Proven Strategies for Maximizing Margins and Improving Cash Flow

<p>Looking to improve agency margins and profitability? Which key metrics are important to track? Are you paying yourself a salary? How much cash should you have in reserve? If you’re hoping to sell soon, you shouldn’t underestimate the importance of starting to pay yourself a salary. Potential buyers will pay attention to this and many other details you could start to work on right now. Today’s guest owns a CPA firm focused on helping agency owners scale by getting their finances in order and avoiding the biggest mistakes in agency finances.</p> <p><strong>Chris Hervochon</strong> runs <a href= "https://www.betterwaycpa.com/" target="_blank" rel= "noopener">Better Way CPA</a>, a CPA firm that specializes in virtual CFO services for agencies. Over the past eight years, his company has provided services to marketing agencies and nonprofits all over the US. He provides some insight into the key metrics you should be measuring, why you should pay attention to your gross margin, and more.</p> <p>In this interview, we’ll discuss:</p> <ul> <li>Avoid the biggest mistake in agency finances.</li> <li>How to increase your margins.</li> <li>Why you should pay yourself a salary.</li> <li>Key metrics to manage agency cash flow.</li> </ul> <h2>Subscribe</h2> <p><a href= "https://podcasts.apple.com/us/podcast/smart-agency-masterclass-jason-swenk-podcast-for-digital/id870206013" target="_blank" rel="noopener">Apple</a> | <a href= "https://open.spotify.com/show/0FiKuRTpkJ7OraCJBUIlr9" target= "_blank" rel="noopener">Spotify</a> | <a href= "https://www.iheart.com/podcast/263-smart-agency-master-28334260/" target="_blank" rel="noopener">iHeart Radio</a> | <a href="https://www.stitcher.com/show/the-smart-agency-masterclass-marketing-business-strategist" target="_blank" rel="noopener">Stitcher</a> | <a href= "https://player.fm/series/1499414" target="_blank" rel= "noopener">Radio FM</a></p> <h2>Sponsors and Resources</h2> <p><span style= "color: #ff6600;"><strong>Verblio: </strong></span>Today's episode of the Smart Agency Masterclas