“As a little bit of contextual background for our listeners, if you don't already know, as a part of the suite of meetings and services that we offer our clients, we are in what we call our pipeline meeting. During these meetings and throughout our client relationship, we stress the importance of knowing your data. At the end of the day, you absolutely need to be looking at your data and understanding the story that it tells you about where your agency currently is. Having conversations with my clients so that I can really dive into what the data is telling me is crucial.” –Hannah Hood

The finer details of this episode:

• Challenges and trends in the agency industry
• Extended sales cycles and delays in closing deals
• Slower lead generation and new client acquisition
• Strategies for managing low utilization
• Whitespace analysis for evaluating services provided to clients
• Impact of the current economic state on client decisions

Episode resources:

• Summit Virtual CFO by Anders website: https://www.summitcpa.net/
• Love our content? Sign up for our newsletter: https://vcfo.summitcpa.net/ddc https://www.summitcpa.net/summit-newsletter
• Digital Dollars and Cents: A Virtual CFO’s Playbook to help Digital Companies Create a Financial Roadmap to Success, is now an audio book! Download it here: https://vcfo.summitcpa.net/ddc
• https://www.linkedin.com/in/hannahchood/
• Love hearing insight from Hannah? Check her out on the Young CPA Success Show: https://www.youtube.com/playlist?list=PLHIPahPXE1HhfZO1Ig5pGiB-eHA4hrFzQ

Timestamps:

The state of the industry (00:00:00)

Introduction to the episode and discussion about the agency industry's challenges and trends.

Extended sales cycle (00:01:25)

Analysis of the extended sales cycle, identifying the pain points and strategies for improving the sales process.

Slower lead generation and new client acquisition (00:05:56)

Discussion on tracking lead sources and making informed decisions based on lead metrics to improve client acquisition.

Whitespace analysis (00:06:34)

Explanation of the whitespace analysis tool to identify opportunities for service expansion and niche specialization.

Companies wanting more for less (00:10:23)

Exploration of the challenge of clients seeking more services for reduced costs and strategies for communicating and evaluating the value of services.

Evaluation of team utilization and business size (00:13:53)

Strategies for evaluating team size, performance, and business goals during slow times, including considerations for right-sizing the team and utilizing contractors.

Planning for the future (00:17:28)

Discussion on reevaluating business goals and creating a plan for the future based on current challenges and opportunities.

Evaluating Weaknesses and Planning for Change (00:18:49)

Discussion on evaluating weaknesses, improving processes, and investing in marketing strategies during a lull in business.

Tapping into Hidden Potential within the Team (00:20:40)

Exploring the importance of evaluating team members' hidden potential and tapping into their skills and ideas.

Bringing Operations and Sales Teams Together (00:22:59)

Emphasizing the significance of communication between operations and sales teams for better client outcomes and sales strategies.

Favorite Reality Television Shows (00:25:09)

Casual conversation about favorite reality TV shows, including game show types, and personal viewing preferences.