How Leaders Think with Kenny Lange S2:E9 | How Ryan Watson Thinks About The Life Cycle of Agencies
In this episode of the How Leaders Think podcast, host Kenny Lange sits down with special guest Ryan Watson, an experienced former agency owner and founder of Upsourced, to delve into the fascinating topic of the life cycle of agencies.
As a renowned expert in the industry, Ryan shares his unique insights on how agency owners can navigate the various stages of growth and effectively manage their finances.
Ryan discusses the common challenges faced by agency owners when it comes to measuring and managing multiple metrics simultaneously. He emphasizes the importance of focusing on one specific problem at a time, such as improving gross margin, to build momentum and drive meaningful progress.
Drawing from his own experiences as an agency owner, Ryan provides valuable advice on when to seek the right kind of help and how to overcome the restricting nature of traditional financial advisors. He highlights the different stages of an agency's life cycle, from the creation phase to the scaling phase, and explains the key priorities and challenges that arise at each stage.
Throughout the episode, Ryan shares practical tips and strategies for agencies to achieve profitability, sustainable growth, and efficient operations. He emphasizes the need to identify and prioritize the "one thing" that truly matters for an agency's success, rather than getting overwhelmed by multiple key performance indicators.
Join Kenny Lange and Ryan Watson in this insightful episode of the How Leaders Think podcast, where they navigate the intricacies of agency growth and provide expert guidance on how to thrive in the ever-evolving business landscape.
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Resources:
Ryans’ LinkedIn: https://www.linkedin.com/in/ryankeithwatson/
Upsourced: https://upsourcedaccounting.com Create Mode YouTube video: https://youtu.be/DFccD669A5A
Build Mode YouTube video: https://youtu.be/C4NqX5ON9RI
Grow Mode YouTube video: https://youtu.be/G4x0ozOboXM
Scale Mode YouTube video: https://youtu.be/ASODk8jE44A
Timeline:
[00:01:34] Pregnancy, business focus, KPIs, agency growth.
[00:03:53] Focus on one thing, avoid overwhelming complexity.
[00:08:26] Build mode: Solvency, project profit, cash reserves, operating profit margin, repeatable revenue generation.
[00:13:44] Two scenarios: grow or remain unprofitable.
[00:18:18] Stages of agency growth bring unique challenges.
[00:21:35] Phases need different financial expertise, stay lean. Inflection points: $1M, $3M agency. CFO at $3M helps, don't overspend.
[00:25:43] Accountants help businesses make informed decisions.
[00:29:30] Figure out your agency's one thing.