Episode 192: The Recap: October 2019
It’s time for another recap, so let’s dive into what happened behind-the-scenes in my business in October 2019.
This may go down in history as the shortest recap ever as so much of this month was about me taking time off, and when I wasn’t away, preparing to be away. In any event, let’s get down to it.
October’s theme at Scoop was definitely about vacation. Prepping clients for it, working ahead, and then, eventually, taking a week and a half off at the end of the month.
New business-wise, the month was a bit slower, but it picked up right at the end of the month, meaning I had a lot of new biz calls booked right when I got back. It’s been a nice combination of inbound leads and ones resulting from cold outreach.
Things improved with cash flow in October as payments started rolling in, but let me tell you, this longer payment terms thing is going to require some serious adjustments come the new year. We’ll be budgeting a bit differently, and I’m fully committed to growing our buffer so there’s a little more ease in these periods. I’ve not had to touch the buffer yet, but it gives me peace of mind knowing it’s there. It’s like a security blanket, so I know that if a payment gets messed up, or something is delayed, we’re cool.
Speaking of messed up payments, we’ve had a couple of exchange-related hiccups, and we’ll be revisiting what currencies we’re billing in moving ahead. People paying USD invoices in CAD makes life a little more complicated than it needs to be! (Also, this has never happened before and then now it’s been twice in a single month!)
I know all of this is super sexy stuff, but let’s be real. My business at this point isn’t about contrived selfies on Instagram, but rather the real business of running a business.
As for the agency’s quarterly goals, we’re pacing okay towards closing the business we want to have landed by year-end, but we may be a little short on the ambitious revenue goal. I may have overshot given that I was out of the office for nearly two weeks in October AND how cash is coming in. My back of the napkin math shows me that we may meet it on paper but not with cash in the bank — and I think we know I’m not going to BS you with some shady online business math.
Our systems goal is going amazing. We’ve got way more data to base decisions on about capacity and our team.
Finally, we made one more decision for Scoop that wasn’t on the docket but needs to happen. We’re rebranding and getting a new website. The current site is four years old and built on custom code that’s starting to break. Plus, I’ve never felt like the existing brand was 100% on point, so we’re taking it in a new direction, which I’m very excited about.
Small Business Boss
Alright, let’s talk Small Business Boss. Everything in October was about preparing for the launch of the mastermind for 2020. That meant sales pages, emails, and more to ensure we were ready to go.
The first priority was getting people from the current mastermind to commit to the group for 2020. These discussions were particularly important as the mastermind’s shifting in who it serves and what’s included for 2020.
A number of alumni are returning and that — combined with the fact that we’re aiming for a group of 8 to 10 people only for this group — means spots are limited. And launching will be very high-touch and most of all simple.
If you’re listening to this in real-time in November 2020, are an agency owner, or on the path to stepping into that role for 2020, let’s talk. You know where to find me, so please feel free to reach out, and I can send you all the details.
As I shared last month, the writing and ranting continue, including a couple of posts on owning an agency, so if that’s of interest, check out the Small Business Boss blog.