In this episode of the Agency Leadership Podcast, Chip Griffin and Gini Dietrich discuss what to do when the business revenue isn’t enough to meet payroll or personal obligations.
The topic was inspired by a post in the Spin Sucks Community where an agency owner asked about doing freelancing to supplement agency revenue during a rough patch.
Chip and Gini explore several aspects of this topic including:
- Figuring out the real reason why revenue is lagging — and making sure to address that issue, regardless of any short-term fixes that may be available.
- Finding a way to make any freelancing or other income-supplementation efforts fit into the overall story that the agency tells.
- Identifying when a revenue dry spell is actually a new reality for the agency.
- Avoiding the urge to panic and engage in short-sighted decision-making.
- Knowing when it is time to throw in the towel.