How to Avoid Common Financial Mistakes, with Jane Pfeiffer

Episode 57:

This week on the Progressive Agency podcast, I welcome Jane Pfeiffer to the show. She helps amplify nonprofit organizations and the impact that they make through meaningful marketing solutions. During our conversation, Jane shares how to avoid common financial downfalls that agency owners make. Hear insights about:

  • How the things that companies don’t know cost them financially
  • Why the concept of “ignorance is not bliss” is a crucial financial lesson to learn
  • What are three ways that new agency owners can avoid major financial mistakes
  • The three metrics Jane finds most beneficial in her business
  • Why it’s important to run worst-case scenarios for your agency financials
  • How creating separate accounts for client expenses and business revenue helps manage cashflow

The Cost of Not Knowing

The things you don’t know in your agency are likely costing you the most money. My guest this week on the Progressive Agency Podcast, Jane Pfeiffer explains how the concept of “ignorance is not bliss” has been the most crucial financial lesson she’s had to learn. Jane is the founder of Fieldtrip, where she helps amplify nonprofit organizations and the impact that they make through meaningful marketing solutions.

Avoid Common Agency Financial Mistakes

Putting Your Numbers on the Table

As an agency owner, it is always on you if something goes wrong. It’s important to not leave all of the financial responsibility in an employee’s hands. You must have the willingness to sit down vulnerably with other business owners and put the numbers on the table. During our conversation, Jane explains the three things that new agency owners can do to avoid common agency pitfalls.

Mistaken Cash Flow

It’s easy for an agency to believe that they have a large amount of cash flow when they constantly see money in their bank account. Unfortunately, if you’re not paying close attention you could mistake your client’s expense payments for your cash flow. Listen to the episode to learn why Jane recommends separating bank accounts for client expenses and agency profits.

How to Connect with Jane Pfeiffer:

About Jane Pfeiffer:

Jane challenges and subverts expectations. Every single day. Leading by example, Jane guides the Fieldtrip team to develop sound, strategic work imbued with curiosity and significance. A previous research marketing specialist working in television, Jane started her agency with one client, Ashley HomeStore. As she built marketing strategies for Ashley HomeStore she grew new accounts and staff along the way. In her agency’s second decade, she has rebranded the agency, ready to take on the next chapter with the same vigor and tenacity that has helped Fieldtrip grow to this point. She is ferociously dedicated to ensuring everyone in and around the agency knows exactly where they’re headed and how they’ll get there. Jane says her biggest accomplishment is trusting her team to build an agency bigger than anything she could have dreamed of. But her employees know the truth of it, as she quotes Yoda — ”Do or do not. There is no try.” Jane does.