Tag Archives for " business vision "

The Time-Travelling Agency Owner – Lessons From the Past to Change Your Future (Part 3)

business growth

Welcome back to the third article in this four-part series, detailing the biggest mistakes I made as an agency owner – and how you can avoid doing the same.

This week, we’re going to discuss something you’ve probably experienced before. It’s a costly error I made early on in my agency career: taking the trial and error route instead of learning from the experience of others.

Thankfully, my business lived to tell the tale (despite some poor choices along the way), but I know my path to 25 staff, seven figures in revenue and an eventual sale would have been much smoother if I had just taken a smarter approach.

But I’m getting ahead of myself. Let’s go back to the start of the story, and see why this lesson matters.

Trial and Error – Not Always The Best Approach

I started my agency back in 1993. Having already spent a number of years in industry, I had youthful confidence on my side that running my own agency would work.  In a few short years we were able to grow the business to 10 employees (with a decent client base to boot).

Guiding the business in these early days was exciting. Every decision brought with it the opportunity to learn something new. And when our agency was still small, I could afford to go with my gut and make the choice I felt was best: worst-case scenario, I learned a valuable lesson moving forward and avoided making that same mistake in the future.

It’s all well and good going with your gut when you’re leading a small team. But I found that as the agency got larger, the situations facing me were getting more and more complicated. I couldn’t readily apply my previous experience in industry to what lay before me. Hiring my first few employees worked out great, but adding further members to our team was a challenge. I ended up making some errors in judgement, taking on staff that weren’t right for the company. Not delegating enough (sound familiar?).  Not focusing on the right things to move the Agency forward. This resulted in a much bumpier road to growth that it needed to be,

My old approach – based on trial and error and going with my gut – was no longer appropriate for the kinds of decisions I was making. With employees and clients depending on me to make smart moves, I needed guidance. I needed someone to advise me on these critical matters. I needed training and support so I could learn to manage my staff better (rather than just winging it).

As you can probably guess, I kicked that particular can down the road for a long time. I didn’t think I had the money to spare for training or coaching. I thought we could figure it out ourselves if we gave it enough time (and tbh, coaching wasn’t that well known in the early 2000s).

While it was possible we could figure it out by ourselves, the reality was that it was costing us more money in missed opportunities than we saved by skimping out in this area.

But I digress. Let’s refocus here and get back to what matters.

The Purpose of This Article Series

When it comes down to it, I’m creating this article series with one main goal in mind:

To help you avoid making the kinds of mistakes that I and so many other business owners have made in the past. The kinds of mistakes that cost you time, money and valuable opportunities. The kinds of mistakes that hurt your business badly without giving anything of value in return.

Simply by reading materials like this, you’re already further ahead than I was back when I was mired in my “trial and error” approach to business. By learning from the experiences of others, we can discover what works & what doesn’t work faster than we could on our own.

I’m not disparaging the value of trial and error and listening to your gut instincts, in helping you make better decisions. In fact, I believe that experience is a crucial part of effective decision-making – but it should be combined with learning from other people’s experience too – especially those who have ‘been there and done it.’

Taking a trial and error approach to making an important decision is like desperately tearing into a haystack with your bare hands in search of the needle inside. Learning from the experience of others, on the other hand, is like using a powerful electromagnet to pull that needle to you, saving a boatload of time and energy in the process.

How To Learn From The Experiences Of Others

So you’re sold on the value of learning from others… but for whatever reason, you’re not in a position to seek out a formal coach at this time. If that’s you, don’t fret. You can benefit tremendously from the experiences of others in many different ways, including:

  • Read blogs, newspapers, and industry publications. LinkedIn is a great place to find compelling, well-written content that can help you take your business to the next level.
  • Read the biographies of successful business people to get an insight into how they made decisions. Contemporary or historical, there’s a lot to be learned from the lives of others. Don’t worry if they’re in different industries to you: the principles of sound decision-making are the same, regardless of the space you find yourself in.
  • Listen to podcasts and interviews with business owners you respect. (I love Amy Porterfield’s weekly podcasts)
  • Network with other business owners – either in your local area or via social platforms like LinkedIn. Having friends you can informally bounce things off of can be a great help when you’re faced with a tough decision.
  • Invest in high-value training courses (either in-person or online) for you and your team. Anything that will save or give you more time and money is worth looking into.

Conclusion

There’s a time and place for learning through your own experience. I’ve seen this in my coaching practice: while clients often rely on me for advice, the final decision rests with them, but they value the fact that I have ‘walked in their shoes’. Experience is vital in making better choices, and simple “trial and error” is one way to accumulate this experience.

However, relying on your gut – to the detriment of learning from the experiences of others – is a fools’ game. Learning from others could take the form of reading their content, listening to their interviews, investing in their training or simply talking to them. No matter how you do it, getting outside perspective is valuable.

Don’t make the mistake I and so many other business owners have made in the past. Learning from the experiences of others will allow you to shortcut your learning curve, and this will enable you to build your business faster and easier than ever before.

In the next article, we’ll talk about the fourth (and final) mistake I made as an agency owner, and recap everything we’ve covered in this series. Stay tuned!

The Time-Travelling Agency Owner – Lessons From the Past to Change Your Future (Part 2)

business growth

The 2000’s haven’t panned out like Back To The Future promised they would.

I cashed out of my agency in 2003. Once the last document was signed and the money was on the way to my account, I remember feeling immensely relieved – and, to be honest, a little lost. I had been so focused on getting the deal done that I hadn’t taken the time to think about how far I’d come or what was next.

Over the prior decade, I had scaled the business from nothing to 25+ staff and a seven-figure valuation… but what had I learned?

While it feels like it was only yesterday, there’s no getting around the fact that 2003 was 16(!) years ago. In between then and now, I’ve had the chance to reflect on my experience as an agency owner: the good, the bad, the confusing, and the downright terrible.

It tends to be the negatives that stick out in your memory the most because those are the things you learn the most from. When I think back to running my agency for 11 years, certain things jump out more than others. Sure, I remember the big wins, the celebrations after a hugely successful project, the new hire that was a perfect fit…

But the mistakes sting just a little more. Wrong decisions, bad hires, losing important accounts. Long days. Sleepless nights. Arguments. Heartache and Stress!

Don’t get me wrong: there were highs. Plenty of them. But highlight reels, while fun viewing for the victor, don’t teach us as much as a good post-mortem analysis.

From the ashes of failure comes valuable lessons. And what good is a lesson left unshared?

That’s one of the key reasons I ended up retraining to be a coach (but that’s a story for another day).

In my work with over 250 agencies over the past 12 years, I’ve seen a lot of business owners making the same mistakes I made.

I do my best to advise them, lead them back onto the right path, help them to avoid suffering like I suffered back them. If you’ve been burned once, why let someone else get burned too?

But not everyone is interested in being shown how to avoid the fire – they need to feel the heat for themselves.

In my coaching practice, I often observe that agencies don’t understand the value of learning from the experience but just continue to do the same things (usually because they are run ragged servicing demanding clients) and hope for a different outcome. Predictably, this doesn’t tend to work out too well for them.

If you need to get burned before you learn, your agency is in for a rough ride. But if you’re interested in avoiding unnecessary pain, building a better business, and actually enjoying the process, then read on.

In this article series, I’m going to lay out the four worst mistakes I made as an agency owner (mistakes I see countless agencies making even today), and what you can do to avoid suffering the same fate.

I can’t go back now and change anything – sadly, we haven’t quite worked out time travel yet. But if I can help other business owners avoid these same pitfalls, they won’t need a time machine. And that’s good enough for me.  

The only value in an idea is how it helps you. The greatest business plan ever written is worthless without hard work & execution behind it. So please take the information you find in this series and use it to make your systems, your business and your life better. In the end… that’s all that matters.

Now, let’s get started.

Mistake #1 – No Vision

Hands down, the biggest thing that held me back from growing my agency as fast as I wanted whilst feeling in control, was not being clear enough on where the business was going.

It wasn’t that I had no idea what I wanted – it’s just that no one ever told me how crucial it was to have a exact destination in mind when you’re setting out to grow your agency.

Maybe you started out as a solopreneur or a freelancer – just one person servicing your clients.

Maybe you were a “proper” agency right from the start, with multiple owners, a few key talents, and a couple of admin staff for good measure.

I’ve had clients from both camps. Worked with bigger businesses, pushing 100+ staff, with client bases to match…

And in my work with businesses of all shapes and sizes, I learned something very interesting:

Most of them had, at one time or another, felt lost on their journey.

Sometimes they made it through on their own (with a lot of time, effort and pain!). Other times, they came to an experienced coach like me for guidance.

It goes without saying that I helped them get back on track using a powerful, yet simple set of tools (read on for more info).

When you first start out, you’ll take clients wherever you can get them. 5, 10, 20, 30 – you take on new business left and right without taking the time to consider whether they’re really a good fit for your agency. And this strategy is fine until you hit a sticking point.

The sticking point varies, depending on your business…

But one day, you wake up and realise that you’ve got 5, 10, 20 or 30 demanding voices to answer to, with no clear escape route in sight.

If you’ve been here, you know how this feels. You started your agency with the best of intentions, hoping to build a business that worked for you (and not the other way around). But before you knew it, you were working just as hard as you ever did – it’s like having a job all over again, but with more stress, worry and risk than it’s worth.

This happens when you don’t set out your plans in advance. When your growth strategy is client acquisition at all costs, no plan is needed – you just keep pitching, keep winning new business… and deal with the fallout later.

That fallout comes when you don’t pay attention to building the critical infrastructure you need to support these clients. The staff, the systems & processes, the valuable core offering, the marketing plan – they all matter, but we forget this when we head off on our journey without a map to guide us.

However, if you’ve got an actual vision for your agency, things are different. When you know where you want to be a year from now (and what you need to do to get there), making strategic decisions is a lot easier.

But when you’re stuck in the trenches, a year can seem like a long time. That’s why I like to sit down with my coaching clients towards the end of their financial year and hash out the details of their vision and plan for the following year.

We get crystal-clear on their goals, the KPI’s we’ll use to assess their progress, and take full stock of the situation they’re in (using a variety of planning tools e.g. SWOT analysis, and more).

But a yearly plan on its own isn’t very useful, so we don’t stop there. Once we’ve gotten clear on their big-picture vision for the next 12 months, we go one step further and determine their quarterly plan.

Here, we create a plan that puts them on track to accomplish their yearly goals, by breaking it down into quarters and allowing for seasonal fluctuations in revenue or anything else that’s strategically relevant.

We repeat this quarterly planning process four times a year, constantly assessing and adjusting as needed.

We don’t stop there. To really make sure we deliver the annual vision, we take our quarterly plan and use it to create a monthly plan.

I find that a month is the shortest period of time most top-level managers should think in. Further down the agency, you’ll want to implement daily and weekly plans to stay on track, but visionaries need to think bigger.  

The monthly plan is just as it sounds – we take the quarterly goals, determine what they can realistically be done in the next month, and set it out for achievement.

This three-level planning process seems simple. If you already do it, you probably think it’s obvious… but you would be astounded if you knew how many agency owners don’t have a solid, well-formed vision of where they’re going.

And the ones that do? At least 80% of them don’t have concrete quarterly and monthly plans (with built-in KPI’s to assess progress) that hold them accountable.

Without a vision, you can’t see the road ahead.

If you don’t know where you’re going, you won’t know if what you’re doing is helping your business… or if it’s strangling it.

Take the time to sit down and figure out where you want your business to be a year from now. Be realistic, but don’t be afraid to think bigger – we can often do more than we expect when we actually work for it.

Don’t stop there. Go further. Take your one-year vision and figure out what you need to do this quarter in order to get there. Then drill down one level deeper and figure out what needs to happen this month to get your business from here to there.

Without a vision, we flounder. We don’t know which option to choose, so we choose whatever’s easiest, or whatever pays us the most money right now… but this approach costs us in the long-term.

Get strategic, and your business will reap the benefits in the weeks, months and years to come.

In our next article, we’re going to deal with the second mistake I made as an agency owner – a crucial one you need to avoid: bailing out the boat instead of plugging the leak. Stay tuned!

The Time-Travelling Agency Owner – Lessons From the Past to Change Your Future (Part 1)

business growth

The 2000’s haven’t panned out like Back To The Future promised they would.

I cashed out of my agency in 2003. Once the last document was signed and the money was on the way to my account, I remember feeling immensely relieved – and, to be honest, a little lost. I had been so focused on getting the deal done that I hadn’t taken the time to think about how far I’d come or what was next.

Over the prior decade, I had scaled the business from nothing to 25+ staff and a seven-figure valuation… but what had I learned?

While it feels like it was only yesterday, there’s no getting around the fact that 2003 was 16(!) years ago. In between then and now, I’ve had the chance to reflect on my experience as an agency owner: the good, the bad, the confusing, and the downright terrible.

It tends to be the negatives that stick out in your memory the most because those are the things you learn the most from. When I think back to running my agency for 11 years, certain things jump out more than others. Sure, I remember the big wins, the celebrations after a hugely successful project, the new hire that was a perfect fit…

But the mistakes sting just a little more. Wrong decisions, bad hires, losing important accounts. Long days. Sleepless nights. Arguments. Heartache and Stress!

Don’t get me wrong: there were highs. Plenty of them. But highlight reels, while fun viewing for the victor, don’t teach us as much as a good post-mortem analysis.

From the ashes of failure comes valuable lessons. And what good is a lesson left unshared?

That’s one of the key reasons I ended up retraining to be a coach (but that’s a story for another day).

In my work with over 250 agencies over the past 12 years, I’ve seen a lot of business owners making the same mistakes I made.

I do my best to advise them, lead them back onto the right path, help them to avoid suffering like I suffered back them. If you’ve been burned once, why let someone else get burned too?

But not everyone is interested in being shown how to avoid the fire – they need to feel the heat for themselves.

In my coaching practice, I often observe that agencies don’t understand the value of learning from the experience but just continue to do the same things (usually because they are run ragged servicing demanding clients) and hope for a different outcome. Predictably, this doesn’t tend to work out too well for them.

If you need to get burned before you learn, your agency is in for a rough ride. But if you’re interested in avoiding unnecessary pain, building a better business, and actually enjoying the process, then read on.

In this article series, I’m going to lay out the four worst mistakes I made as an agency owner (mistakes I see countless agencies making even today), and what you can do to avoid suffering the same fate.

I can’t go back now and change anything – sadly, we haven’t quite worked out time travel yet. But if I can help other business owners avoid these same pitfalls, they won’t need a time machine. And that’s good enough for me.  

The only value in an idea is how it helps you. The greatest business plan ever written is worthless without hard work & execution behind it. So please take the information you find in this series and use it to make your systems, your business and your life better. In the end… that’s all that matters.

Now, let’s get started.

Mistake #1 – No Vision

Hands down, the biggest thing that held me back from growing my agency as fast as I wanted whilst feeling in control, was not being clear enough on where the business was going.

It wasn’t that I had no idea what I wanted – it’s just that no one ever told me how crucial it was to have a exact destination in mind when you’re setting out to grow your agency.

Maybe you started out as a solopreneur or a freelancer – just one person servicing your clients.

Maybe you were a “proper” agency right from the start, with multiple owners, a few key talents, and a couple of admin staff for good measure.

I’ve had clients from both camps. Worked with bigger businesses, pushing 100+ staff, with client bases to match…

And in my work with businesses of all shapes and sizes, I learned something very interesting:

Most of them had, at one time or another, felt lost on their journey.

Sometimes they made it through on their own (with a lot of time, effort and pain!). Other times, they came to an experienced coach like me for guidance.

It goes without saying that I helped them get back on track using a powerful, yet simple set of tools (read on for more info).

When you first start out, you’ll take clients wherever you can get them. 5, 10, 20, 30 – you take on new business left and right without taking the time to consider whether they’re really a good fit for your agency. And this strategy is fine until you hit a sticking point.

The sticking point varies, depending on your business…

But one day, you wake up and realise that you’ve got 5, 10, 20 or 30 demanding voices to answer to, with no clear escape route in sight.

If you’ve been here, you know how this feels. You started your agency with the best of intentions, hoping to build a business that worked for you (and not the other way around). But before you knew it, you were working just as hard as you ever did – it’s like having a job all over again, but with more stress, worry and risk than it’s worth.

This happens when you don’t set out your plans in advance. When your growth strategy is client acquisition at all costs, no plan is needed – you just keep pitching, keep winning new business… and deal with the fallout later.

That fallout comes when you don’t pay attention to building the critical infrastructure you need to support these clients. The staff, the systems & processes, the valuable core offering, the marketing plan – they all matter, but we forget this when we head off on our journey without a map to guide us.

However, if you’ve got an actual vision for your agency, things are different. When you know where you want to be a year from now (and what you need to do to get there), making strategic decisions is a lot easier.

But when you’re stuck in the trenches, a year can seem like a long time. That’s why I like to sit down with my coaching clients towards the end of their financial year and hash out the details of their vision and plan for the following year.

We get crystal-clear on their goals, the KPI’s we’ll use to assess their progress, and take full stock of the situation they’re in (using a variety of planning tools e.g. SWOT analysis, and more).

But a yearly plan on its own isn’t very useful, so we don’t stop there. Once we’ve gotten clear on their big-picture vision for the next 12 months, we go one step further and determine their quarterly plan.

Here, we create a plan that puts them on track to accomplish their yearly goals, by breaking it down into quarters and allowing for seasonal fluctuations in revenue or anything else that’s strategically relevant.

We repeat this quarterly planning process four times a year, constantly assessing and adjusting as needed.

We don’t stop there. To really make sure we deliver the annual vision, we take our quarterly plan and use it to create a monthly plan.

I find that a month is the shortest period of time most top-level managers should think in. Further down the agency, you’ll want to implement daily and weekly plans to stay on track, but visionaries need to think bigger.  

The monthly plan is just as it sounds – we take the quarterly goals, determine what they can realistically be done in the next month, and set it out for achievement.

This three-level planning process seems simple. If you already do it, you probably think it’s obvious… but you would be astounded if you knew how many agency owners don’t have a solid, well-formed vision of where they’re going.

And the ones that do? At least 80% of them don’t have concrete quarterly and monthly plans (with built-in KPI’s to assess progress) that hold them accountable.

Without a vision, you can’t see the road ahead.

If you don’t know where you’re going, you won’t know if what you’re doing is helping your business… or if it’s strangling it.

Take the time to sit down and figure out where you want your business to be a year from now. Be realistic, but don’t be afraid to think bigger – we can often do more than we expect when we actually work for it.

Don’t stop there. Go further. Take your one-year vision and figure out what you need to do this quarter in order to get there. Then drill down one level deeper and figure out what needs to happen this month to get your business from here to there.

Without a vision, we flounder. We don’t know which option to choose, so we choose whatever’s easiest, or whatever pays us the most money right now… but this approach costs us in the long-term.

Get strategic, and your business will reap the benefits in the weeks, months and years to come.

In our next article, we’re going to deal with the second mistake I made as an agency owner – a crucial one you need to avoid: bailing out the boat instead of plugging the leak. Stay tuned!

Hitting a brick wall

Brick wall

Every business (and individual in that business) hits a ‘brick wall’ at some point and in order to get over or break through the wall the business (and individual) needs to do something different – but often working out what this is can feel nigh on impossible and therefore many business remain at the brick wall, hitting their heads against it and not surprisingly, feeling the pain.

That is often the point my phone rings and I begin working with a client.  Here are 4 areas to consider to help get you through the brick wall (or avoid it in the first place):

1. Have a vision

The problem about a brick wall is you can’t see over it and therefore what is in the distance.  This is the first issue that needs resolving.  You need a clear vision for your business that excites and motivates you.  Business owners often hit this brick wall because they have lost motiviation and lost sight of why they started the business in the first place because the day to day activities have de focused them.

2. Build the foundations

I know it’s cliched but if you try and build a bigger house without the supporting foundations, it is going to fall down.  The same is true with business.  It is one of the major reasons businesses feel like they are taking one step forward and one back.  Creating a scaleable business makes it easier to grow and avoid that brick wall altogether.

3. Hire the right people

Your staff need to align with your business and buy into the vision.  They both need to be technically competent to do the job and culturally match the values of the business.  They need to be as excited about delivering the vision as you are.  Then you need to delegate as much as possible, leaving you to working on the bigger picture strategic activities of your business.

4. Revisit, review and revise your vision

A mistake many organisations make is to create a vision, cast it in stone and one year later use it to beat everyone up with for failing to deliver it!  A vision (and business strategy) needs to be a living document that is frequently reviewed (to identify next focus area) and refined (based on current knowledge and circumstances).

These are 4 of a number of steps I would recommend following to enable you to break down, climb over or even build a door, so that you can painlessly get through the brick wall and move to the next stage of your organisation’s evolution.  Want to know more? Then please get in touch.  You can also download my whitepaper on building a scalable business here.

Does everyone share your vision?

If you are a business owner/leader and have a clear vision for your business, then does all your team share in your vision and buy into it as much as you do?  I explain to clients that a vision is a like a desert island in the distance. Once we have decided that is the place we want to get to, we have to be sure that our team all want to get there too.

However, it’s worth remembering that business leaders are usually some ways ahead of the business and can typically be ALPHA-type characters, which means they lack patience and assume everyone understands, as they do.  Not the best combination!

I sat through a presentation recently of an MD presenting the vision to the business and there was definitely a disconnect between the excitment of the MD and the audience’s reaction to the content being presented.  The issue was the MD was ahead of the business in her thinking and wasnt ‘standing in the shoes’ of her audience.  This was the feedback I gave her afterwards, when she was dissappointed that the team didnt seem to share in her excitement.

Sharing that vision with others in a way that compels them to act is the secret to a successful leadership vision yet to do this you have to have strong empathy with your team and acknowledge that not everyone cares as much as you or has the ability to think in a ‘bigger picture’ way. Which also means that you might need to cut down on the bigger picture and present in more manageable chunks – chunks that team members can relate to and therefore buy into.

To create that inspiring vision, ideally leaders need to create a process that involves everyone, that allows people to contribute to a shared view of the future, which is powerful and engaging for all. It’s simple – but it isn’t easy.

How do you fulfil your vision? Design a plan that focuses everyone’s efforts solely on its achievement. As a coach, this is an area I work with many business leaders on.

Now comes the tricky bit… Live, breathe and role-model the vision every day. Successful leaders never assume that their organisation is ‘on board’ with the vision – they go on and on and on about it. This is the primary job of leadership – not the day-to-day detail.

Concentrate on clearing obstacles to fulfilling the vision. Every person needs to understand why they’re doing what they’re doing, and why it’s important to the overall vision of the organisation. Don’t do people’s jobs for them, or chase them to do their jobs; clear the way for them to do their own jobs effectively (see my last blog post on perfectionism and delegation).

So make sure you’re the type of leader that is not only excited about the vision but shares and excites everyone else, so they can deliver it and you can all arrive together on the desert island.

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