Episode Details

About Marcel:

Marcel Petitpas is co-founder and CEO of Parakeeto.

In addition to being an agency profitability consultant – specializing in helping agencies get a handle on their gains – Marcel is also a renowned keynote/virtual speaker and podcaster.

Expect to see more from Marcel over the coming weeks, as he shares important insights for agency owners who want to earn more while working less.
 

Points of Interest…

There’s more information regarding each point in our blog notes beneath below.

• Identifying high ROI processes 2:12
• Four-step Flywheel Framework 3:20
• The Benefits of Tracking Tools 7:57

Identifying High ROI Processes

Most agencies struggle at some point with going over budget on projects and potentially working evenings and weekends due to a looming deadline.

Unfortunately, things can take longer than expected. Since the deadline isn’t moving, you and your team inevitably find yourselves trying to make up time by working late or weekends. Obviously, this isn’t sustainable.

There are processes to help deal with such situations, ones you could be building and optimizing, but you never seem to have time to define and implement them – or identify which ones are going to generate the highest return on investment.

Well, all that is about to change!

 

Four-Step Flywheel Framework

I want to share with you our tried and tested Flywheel Framework which will help you identify the highest ROI investments. Its implementation will, in turn, help you protect your time – and your team’s time – as well and your profits.

Then, I’m going to show you how you can embed this in your business. Over time, your team will learn how to run this process and tune your business for you – essentially making your agency self-optimizing, because it’s a feedback loop.

Our four-step Flywheel Framework consists of…

• Capturing Assumptions
• Measuring Reality
• Running Meetings
• Investing in Your Process

Assumption > Measure > Meetings > Process = Profit + Predictability

Capturing Assumptions

Irrespective of what your agency does, assumptions will be made pre-project. From ‘time and materials’ projects, to ‘flat rate’ projects; from how much time a project is going to take, to prospective external costs – blind assumption-making can seem part and parcel of a project, but it doesn’t have to be.

You need to analyze IF those assumptions were correct or not. By capturing these assumptions, and ensuring there’s a consistent format to how they’re tracked, you can compare how your pre-project presumptions stack up against reality over time – horizontally.

 

Measuring the Reality of Assumptions

Whether it’s a spreadsheet or a tool like Parakeeto, define a consistent format and methodology by which you can estimate – or capture – the assumptions about your projects.

Now that you have a reference point, measure the accuracy of those assumptions. By way of example; compare your assumed costs to your actual costs; compare the time logged in your estimate against the true time spent; and so on. Then you can ascertain if there is a mismatch between your initial assumptions and the actual data. This process is simpler than it sounds – especially if you use an accounting tool, or a time tracking tool.

Make sure, when tracking your time, that it’s mapping back to the original assumption because that’s the purpose of the exercise!

 

Run Team Meetings

The goal of these meetings is to sit down with your team to measure quantitative data. Discuss what matched up to your initial assumptio