Sandy Catour, an agency owner and accountant with over 20 years of experience, shares her insights on agency finances. She stresses the importance of agency leaders being deeply involved in financial discussions. Sandy discusses cash forecasting and emphasizes the need for transparency in financial reporting. She also highlights effective pricing strategies and the collaboration between creative and financial teams to ensure profitability. Transitioning these practices can lead to more informed decisions and stronger financial health for agencies in 2025.
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volunteer_activism ADVICE
Financial Literacy for Agency Owners
Agency owners should learn to read key financial areas.
They should ask their finance person questions about the numbers and their story.
volunteer_activism ADVICE
Financial Planning
Plan your financials and compare actuals against the plan.
This helps track progress and identify areas needing attention.
volunteer_activism ADVICE
Focus for Smaller Agencies
Monitor cash management, business development, and payroll versus outsourcing decisions.
Consider ancillary reports beyond the balance sheet and P&L.
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Almost no agency owner got into the agency world for their passion for bookkeeping. And if you did — great! You’re several steps ahead of most of us. But the reality is, most of us are just happy to keep cash in the bank for payroll and probably aren’t looking at the finances as much as we should be.
Sandy Catour joined me this week to share why we should rewire this habit. Agency owners should be just as involved with the agency finances as their finance and accounting teams, and they should be in frequent communication with one another.
Without a good understanding of your cash forecast, how your money is being spent, and where you’re losing the most profit, it’s impossible to run the agency by the numbers and keep a good handle on where all your money is going.
So join us to get a realistic look at what agency owners should care about the most in the agency financial reports and what they can talk to their finance teams more openly and honestly about in 2025.
A big thank you to our podcast’s presenting sponsor, White Label IQ. They’re an amazing resource for agencies who want to outsource their design, dev, or PPC work at wholesale prices. Check out their special offer (10 free hours!) for podcast listeners here.
What You Will Learn in This Episode:
How an agency owner should approach agency finances
How agency finance conversations differ between small and medium agencies
What financial reports you should be looking at as an agency owner
Knowing how to price and how to find profit black holes in the numbers
How agency owners should think about the financial roles in their company and how they serve the agency
How to communicate well with your financial team
What monthly financial meetings should look like with your accountants, bookkeepers, or other finance team members
Getting an accounting person to put together a cash forecast and what that should look like
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