Mastering the 4 Key Areas to Build a Profitable Agency with Michael Wark

Dec 14, 2023

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In this episode of The Agency Accelerator, host Rob Da Costa is joined by guest Michael Wark, CEO of Trimline. They dive into the four key areas that agency owners need to focus on to build a profitable and sustainable business.

From mindset and metrics to process and cash flow, they provide valuable insights and practical tips for agency owners to thrive in any external circumstances. Michael shares lots of useful industry stats and ways to measure agency effectiveness.

Time Stamp

[00:00] Introduction to the episode and guest, Michael Wark

[01:28] What are the key areas that agencies should focus on to build a profitable business?

[05:00] What should agency owners be paying themselves?

[07:20] Why is net profit such an important factor for business growth? What percentage should agencies aim for?

[08:20] What is revenue per full-time employee, and why is it important for agencies?

[09:40] What percentage should agencies aim for?

[10:30] What should revenue per full-time employee be?

[10:54] How can agencies diagnose issues with employees not hitting the revenue targets?

[14:12] What are the most important processes to invest in to grow your agency?

[16:30] What should be the first systems or processes to put in place?

[18:00] What is the most effective way to roll out new processes to ensure they are adopted?

[21:22] What strategies can agencies employ to improve their cash flow?

[26:00] Why are cash reserves important for agencies?

[27:20] Final thoughts to help agencies in a challenging environment

Quotations

"Building a profitable agency starts with mindset – visualise your success and know your true worth. Michael Wark

"Hire the best people you can afford and work to make yourself as dispensible as possible!" Rob Da Costa

"Look at where you want to be in 2,3,5 years from now and consider what systems & processes you will need in place. Get ahead of the game" Michael Wark

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