Agency owners Drew and Danyel McLellan discuss key trends for 2024, including COO roles, agency valuations, employee fatigue, and in-office collaboration. Insights on making strategic decisions, adapting to hybrid work models, and prioritizing staff development and AI integration for agency growth.
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insights INSIGHT
COO Roles Are Becoming Essential
Smaller agencies evolve project-management roles into COOs to systematize operations.
Consider adding an ops leader around ~15 people to protect profit and execution.
insights INSIGHT
Internal Sales Often Outperform Private Equity
Selling internally to employees or to another agency often returns more than private equity rollups.
Start positioning your business years ahead to preserve attractive exit options.
volunteer_activism ADVICE
Take A Market-Level Owner Salary
Show consistent owner compensation to prove the agency generates owner-level cash flow.
Avoid underpaying yourself to try to make the numbers look better to buyers.
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In the last solocast, we reviewed the agency trends that most affected agency AGI in 2023. This week, we’re pulling back the curtain on the major trends rocking agency owners and their teams in 2024 — and giving you tips to stay ahead of them.
We’ll give you a reality check on misguided expectations around agency valuations and sales. And we’ll explore why daily timesheets and utilization metrics are so crucial for retaining your rock star team members.
Another big trend we unpack is moving back towards more in-office collaboration and nurturing agency employee fatigue through meaningful face time, employee retreats, and using in-office time more intentionally.
If you want to stay ahead of the curve and proactively build your agency’s future, don’t miss this deeper look at the key trends shaping the industry this year and beyond. And to catch up on all the other trends we unpacked, be sure to check out Part 1 from last month’s solocast.
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:
Why a COO role is becoming increasingly popular, even with smaller agencies
Making the right decisions around selling your agency — or buying another one
Why taking a smaller salary as an agency owner isn’t always better
Hybrid work trends for agency owners and employees
How contractors and freelancers can fill in worker gaps
The continuing importance of keeping accurate daily timesheets
What helps reduce agency employee fatigue and what’s causing it
What agency owners are going to spend time and money on in 2024
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