Build a Better Agency Podcast

The past three months have felt like a bad sci-fi movie. As agency leaders, most of us have navigated the economic struggles right after 9/11 and the great recession of 07-08’. But nothing has come close to the economic, health, and social impacts that we’ve experienced recently. But we need to stay smart and fight our way out of this economic slowdown. I want to share some trends that will help you do just that. COVID continues to be a major topic of discussion throughout the world. It is still a hot button issue as many agency leaders work to stabilize their operations. However, the pandemic has had to share the spotlight with the global conversation about racism and it’s reasonable to assume these are both conversations and realities we’re going to be wrestling with for the foreseeable future. In this episode of Build a Better Agency, as I have every summer, I want to look at the trends that are impacting our industry. A couple of them have been altered by COVID but most of these are trends I was talking about in early 2020 and they’re as relevant today as they were in January. With everything going on right now, it is hard to dedicate the necessary time and mental space to focus on running your agency. The health of your agency is more important than ever before. We have to carve out of the time to protect our businesses and I am hoping that taking a look at these trends will help you do that. 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: https://www.whitelabeliq.com/ami/ What You Will Learn in This Episode: Why the health of our agency is so important in the big picture How to tee up your agency for a great 2021 What you can to start thriving right now Trends that agency leaders should be watching for in 2020-2021 Why AMI agencies have been so much more profitable than average privately held agencies How our clients’ needs have changed this past year What we can do to map out our sales funnels and increase efficiency How to take control of the sales cycle by being direct Why agency leaders have become a bottleneck for strategy Why we are seeing more employees buy minority stakes in their agencies

Most agency owners would put attorneys in the cost column. Until they get into legal trouble. Then, they quickly realize how much they could have ultimately saved if they’d been a little more proactive and worked with an attorney before they got into hot water. But with the right attorney who specializes in agencies and understands our world, you can navigate common legal obstacles while saving hundreds of thousands of dollars. My guest is AMI’s go to attorney, Sharon Toerek. Sharon’s depth of expertise in our world makes her an invaluable resource for agencies who have any sort of legal issue that they’re either trying to proactively resolve or when they’re in a jam. She speaks our language and has spent the last fifteen years carving out her niche. In this episode of Build a Better Agency, Sharon Toerek joins us again to share her expertise and walk us through the new research project that she and her law firm put together, looking at common legal snags that get agencies into trouble. 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: The most prevalent legal issues that agency owners are currently facing How to approach client contract negotiations from a legal perspective How to overcome the legal challenges of working with freelancers How to protect your agency from copyright and trademark issues How to move out of the anxious and afraid category by finding an agency attorney you trust Why putting foundational processes in place can make a substantial difference in the way you handle legal issues in your agency How the pandemic will change language in contracts The most worrisome part of Sharon’s research findings The Golden Nuggets:

There are two questions plaguing agencies in the spring of 2020. The first is how are brands going to respond to covid when it comes to budgets, tackling new projects and their relationships with agencies. The second is how can the agency sensitively and successfully mine for new business while the world is trying to get back on its axis. Fortunately, RSW/US recently released a new study that answers both of these questions and is filled with more good news than you might expect. The first piece of RSW/US’ research was conducted in March 2020 just as the pandemic was hitting the US. They went back into the field in mid-May to track how things had changed over the previous 45 days and as the US was beginning to re-open for business. In this episode of Build a Better Agency, RSW/US’ Lee McKnight walks us through some of the key findings. He also shares how some of the responses have shifted over the two months in between the studies. There’s plenty of encouraging news in the data and there are also some danger signs. Listen so you can learn what the agencies and brands are thinking, feeling, and saying as the curve flattens out and business begins to pick up again. 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: The findings from RSW/US’ research in both March and May of 2020 Why small to mid-sized agencies have a better shot at being “too small to fail” Why most brands believe that their spending will be unchanged or increased as business gets going again The surprisingly good news from RSW/US agency research project What surprised Lee the most on the agency side of the data How agencies can change their messaging to position themselves as leaders in the crisis What we should be thinking about as we take a new approach to case studies What agencies are doing right now to get conversations/meetings with prospects

The most popular relief loan in the US is the Paycheck Protection Program loan or PPP loan. Unfortunately, in a rush to get the funds out to agencies and other businesses, the Small Business Administration and Treasury Department forgot to define how the loan and its forgiveness will work. There’s a lot of grey area surrounding the PPP, so in this episode of Build a Better Agency, tax advisor Craig Cody joins me to explain what we do know and what we’re still waiting to discover. Craig is a Certified Public Accountant, Certified Tax Coach™, and business owner who has been following developments since day one. Many of us have applied, many of us have received funding, but not one of us knows all the rules. Craig is here to change that, to the extent that he can. We’ll talk about the SBA’s forgivability application released on May 15th, other forgivability factors, whether or not the expenses we pay for with PPP funds will be deductible and how to manage our finances to weather whatever rules come down. 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: The PPP relief loan, what we can use it for, and what we can’t What we know so far about PPP eligibility for deduction What has changed as a result of the new forgiveness application Where the forgiveness application gives us the clarity that we didn’t have clarity before What we can make of the IRS/Congress tussle over the PPP guidelines Strategies we can use to mitigate our tax liability until the HEROES Act is passed How the alternative payroll covered period benefits agency owners How agencies can use PPP funds on expenses other than payroll How we can reimburse agency employees for working from home expenses How to avoid mistakes with your application

Very few agency owners are giddy about the prospect of prospecting for new clients. It feels uncomfortable and unnatural. But what if it isn’t that they hate biz dev but that they just weren’t doing it in a way that aligns with their strengths? If sales felt comfortable and easy, wouldn’t you do more of it? In this episode of Build a Better Agency, we are joined by biz dev expert Jody Sutter of The Sutter Company, a new business consultancy that advises small agencies on organizing and operationalizing their growth strategy. Her programs make it easier for small agencies to embrace and sustain a new business strategy because they take both the agency’s strengths and available resources into consideration. Jody walks us through the steps we can take to bolster our biz dev strategy as agencies and clients emerge from the storm. 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: Jody’s background and what she is doing to serve agencies Common biz dev mistakes that agency owners make How agency owners can overcome fear and rejection in business development The four strength profiles of agency owners and the nuances of each one How to identify your strength profile and build a strategy that caters to it Jody’s “prescriptive approach to new business” How to stay the course while you’re constantly changing your mind about your agency How agency owners can move from inaction to action How Jody is helping her clients redirect their sales efforts during the global pandemic

The panic around COVID lockdown is plateauing. The storm has certainly not passed, but we’ve navigated out of the panic stage and now everyone is realizing they need to get back to business. Whether you live someplace that is still sheltering in place or you are figuring out how to get back to the office — we have to sustain our business through this and come out on the other side. If we do it well, we can not only come out on the other side but we can come on stronger and better than ever. In this episode of Build a Better Agency, we walk through the five mini plans that I’ve been talking about in our weekly newsletter. I want to help you build them out. They are: Operational/financial plan (how will you get the work done on time and on budget? Then, determine the minimum acceptable profit margin for your agency and use agency math to manage your way to never dipping below it) Team plan (how will you keep them motivated, efficient, profitable, and striving to serve each other and your clients) Client plan (you need to proactively guide each client into a position of readiness so that when they can step back in — they’re ready and more prepared than their competitors) Prospect plan (what can you talk about that will be valuable — based on what your prospects are ready to hear at any given moment in time) Vision of the future plan (what parts of normal are worth rushing back to and what could/should be different?) The danger to every agency right now is that we get stuck in place and don’t shake the panic phase. If you and your team work through these plans it will propel you past the paralysis and into a future with a solid foundation. Don’t wait – get working on these plans today! 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: https://www.whitelabeliq.com/ami/ What You Will Learn in This Episode: How to build out an operational plan that enables you to continue completing work on-time and under budget Financial metrics that agency leaders should be paying attention to How to keep your team motivated, efficient, and profitable moving forward How to proactively guide each client into a position of readiness so they are more prepared than their competitors How to create a solid biz dev plan for your agency’s resurgence How to make difficult staffing decisions in times of crisis Different ways that agencies are successfully managing their teams How agencies are landing new clients in these difficult times AMI works with agency owners by: Leading agency owner peer groups Offering workshops for agency owners and their leadership teams Offering AE Bootcamps Conducting individual agency owner coaching Doing on-site consulting Offering online courses in agency new business and account service Because he works with over 250+ agencies every year, Drew has the unique opportunity to see the patterns and the habits (both good and bad) that happen over and over again. He has also written several books, including Sell With Authority (2020) and been featured in The New York Times, Forbes, Entrepreneur Magazine, and Fortune Small Business. The Wall Street Journal called his blog “One of 10 blogs every entrepreneur should read.” Subscribe to Build A Better Agency!   Ways to contact Drew McLellan: Email: drew@agencymanagementinstitute.com LinkedIn: www.linkedin.com/in/drewmclellan Website: https://agencymanagementinstitute.com/   Resources: COVID Resource Page Brief video explaining the 55-25-20 ratio Blog post: Cover your agency in case your client pulls the plug Blog post: What to do when your client is stalled Sell with Authority Facebook Group for the Build a Better Agency Podcast Giving Your Brain and Your Body Your Best

Learn about the success of cold email as a new business strategy for agency owners with guest Jeff Winters. Jeff discusses his company, Sapper, which helps with outbound email marketing and sales efforts. He shares scripts, timing cadence, and success metrics for effective cold emailing. The podcast also covers topics like sales cycle timing during COVID-19, agency budget tiers, best practices for automated email sequences, and navigating business challenges during the pandemic.

When you realize that this episode is about holding a virtual event, you might jump to the conclusion that this is a C19 focused episode. Nothing could be further from the truth. Virtual events have been successful for years and are always worth considering, pandemic or not! Agency owner Nicole Mahoney has always been an innovative marketer on behalf of her agency. Her podcast and other industry-specific content has positioned her agency as one of the country’s authorities on destination marketing. In the fall of 2019, she knew it was time for them to host a broader event to connect with even more industry leaders and prospects. She briefly considering hosting a live conference but the costs were just prohibitive. That’s when she decided to explore hosting a virtual summit. In November, that’s just what her agency did and the results were impressive. With the right structure, the right tech stack, the right speakers, and the right audience, virtual summits are an opportunity for agency owners to establish themselves as the experts in their respective industries. Learn how Nicole used this channel to build her audience and lay the framework for significant growth. 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 Nicole decided to organize a virtual summit The benefits and drawbacks of virtual vs. live events How Nicole structured her virtual summit and who she invited to participate The technical and production side of Nicole’s virtual summit How Nicole’s team tracked engagement for their virtual presentations Where Nicole plans to take her virtual summits in the future How Nicole is collaborating with other marketers in the travel and tourism industry The results of Nicole’s summit and what’s in store for the next one Subscribe to Build A Better Agency! Ways to Contact Nicole Mahoney Email: nicole@breaktheicemedia.com Podcast: https://breaktheicemedia.com/podcast/ Website: https://breaktheicemedia.com/ Twitter: @Break_TheIce Facebook: @BreakTheIceMedia Tools & Resources: AMI’s covid-19 survival resources page

Agency owners are scrambling to take advantage of the CARES Act, and in particular the Paycheck Protection Program (PPP) loans but there’s a lot we don’t know because there’s a lot that is not set in stone.   There is a total lack of clarity around this how the PPP works – from application all the way through repayment and potential forgiveness. The 800-page act says one thing and the SBA says another. As I describe it in my conversation with guest Stephen Katz, we are repairing the plane while we’re flying it. Stephen is the chair of the business practice of Peckar & Abramson, a law firm in New York City with offices in 10 US cities and affiliates in 14 countries across the globe.  I asked Stephen to joins us because of his decades of experience working with the SBA and other government programs designed to serve businesses. He’s spent the better part of a month interacting directly with the SBA, Treasury Department and his legal peers to try to wrap their arms around the CARES Act and specifically the PPP loan. I knew he‘d provide some answers so that we agency owners can plan for the future and protect what they have now. It is important to know what you’re getting into. And as details get locked down, we’ll have Stephen back to help us navigate this murky waters. 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 Stephen developed expertise in  business law The economic impact of 9/11 vs. COVID-19 Everything agency owners should be aware of as they apply for the PPP What we know about the loan forgiveness provision of the PPP loan so far How to prove you are using the proceeds of your loan appropriately Everything you need  to know about EIDL loans Why bigger banks have been hesitant to fund CARES Act  loans Subscribe to Build A Better Agency! Ways to contact Stephen Katz: Website: https://www.pecklaw.com/ LinkedIn: https://www.linkedin.com/in/stephen-katz-88212013/ https://www.linkedin.com/company/peckar-&-abramson-p-c-/ Facebook: https://www.facebook.com/peckarabramson/ Twitter: @katzbike @PeckarAbramson Tools & Resources: AMI’s covid-19 survival resources page

Agency owners wear many hats and certainly one of the most important is leader. There are days when that’s easy and even fun. And then, there are days like the ones we’ve been having lately, when the weight of that role can get pretty heavy. Our employees need us to guide them through these uncharted waters. And to do that, we need to stay calm, confident and compassionate. But how do you do that when you can’t even be in the same room. The current COVID crisis is pushing teams and agency leaders to their limits. Fortunately, leadership and culture expert Adam Carroll has tools and insights that will help you show up to be the best leader possible; in a time when that leadership is sorely needed. In this episode, Adam and I talk about how to manage and stay aligned with a dispersed team, how to hold everyone accountable, and how to create connections that will survive and thrive beyond the crisis. Adam’s advice is pragmatic and actionable. You’ll be able to put it into play immediately. 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: Advice for agency owners on how to lead their team while working remotely How agency owners can be authentic and compassionate and still hold the team accountable The HEAT framework and how agency owners and leaders can deploy it throughout the organization The importance of shared ownership and the elements you need to create it What agency owners should be aware of as they transition to a virtual environment How to reinforce the team aspect of your agency, despite not physically being together Subscribe to Build A Better Agency! Ways to Contact Adam Carroll: Website: http://renzoexperience.com/ LinkedIn:  https://www.linkedin.com/in/adamcarrollspeaks/ https://www.linkedin.com/company/renzoexperience/about/ Facebook: https://www.facebook.com/renzoexperience/ Twitter: @AdamCarroll  Tools & Resources: AMI’s covid-19 survival resources page