Recoup your professional development investment – Agency Management Tip for Owners
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Profitability by client – Agency Management Tip for Owners
If you're not making at least 10% profit on a client, you have to ask yourself, why are these people why is this business still a clients? Now, there may be reasons why an unprofitable client — even a client that you're paying for the privilege of doing the work — is worth keeping. They may be a great referral source. But you have to make that decision consciously. You have to be intentional about that decision. And, by the way, and I know this is not going to surprise you, they can't all be less than 10% profit. So profitability by client by month, by quarter, and annually. Watch »
Unreimbursed Partner Expenses – Agency Management Tip for Owners
Let's talk about unreimbursed partnership expenses. An unreimbursed partnership expense are expenses that you pay for out of your personal pocket that you don't get reimbursed for. Let's say you're a start-up, or let's say you've had a tough year and you couldn't run all those pass-throughs through the business like normal. You still can take a tax advantage. The way it works is, first of all, this has to be covered in your operating agreement between your partner, in your partnership, or in your S Corp if you are a sole owner. Watch »
You can’t carry the load forever – Agency Management Tip for Owners
For many of you, you've been riding the profit line really tight since probably fourth quarter of 2022, and then all through 2023, things have been tight and a struggle for you and you have kept your good people and you have been waiting and kind of betting on the come, hoping that the work would come because clients and prospects were saying, “Yep, we're going to do it. Yep, we're going to do it.” But how long can you carry the load and not make money? Watch »
Get the most from your credit cards – Agency Management Tip for Owners
I know that sounds crazy, but the reality is most agencies use their credit card pretty liberally. We have a lot of expenses we run through on our cards and we want to make the most of credit card benefits. We can create our own currency by choosing the right credit card. Watch »
Repeat what matters – Agency Management Tip for Owners
This is a simple but very important reminder, worthy of repeating. When we are communicating with our team our clients, or our prospects we need to bake in opportunities for repetition. When we repeat what matters, we verbally underline and bold it... and that leads to retention and action. Watch »
Using your all team meetings well – Agency Management Tip for Owners
The start of the year is an opportunity to really rethink how you're going to show up in the new year. And we think about it from a goal perspective. We think about it from a resolution perspective. I want you to think about it from your team meeting perspective. Watch »
Are you living your values out loud?
Our agencies are bound by a set of values or beliefs. But I don't think we often think about how we make sure that we are really transparent about how we're living those beliefs. I'm wondering how you visibly live out those values, to show to your team and your clients that those values are something that are really meaningful to you and that you've made a commitment. By the way -- that's regardless of the inconvenience or the cost to honor that and to be true to that. Watch »
Can your employees actually buy your agency?
In our initial M&A conversation with many owners, they’ve mad a false assumption that they have to find an outside buyer because their employees couldn’t possibly afford to buy their agency. Beware of assumptions! Watch »
How are agencies making money doing video?
I recently got asked this question: Is there a way to properly manage a client's organic social media and still make a profit? So much goes into creating video content. Are most agencies getting away from truly beneficial organic reels? It's so high touch. So yes, there's a way, but it's usually a collaboration with the client and agencies who are making money doing organic social videos or doing a couple of things. Let's look at what they're doing. Watch »
