EP 365: Weathering an economic storm with recession planning with Drew McLellan
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We’ve all been hearing it: a storm is coming. Or maybe it’s not. Depending on who you ask, we don’t know what our economic future holds. But one thing is for sure, if you stay prepared with recession planning, regardless of what the economy is doing, you can hold strong against those unexpected changes much more easily. In this solocast episode, I will share with you the best ways you can start recession planning even if your agency is financially okay right now. It’s never the wrong time to start looking at how you can operate better, earn more profit, and keep great clients and employees, no matter the economic outlook.
Instead of waiting out the economic storm and wishing you had been better prepared, start making changes today and know that you have the power to pull yourself through anything while still making a profit. You just need to be smart about it.
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.
A big thank you to our podcast’s presenting sponsor, White Label IQ. They’re an amazing resource for agencies who want to outsource their design, dev, or PPC work at wholesale prices. Check out their special offer (10 free hours!) for podcast listeners here.What You Will Learn in This Episode:
- Things you should already be doing for recession planning
- Why you should be raising your hourly rates
- How to prepare yourself against a longer sales cycle
- The importance of renewing contracts and locking in good clients now
- The good and the bad of employee staffing during a recession
- Why having too much money in your agency is a bad thing
- The importance of maintaining a good attitude with your team
- Why you can still be profitable even if there’s a recession