How to Adjust Pay When Converting Contractors to Full-Time
Bringing a contractor on as a full-time employee sounds simple enough, right? Just convert their hourly rate into a salary and you're done. Not quite. In fact, that approach could cost you big time. Before you extend an offer, it's important to understand how market rates, in-house pay structures, and total compensation come into play. In this post, I'll break down the steps to make sure you don’t overpay and that your new hire fits into your team seamlessly—both financially and culturally.
Read More
Retreats Without Breaking the Bank
Organizing a successful company retreat involves more than just booking a great location. It's about finding the balance between motivating your team and managing costs effectively.
Read More
Boost Your Agency's Referrals
From tracking key metrics to avoiding common pitfalls, this comprehensive Q&A covers everything agency owners need to know to leverage referrals effectively and boost growth
Read More
You Lost a Big Client - Now What?
Losing a big client is never fun, but it's an inevitable part of business—just as much as landing a dream account. It's important not to take the loss personally. Sometimes, you might get so focused on your work that you forget to separate what you do from who you are. Often, the decision to part ways is a business move by the client, unrelated to the quality of your work. So, recognize this separation as a business decision, not a referendum on you as a person.
Read More
How to Manage Customer Concentration Risks in Your Agency
While it's tempting to take on any client that comes your way, not all clients are good clients. Some may be too big, demanding too much of your time and resources, while others may be too small, providing insufficient income to justify the effort. In this article, we explore the concept of customer concentration and how to find the right balance in your agency's client portfolio for long-term success and profitability.
Read More
Future-Proofing Your Agency: Strategies to Diversify Revenue Streams
Venturing beyond traditional revenue models, this article discusses the necessity and tactics for agencies to diversify revenue streams. With the landscape of digital marketing continuously evolving, discover how your agency can not only adapt but thrive by expanding its financial foundations.
Read More
Navigating Price Increases with Clients
Find out how to make a price increase request to your clients in a smooth, professional manner. Learn tips and tricks for delivering the news with sensitivity and respect.
Read More
Should You Offer Equity to an Employee?
Before offering equity to your team, make sure you understand the implications. Read on for advice and information about employee partnerships, so you can make an informed decision.
Read More
Recognizing the Signs of a Bad Bookkeeper
The financial management of your business is a critical aspect of its success, and having a competent bookkeeper by your side is essential.
Read More
Marketing Agency Pricing Model: Day Rates
I thought it would be helpful to explore agency pricing models in a new series of articles, starting with how to establish your day rate. There are different approaches to setting day rates, and we will explore three common methods: cost-plus pricing, market rate pricing, and value pricing.
Read More
Discovering Hidden Insights in Your Agency Metrics
Understanding financial statements and their metrics is crucial in making informed decisions and achieving your financial goals. Having the answers to these four key financial questions provides valuable insights into your financial performance.
Read More
The Best Way to Avoid Cash Flow Problems
A guide for agency leaders that presents simple steps to manage cash effectively in a creative businesses.
Read More
Reading your Cash Flow Statement
Despite its usefulness, the cash flow statement is often overlooked. It is an invaluable asset that details sources of cash, how its being used, and the additional cash needs (or surplus cash your business has on hand).
Read More
The Balance Sheet: A Marketing Agency Snapshot
Most agencies leaders rarely reference balance sheets; but despite this, they are one of the most important documents to assess the financial health of your business.
Read More
Reading Your Income Statement
A guide for agency leaders to understand how to read an interpret an income statement.
Read More
Is It Smarter to Rent or Own an Office Space?
Giving your employees the freedom to work from anywhere has resulted in decreased utilization of your office space. This trend (or new normal) has made you consider something you haven't given much thought to in the past: your real estate and office strategy.
Read More
How to Deal with Slow Paying Clients
A guide to help agency owners deal with slow paying clients.
Read More
Are you Putting All Your Eggs in One Basket?
Are you putting too much of your agency's eggs in one basket? Find out how to identify and manage customer concentration risk, so you can save your business time, money, and heartache.
Read More
Planning ahead for when a partner leaves the business
Don't leave your business vulnerable from an unexpected shift. Discover the importance of a buyout agreement and how it can help protect you and your agency's future success.
Read More
Is Your Agency Ready for Open Book Management?
Open-book management can be a great way to communicate with your team and make them feel like a part of the agency's growth and success. But on the flip side, opening the books will put you in a position where you feel vulnerable.
Read More
