Creative Agency Success Show

Quote

“The time you spend on EOS tools, you are going to save that time and more in the long run.” - Tom Barrett

The finer details of this episode 

• How to determine if your organization needs EOS 
• The process of implementing EOS 
• Advantages of working with an EOS implementer 
• The six key components of EOS 
• Setting priorities using the EOS model 

Episode resources

• Summit CPA website - www.summitcpa.net  
• Email us with questions - [email protected]  
• Navigate the Journey - https://navigatethejourney.com/

Quote

“We need to be committed to the boring stuff in our business because it is the backbone of how everything runs.” - Emily Morgan 

The finer details of this episode 

• Tips for small businesses on delegating their admin tasks 
• Advantages of having a virtual assistant 
• How to start delegating some of your admin work in your business 
• How to get comfortable letting go of tasks in your business 
• What the day-to-day looks like working with a virtual assistant 

Episode resources

• Summit CPA website - www.summitcpa.net
• Email us with questions - [email protected]  
• Delegate Solutions - https://www.delegatesolutions.com/

Quote

“Intentionally fostering serendipity in a distributed company will help keep isolation at bay.” - Matt Westgate

The finer details of this episode 

• What brought Matt to Summit CPA 
• Why Lullabot decided to become a distributed company 
• The benefits of working with a distributed team
• Maintaining company culture when your team is distributed
• The evolution of the Lullabot leadership team 
• How Matt pulled his company out of financial hardship 
• Creating psychological safety in your company culture 

Episode resources

• Summit CPA website - www.summitcpa.net
• Email us with questions - [email protected]  
• Lullabot - https://www.lullabot.com/

Quote

“If you don’t have the gross profit to support the bottom line, then you aren’t going to have a bottom line.” - Kristen Reinking

The finer details of this episode 

• The three meetings every organization should have about their finances
• How often to have meetings about your finances 
• Using the IDS model in your financial meetings
• Who is normally in each meeting 
• How the size of your organization affects the frequency of financial meetings

Episode resources

Summit CPA website - www.summitcpa.net

Email us with questions/comments- [email protected]  

Quote

“The most important thing is to build a short-term cash flow forecast to know what you are working with.” - Jamie Nau

The finer details of this episode 

• Cash flow - the most common issues we help our clients with as CFOs 
• What factors could contribute to your cash flow issues 
• Preparing your firm for taxes 
• Ownership issues and how we handle them with our clients 
• Things to consider about partnerships before jumping into it 
• How to plan for growth 

Episode resources

• Summit CPA website - www.summitcpa.net
• Email us with questions/comments- [email protected]  
• Forecasting for Growth - https://www.summitcpa.net/blog/forecasting-for-growth

Quote

“We split out the different types of profit in order to focus our conversations.” - Jamie Nau

The finer details of this episode 

• What “cost of goods” means for agencies and media companies
• How to separate your production costs on your payroll
• The most common conversations we have with our clients about gross profit
• Hiring contractors vs employees and how that affects your gross profit

Episode resources

• Summit CPA website - www.summitcpa.net
• Email us with questions/comments- [email protected]

Quote

“It’s important to understand your company before setting your average bill rate. You might have an advantage if you can charge less and make more.” - Jody Grunden

The finer details of this episode 

• When it’s ok to lower your average bill rate 
• How to use your average bill rate for pricing 
• The importance of having a project manager involved in the sales conversation 
• The difference between a standard bill rate and an average bill rate 
• How to maintain your desired average bill rate 
• Calculating fixed fee projects into the average bill rate 

Episode resources

• Summit CPA website - www.summitcpa.net
• Email us with questions/comments- [email protected]  

Quote

“Documentation is key when it comes to calculating how much forgiveness you have.” - Jamie Nau 

The finer details of this episode 

• Changes related to compensation of employees and owners 
• Rules for bonus and hazard pay for your employees 
• Limits on owner compensation 
• Changes that self-employed and partner filers can expect 
• What this means for you based on your number of employees 
• Rehiring procedures and requirements 
• Forgiveness of interest 
• Utilities and expenses in loan forgiveness 
• How to calculate your payroll for loan forgiveness 
• How these changes can be beneficial to your business 

Episode resources

• Summit CPA website - www.summitcpa.net
• Email us with questions/comments- [email protected]  

Quote

“We are trying to learn about a candidate, know how they are going to fit into the culture, and know how they are going to do the job in a very small amount of time.” - Zach

The finer details of this episode 

• How Summit CPA has struggled in the past with hiring 
• The hiring assessments that Zach introduced to Summit CPA 
• Why Emotional Intelligence is such an important factor in a potential employee 
• How the EQ assessment works and how to read the results 
• The Kolbe assessment and how to use it in your hiring process 

Episode resources

• Summit CPA website - www.summitcpa.net
• Email us with questions/comments- [email protected]  
• Zach’s Website - https://navigatethejourney.com/

Quote

“Don’t try to game the system with these. The government is going to be really scrutinizing the details with this.” - Jody Grunden

The finer details of this episode 

• Which expenses are included in loan forgiveness
• What you should do if your business uses contractors 
• How to approach documentation 
• What you need to know about the regulations and guidelines 
• The timing and process to obtain forgiveness 
• How to work with any loan that isn’t forgiven 
• Do you need to pay taxes on the loan forgiveness? 

Episode resources

• Summit CPA website - www.summitcpa.net
• Email us with questions/comments- [email protected]