E172: How to put Profit First to work for your agency with Angie Noll

Build websites faster and make clients happier with Zephyr CMS (sponsored).

Unlimited WordPress tasks for digital agencies at a fixed monthly cost with UnlimitedWP, get 25% your first month with code “das2020” (sponsored).

Angie Noll is the founder of Reconciled Solutions. They help high-achieving small businesses advance toward profit acceleration, operational efficiency, streamlined technology, and work/life sustainability. 

She is an active Profit First coach, and helps businesses in the trenches implement these methodologies. She’s worked with over 75 clients in the professional services space and has helped the business owner increase their pay by between 35 and 75%.

Episode highlights:

• How Profit First looks at operating a business differently.
• What digital agencies are like to work with.
• How to go from paying yourself last to paying yourself first.
• Considerations for which app version you should buy: small, medium, or large.
• Where digital agencies are spending too much money.
• 2020: Angie’s insights and what she’s seeing.
• The difference between different revenue streams.
• Best advice ever received: Most people are trying to do a good job.
• Habit that contributes to success: Hustle.
• Recommended tools: Franklin planner 
• Recommended book: Fix this Next by Mike Michaelowicz
• Run time: 33:48

Links:

• Mike Michaelowicz podcast episode
• Franklin planner 
• Fix this Next by Mike Michaelowicz
• ReconciledSolutions.net 
• “Startup Solutions” 10-week program

Quotes:

• “That’s my happy happy spot!”
• “We spend it and we make more.”
• “Every dollar has its place….every penny has a home.”
• “Are these clients right for us? Is this the sweet spot?”
• “The agency can become a line of credit.”
• “We get the most margin where we have the most differentiation.”

Takeaways:

• Aim to stay under 60% of the cost on subcontractors doing work.
• “Is the work that you’re doing intersecting with the amount of money that you’re paying to have that work done? And is it making raving fans of your clients?”