926: Ramsay Innovations: Tech-Enabled, Insights-Driven Financial Planning and Analysis for Agency Success with Jon Morris

In today's world, marketing and digital agencies play a crucial role in the growth and success of businesses of all sizes. These agencies have revolutionized the way brands communicate with their target audience, but they often face significant financial challenges that can impede their progress. Financial management is not always their strongest suit, and as a result, they often struggle to maximize profitability, generate cash flow, and scale their operations. However, this doesn't have to be the case.

Jon Morris is the founder and CEO of Ramsay Innovations, a company that helps businesses with budgeting, forecasting, and financial insights. Prior to Ramsey Innovations, John founded the digital agency RISE Interactive, which he grew to be one of the largest independent agencies in the world. Today, John shares his expertise on the importance of having a strong budgeting and forecasting methodology to help businesses spend their time and money more intelligently and effectively.

Quotes

"The idea is to identify the problems you want to solve and incorporate them into your plan. This way, you can budget accordingly and ensure you spend your time as intelligently as possible." - Jon Morris

“Take a data-driven approach to running your business by learning the metrics necessary for success.” - Jon Morris

“The idea is that it's not about the minutiae, but about ensuring you're prioritizing what's important. I always say that everyone has a strategic plan, whether they know it or not—it's reflected in what they choose to spend their money on.” - Jon Morris

Takeaways

00:37 Budgeting and forecasting are crucial for the success of a business, as they help business owners spend their time and money more intelligently and effectively.

01:51 Businesses should have clear goals for revenue, profit, cash, and infrastructure, and then create a detailed plan to achieve those goals.

10:08 Tying your budgeting process to your goal-setting exercise is key to ensuring you have the resources to achieve your objectives.

15:24 Understanding your gross margin is the most important financial metric for a business, as it determines whether you are making money and have funds to invest in growth.

20:40 Businesses need to have the courage to make tough decisions based on the data and metrics, even if those decisions are difficult emotionally.

Resources

Podcast: Play in new window | Download (Duration: 22:31 — 31.2MB) | Embed

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Filed in: Archive 4: 2020-2023 • Interview • Podcast

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