super stressed, and if something doesn’t change... your agency isn’t sellable. But other than that, it’s a great strategy. So what do you do about it? That’s what iMedia asked me to write about and my answer was — you embrace the 50-20-30 rule. In the article, I describe how I believe agency owners should be spending their time and how to actually own a business as opposed to just having a stressful job. Check it out and let me know what you think. Our September AE bootcamp is getting pretty full. If you want to send some of your crew — it would be good to get them registered soon. Click here to register.

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Are you happy with where your agency is standing?

It's the end of the 1st quarter  — are you happy with where your agency is standing? It’s so easy to get caught up in the flurry of clients’ needs, demands of the day and the all mighty To Do list. All the while, you’re treading water and your agency is much like it was a year ago or even longer. Your agency can’t change until you do. If you want to build something different, it starts with you. I promise you, if you re-think how and where you spend your time, you can build the agency that lives in your business plan, your heart and in the scenario you painted in your agency retreat. Or you can keep doing what you’ve always done and expect different results. I did a solocast on how agency owners should spend their time. Take a listen and see if you have some adjustments to make.

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Have you lost your swagger as an agency?

The recession damaged a lot of agencies a few years ago, but one of the most damaging aspects of the financial crisis was that many agencies and their owners had to scramble just to keep the doors open. They were cutting deals, taking work they shouldn’t have and getting by on less for a long time. Unfortunately, for some owners — they haven’t been able to shake that stink. I believe one of the biggest impediments to your agency’s new business efforts is the lack of swagger. I don’t mean cockiness. I mean confidence. I want agency owners to make prospects prove to them that they’d be a great client. As much as you have to earn their business, I want them to have to earn the right to work with you and your team. I think if you can bring back your swagger and a little bit of attitude — you’ll actually win more and better business. I explored this idea over at Agency Post and I’d welcome your input. How do you keep your swagger?

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Sharing Agency Performance Goals—It Changes Everything

If you’re operating your agency with the goal of achieving the performance metrics of 55/25/20 recommended by the AMI, it’s easy to see in any given month just how well the agency is performing. Those three numbers should be the basis to guide your decisions on everything from personnel to pencils. Setting goals is great, sharing agency performance goals though, that has the power to change everything. One of the most important questions agency owners should be asking themselves is a simple one: How many of your agency staffers understand or are even aware of those numbers and how they drive a healthy, sustainable enterprise? Is it just a few—perhaps your finance person and your number one key executive? That’s the most common answer, and it’s also a big mistake. As an owner, if you’re hesitant to educate everyone in the agency about the numbers, you’re literally managing with one hand tied behind your back. Here’s how sharing agency performance goals changes everything, empowers your team, and sets an exciting path for the future. Sharing Agency Performance Goals—Financial Transparency Fuels a Growth Mindset In coaching sessions I have with agency owners, one of the first things I want to uncover is the owner’s comfort level with financial transparency. If the owner is new to AMI, I’ll take them though the metric; 55 percent of adjusted gross income (AGI) is the target for the agency’s fully loaded compensation, 25 percent utilized for overhead, and 20 percent profit. For those who already know the formula, I work to understand just how deep this foundational knowledge runs throughout the agency. As an agency owner for 30+ years, I get the hesitancy about “opening the kimono.” A common concern [...]

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Get Your Clients to Sing Your Praises

In the Flight of the Conchords song “Carol Brown,” Jemaine’s attempt to serenade a love interest is thwarted by a choir of his ex-girlfriends. As Jemaine sings his own praises as a would-be lover, the choir sings Jemaine’s many faults: “He doesn’t cook or clean; he’s not good boyfriend material.” (“Ooh, we   can eat cereal,” he counters.) Contradicted and drowned out, Jemaine laments, “Who organized all my ex-girlfriends into a choir and got them to sing?” Poor Jemaine. One lone voice doesn’t stand a chance against a choir singing in harmony. A Choir of Clients Place your agency in Jemaine’s shoes. You’re wooing a company you hope will hire you. Instead of ex-girlfriends, though, the choir is made up of current clients. When you start singing, does the choir back you up? Or does it warn the potential client to make like Carol Brown and take a bus out of town? You can stack the odds in your favor by organizing the choir yourself. Build a strong, vibrant community for your clients — something that gives them a real sense of connection and value — and they’re much more likely to sing your praises. The Benefits By forging meaningful bonds among your clients, you become their common ground. As you foster connections for them and add value on all sides of the equation, they’re drawn closer to you. A community of clients also prevents your agency from being pigeonholed. When your clients tell one another about the customized services you provide, they’re helping you by painting a complete picture of your agency’s capabilities. This leads to opportunities to engage them in new ways. From your client’s perspective, the community provides added value in the [...]

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What Makes an Effective Leader

Organizations that don’t have a set of guiding principles find themselves struggling to be consistent and to always be moving towards their bigger picture goals. A lack of defined expectations also makes it difficult for your team to understand what makes an effective leader. If you don’t give them a sense of what the company values and how you expect your leaders to behave – they have to make it up as they go along. Those challenges become even more pronounced in times of rapid change. And if there’s anything you know for sure about our industry – it’s that we are experiencing a state of constant change. My podcast guest John Rossman had a front row seat in being one of the co-creators of the leadership principles that have steered one of the biggest titans of industry, Amazon. They too exist in an industry that doesn’t even begin to resemble itself from a decade ago! Since he left Amazon, John has been using what he learned to help clients define and live by their own guiding principles.  He also wrote the book, The Amazon Way: 14 Leadership Principles Behind the World’s Most Disruptive Company. In our conversation, John talks about some of the most critical of Amazon’s principles and how they apply to agencies today: What makes an effective leader Why you need to get really clear on what your future looks like John’s favorite Amazon leadership principles Why you need to be proactive and take action The importance of prioritizing getting to the right answer over getting along Structuring interviews so you find the employees that are actually willing to grow and improve Amazon’s “think big” and why it’s all about experimentation John’s [...]

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5 Mistakes that cost agency owners money.

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