The only 3 financial metrics that matter
Are you spending enough on marketing to impact growth? How much IS enough for a digital agency?
(🎙️ listen now)
Today, I welcome Jon Morris, Multipreneur, Founder, and CEO of EngineBI, on the podcast. He shows us how to bridge the financial gap between marketing, sales, and consistent agency revenue.
He also shares the only three agency metrics that matter: year-over-year growth, increased profit as a percentage of revenue, and growth of your cash relative to monthly overhead.
We also discuss:
- Why vertical marketing strategy is a must for attracting business.
- How sometimes referrals might not be the right size fit and what to do about it.
- How to approach hiring sales based on what kind of skills you need in the team.
- What percentage of revenue you need to spend on marketing and sales.
- Financial basics agencies need to understand and track.
Actionable key takeaways for agency founders:
- Partner with friendly companies that complement your business to drive referrals.
- Grow your minimums to make more revenue without having to take on lots of new clients.
- Think of what you can offer of value to your prospects rather than asking for a meeting.
- If you’re looking to get acquired, think of how you can show your revenue multiple potential.
- Build a system of tracking key revenue and financial metrics to maintain a healthy business.
🎧 Listen to the episode now:
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Best,
CQ
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