Podcast

Managing debt in your agency

Episode 281 - Featuring Lee Matthew Jackson

August 26, 2020

Managing debt in your agency

Back in the late 00s, my agency at the time was struggling through the global recession. Our model included print management which would leave us responsible for paying printers long before our clients paid their final invoices. Throw into the mix clients disappearing, staff cost, rent, rates etc and you can see how quickly debt can form in your business.

I share what we did when the going was tough:

  • Talked to suppliers and made arrangements
  • Cut out irrelevant costs
  • Cut costs in personal spending
  • Reduced what we drew from the company
  • Consolidated some debts into one loan
  • Converted some staff members to contractors
  • Switched to a supportive accountant

If you are in financial trouble in your agency, don’t try to ignore it. There is a way through this. Reach out if you are struggling and need somebody to talk.

Resources

Episode 255 – Managing your agency finances:
https://agencytrailblazer.com/managing-your-agency-finances/

Episode 261 – Managing your personal finances:
https://agencytrailblazer.com/managing-your-personal-finances/

Join the Agency Partnership Program

Cloudways are building the most valuable agency-focused program in the cloud-hosting world. Access a suite of benefits that increase your peace of mind, boost your productivity, and fuel your agency’s growth.

Request Your Invitation Now

Leave a Reply

Your email address will not be published. Required fields are marked *

Contact us

Want to talk? Arrange a free consultation with one of our agency experts:

Search

Got a specific topic in mind you want to check out? Use the search below:

Subscribe to the podcast

More Episodes

Treat your ear drums to more from the Agency Trailblazer Podcast with these awesome episodes.

Why I quit my agency

Angled Crown launched in early 2013 and was my passion for many years. Yet at the end of 2020, I...

It’s not the tool, it’s the talent!

Meet Marie-Louise from the local networking scene here in Northamptonshire. Over years of networking, Marie-Louise noticed that those who were...

Reading the reviews

Since 2015, many of you have left reviews that have helped spur me on and have helped change the direction...