Entrepreneurial skill does not come naturally. Drew McLellan explains what agency owners can do to master the business side of running an agency with insights about:
- Why Drew founded AMI, and how he works with agency owners to drive revenue and growth
- What agency owners can do to develop their entrepreneurial skill set and master the business side of running an agency
- The biggest mistake agency owners make from a business perspective
- Why it is so important for agency owners to understand agency math and work with a CPA who understands their industry
- Key metrics that should be driving agency owners’ business decisions
- How AMI’s peer group functions, and what you can do to participate in the Build a Better Agency Summit
The Business Side of Running an Agency
Drew McLellan is an advertising veteran with more than thirty years of experience. He currently runs McLellan Marketing Group and the Agency Management Institute, which advises hundreds of small to mid-sized agencies on how to achieve growth and profitability through agency owner peer groups, consulting, coaching, workshops, and more. He is also the host of the “Build a Better Agency” podcast, and in this episode of the Progressive Agency, Drew joins us to share his story. He explains how he helps agency owners develop their entrepreneurial skill sets so they can focus on doing what they do best.
Entrepreneurial Skill is Earned, Not Given
Entrepreneurial skill seldom comes naturally, and Agency Management Institute has confirmed that many agency owners are accidental business owners. Most are great at the client-facing work and whatever creative trade they developed working for someone else, but they are not keen on the business side of running a business. P&L sheets, hiring, and legal processes are not things that agency owners go to school for, and they have to become masters of experiential learning while working in the trenches simultaneously.
The Biggest Mistake Agency Owners Make
One of the biggest mistakes agency owners make when they are flying by the seat of their pants is failing to understand agency math. Generalist CPAs do not understand the specific metrics that drive healthy agencies. They provide technically accurate information that is right for many small businesses but wrong for agencies. This causes many agency owners to build their businesses on false assumptions, and it can lead to a lot of financial trouble down the road. Agency math is a critical entrepreneurial skill that every agency owner needs to live by, and working with a CPA who understands your industry can make that skill much easier to learn.
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How to Connect with Drew McLellan:
- Email: firstname.lastname@example.org
- LinkedIn: www.linkedin.com/in/drewmclellan
- Website: https://agencymanagementinstitute.com/
About Drew McLellan:
For 30+ years, Drew McLellan has been in the advertising industry. He started his career at Y&R, worked in boutique-sized agencies and then started his own (which he still owns and runs) agency in 1995. Additionally, Drew owns and leads the Agency Management Institute, which advises hundreds of small to mid-sized agencies on how to grow their agency and its profitability through agency owner peer groups, consulting, coaching, workshops and more.