In this episode Peter Czapp and I explore the reasons why so many niche agencies we know are successful. We share stat that show specialist agencies grow faster than generalists and are more profitable. Share highlights from some of the future podcast episodes in this series. Most importantly give you some practical tips to “Say no”.
Co-Founder of The Wow Company & The Agency Collective
15 years ago, Peter set out to disrupt the accountancy world, a space traditionally associated with numbers and generally not the most exciting, setting up the UK’s first accountancy for agencies, The Wow Company, with the aim to making work with accountants more approachable, fun and easy to understand.
THE “SAY NO” MOMENT
09:39 – 10:45
Distraction and saying “yes” to everything is holding your agency back.
“Last year, 40% of agencies described themselves as generalists. This year that figure dropped to 29%.”
“We looked at data from nearly 1,000 agencies and we discovered that specialist agencies grew quicker. In fact, 40% of specialist agencies grew their turnover by more than 25% last year.”
“Research shows, nearly half of specialist agencies had net profits of 25% or more. “
“Research shows, nearly half of specialist agencies had net profits of 25% or more.”
“Imagine net profit of 25%, and 47% of specialist agencies are achieving that compared to just 38% of generalist agencies.”
“we were comparing like with like and across those two sample sizes, one were specialist agencies and one were generalists, the specialists came out as clear winners of net profit.”
“By the way, no one’s ever going to win an award and stand on stage and say: Look, the secret to my success is that I was a generalist!”
“Stick to your knitting.”
“No acquirer ever said: Do you know what I’m looking for? I’m looking for a generalist. I want to buy a generalist agency that does a little bit of everything please. That’s what’s going to complete our world.”
“Fact: Being a specialist will increase the value you get from a trade sale.”
“You’re just going to have to trust me on this because I know it seems counterintuitive, but I promise you through that power of focus, you’ll create this abundance mentality everyone wants to come to you over time and if you get it right.”
“So the ultimate level is where you are the best in the world.”
“Go from selling your business to actually someone wanting to buy you.”
THINGS MENTIONED IN THE PODCAST
PODCAST PRODUCTION TEAM
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