Trailblazer FM ™ - Web agency podcast with Lee Matthew Jackson
Business:Marketing
How to manage costs in agency life - Lee Jackson - S16-E02
Being profitable is not always about selling more and gaining more clients. In this workshop we talk through basic cost management and how we keep our finger on our financial pulse to make informed decisions and ensure we have a good balanced approach to work and play.
PROFIT AND LOSS
It is essential to know the current state of play. What do you have coming in? What is going out?
This allows you to:
Knowing your business allows you to make relevant decisions in both spending and in cutting costs.
Resources:
CREATING A BUDGET
Without a clearly planned budget, you are going to be making purchasing decisions blindly. Planning purchases, SaaS subscriptions and new hires based on what is in the bank at any one time is inefficient and likely to bite you on the behind.
The steps to creating a budget can be broken down into:
Freshbooks have put together this fantastic article to get you started.
GETTING ADVICE
If you are either struggling to get the data together, or are not sure how to read what you see, then consider getting in help. We often can’t see the wood for the trees. It’s very easy to miss things in our calculations. Equally without financial experience, we may misinterpret what we see.
Despite running financial data in agency life for years, I still lean on my accountant for regular advice and to sanity check my planning and my predictions. It pays to have an expert on board.
SUMMARY
The keys to cost management are
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OUR EVENT:
Do you want to make real change in your business? Join us at our in-person event Agency Transformation Live
Meet Troy Dean; Lee Jackson, Chris Ducker, Kelly Baader, Amy Woods, Paul Lacey, Dave Foy and other legends in this fantastic conference focused on actionable steps that you can use to transform your agency.
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