In this episode of the Agency Growth Mastermind Podcast, Tim sat down with Ron Dod of Visiture to talk about hiring a business coach and how to delegate. This was a great conversation, and it’s definitely worth a watch below or listen here. But, if you’re looking for a more written out version touching on some of their key points. Feel free to read through this article!
Niche Yourself When You’re Small
One of the biggest things that both Tim and Ron touch on throughout this podcast is the importance of niching and becoming really good at one thing or getting very specific with the type of customer that you work with and the services you provide for them.
If you want to be an expert in any field, you’ll need first to step back and decide what area you have the most success in. After you’ve done that, you’ll be able to niche into the best business focus for your company. Here are some points to think through:
- In what area can you give clients the best results?
- In what area do you make the most money and have the best margins?
- What do you enjoy doing for your clients?
By working through those three questions, you can find the right area to push for more growth within your agency and niche accordingly.
Coaches / Mentors: Their Role in Growth
Coaches and mentors can play a role in both the growth of your business and also in the growth of you as a leader as you’re seeking to grow your business.
Ron believes that coaches can play a huge role in the future of your business and that you should have someone coaching and helping you along the way throughout different stages of your business. That doesn’t mean you have to stay with the same coach for everything. It might even make sense to use different coaches for different areas within your business.
When you’re ready to build your agency and grow rapidly, you have to have someone on your team that can help to guide you throughout that process. Think, for example, HR, Sales, and other development areas where you need to grow a team to replace yourself doing everything.
How to Know When to Delegate
The hardest part about delegating is knowing what you should be doing yourself vs. what would be good to delegate and what could help your business to grow.
The best way to do this is to find ways that your business is stable and steady and to hand that off to trusted advisors and people that can offer leadership. That will allow you to pursue specific ventures that help your business to grow more rapidly. As a leader in a growing business, you have to do your best to get out of the weeds and help your team see the big picture.
Identifying Pockets of Growth During Economic Downturn
COVID-19 was a big economic downturn for everyone. Even if it hasn’t been a downturn for every industry, almost every business model has had to pivot or change in some way to maintain growth and operations.
The best thing you can do when you sense that your business is starting to take a downturn is to niche really well. When you have a specific niche, you’ll be able to focus on and push hard into that area and align yourself well. This will allow you to grow more rapidly and not be too scattered.
Stay the Course
When you’ve found your niche and found something your good at, resist the urge to push on and do something else. Instead, stick with what’s working well and continue to do what you’re good at. It can be hard to resist the urge to dive into different opportunities, but you have to stick with what’s work and what you know is going to pay off in the long run.
The Best Business Development Strategies
Ron shared his best business development strategies with us, and it’s really simple. They do really good work. It’s simple and full of deliverables. That’s what makes it easy to sell their product and create meaningful relationships with business owners and potential clients. Do good work, and you’ll see your company go far.
Cold Emailing is another great strategy that Ron has used, but he’s been careful not to dive too hard into cold emailing until the company has great results to share. Do good work for your clients so that you can share that to sell to new clients.
Watch Out for Scope Creep
Scope Creep is that dangerous time when you find yourself doing something beyond what a client has paid you for just to make them happy. While you want to do good work and provide delights for your clients, you have to be careful that it’s not something that is going to pull you away from the other deliverables that you need to provide.
Thinking Through Future Proposals
The future of your company sometimes rests on your ability to provide and market new services to existing customers or new customers. In order to work through and create offerings that you’ll be able to sell in the future, you might need to start working on that now.
Try adding strategic deliverables to accounts that you can track to see how it’s helped their business. That way, you’ll be able to create case studies based on those practices and sell them to future clients.