Top 5 Tips to Accelerate Agency Growth
If you have your sights set on your agency breaking 8-figures this episode is a must. Do you want to know how you can accelerate agency growth? Today’s guest is an agency owner who’s gone from $0 to over 8-figures and he shares his top 5 tips so you can grow too.
In this episode, we’ll cover:
- Why you must niche down to grow your agency faster.
- How to reward key employees without giving them ownership.
- Ways to stop doing all the agency stuff you hate.
Our guest today is Chris Spears, co-founder of Arke Systems the agency he started in 2006. Eleven years into the business he’s seeing steady growth, has 80+ employees and loves his job! Chris and I go way back to my digital agency days when we were working as strategic partners. His agency has crushed the 8-figured ceiling and he’s on the show to share how you can do it too.
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1- The More Niched, the Faster the Growth
Chris attributes a lot of his agency’s growth to an early appreciation of niching down. If he could do it all again, he’d specialize even sooner. Once Arke became #1 in a specific technology and marketed themselves as the pros in that arena, they had a full pipeline with tons of inbound prospects.
A lot of agency owners are afraid to become too specialized because there’s a fear of “losing” clients or “turning off” prospects. However, Chris believes buyers are much more sophisticated than we give them credit for. They won’t be your guinea pig for a project you’ve never done – they want an agency that’s proficient in a specific skill or experts in an industry.
2- Get the Right People in the Right Seats
Surround yourself with people smarter than you and you will grow. Most entrepreneurs don’t think any one can do it (whatever “it” might be) any better so they end up being control freaks about everything. But when you get the right people in the right positions their skills and experience will help your agency grow beyond what you could do alone. When you have key people in the right roles, you can stop doing the things you suck at and spend time on your business, instead of in it.
Equally important to having the right people, is empowering them to do their good job. First, make sure they understand their role within the agency. Next, make sure they’re educated on all facets of the business so there are no missed opportunities for up selling, cross selling or obtaining referrals.
3- Keep Your Team Motivated
Once you’re surrounded by all the right people it’s important to keep them motivated. Chris says it goes beyond just having fun together at happy hour. An engaging culture plays a big part in keeping a team motivated. And a motivated team produces efficient, effective work yielding faster agency growth.
In terms of employee incentives, Arke Systems has a Stock Appreciation Rights Program. This program protects both the agency and the employee with built in contingencies if either party terminates the relationship. It’s also a great way to publicly recognize stellar employees without offering regular equity in the agency. (That’s a BIG no no!)
4- Stop Doing Things You Hate
How many hours do you spend doing things you hate? Invoicing, chasing payments, scheduling meetings, etc. Whatever those things are – eliminate them by delegating to your team or outsourcing. And if it’s something you can automate, even better! Chris also says not to build things from scratch if they already exist. Don’t make more work creating a solution for a problem if a solution already exists elsewhere. Things like this are a distraction and derails your focus from the important things. You can’t grow your agency when you’re spending time reinventing the wheel.
5- Know Your Exit Plan
Getting focused and staying focused is important. What does your end game looks like? If you know your long term goals and avoid distractions while trying to achieve them, you can grow your agency much faster. I like to tell my clients: build your business to sell, but treat it like you never will.
Need Guidance and Support to Grow Your Agency 3X Faster?
Are you overwhelmed by all the information out there on how to grow your agency? Do you want direction on how you can grow your agency faster and easier?
Then you’re in luck! I created an innovative mentorship called Agency University.
Agency University is a program which provides the 1-on-1 mentorship and ongoing support that is crucial to the success of your agency. Click here to see if it’s the right fit for you.