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Agencies: Change the Way You Think About Profit

This presentation offers a deep dive into building a profitable and sustainable agency business. The speaker, Peter Czapp, founder of The Wow Company, shares his 16+ years of experience helping agencies across the UK become more profitable and successful. The key point of the discussion is the idea that profitability should be viewed as the "fuel" for business growth and positive change, rather than just a focus on profit itself. The speaker discusses the importance of mindset shifts, such as thinking longer-term and creating detailed 3-year profit forecasts to guide decision-making. A key focus is on calculating and analysing gross profit percentage - both for the overall business and broken down by department and service offering. The speaker provides a step-by-step guide on how to properly calculate this critical metric, which allows agencies to identify their most profitable areas and make informed decisions about where to focus their efforts. Peter also shows the importance of leveraging data and benchmarking to make informed decisions that improve long-term sustainability. By watching this video, you will learn: How to shift your mindset to view profitability as the "fuel" for business growth and positive change- Strategies for creating detailed 3-year profit forecasts to guide your decision-making Techniques for calculating and analysing your gross profit percentage by department and service offering- How to identify and charge appropriately for your agency's high-value services The critical importance of building a profitable and sustainable company culture focused on employee well-being Tips for using technology, pricing options, and scope management to boost your agency's profitability How to leverage data and benchmarking to make informed decisions that improve your bottom line By watching this video, agency owners and leaders will gain a wealth of insights and actionable advice to transform their businesses into more profitable and successful enterprises. Chapters Chapter 1 [0:00:00 - 2:00] Introduction Chapter 1 [0:00 - 2:00] Introduction Chapter 2 [2:00 - 9:00] Mindset Shifts for Profitability Chapter 3 [9:00 - 18:00] Calculating Gross Profit Percentage Chapter 4 [18:00 - 22:00] Identifying High-Value Agency Services Chapter 5 [22:00 - 30:00] Building a Profitable Culture Chapter 6 [30:00 - 35:00] Using Technology, Pricing, and Scope Management Chapter 7 [35:00 - End] Conclusion and Call to Action (This video was originally recorded by The Wow Company in 2021)