075: The Second Question Test With Jon Morris

What if there was a way to take your digital agency from barely surviving to absolutely thriving? This was certainly the case with our guest John Morris, the founder, and CEO of Engine BI. A serial entrepreneur turned successful business leader, John navigated the rough digital marketing waters in the 1990s with no coding or design background. The episode kicks off with his intriguing journey, from closing his first agency due to a sudden loss of revenue to bouncing back and founding Rise Interactive.

Jon Morris is the Founder and CEO of EngineBI, a tech-enabled finance and strategic planning company that helps marketing agencies drive success. Jon was also the Founder and CEO of Rise Interactive, an award-winning full-service digital marketing agency. With $10,000, he turned it into one of the largest independent digital agencies. His focus is on helping agency leaders simplify their decision-making process with robust insights.Some key highlights include:

• The 3 Key Metrics of EngineBI:

  • Cash relative to your monthly overhead - This metric evaluates how much cash an agency has on hand compared to its monthly expenses

  • Profit as a percent of revenue - This metric measures agency profitability relative to revenue, providing insight into financial efficiency.

  • Year-over-year revenue growth - It shows how the agency's earnings have changed in a year, helping to evaluate its growth and performance.

• The 3 flaws why Jon’s first business failed:

  • Fear of Firing People - as an agency owner, one needs to be able to make tough decisions and cannot afford to hold onto underperforming employees.

  • Lack of Financial Acumen

  • Customer Concentration - Morris lost 80% of his revenue in a month due to losing three clients. Diversifying the client base is key to avoiding such devastating losses.

• Have a unique point of view: To stand out among the 120,000 agencies in the US, define your target audience and services, then focus on what makes your agency unique and superior.

Closing Thought:  “Have fun with the process and enjoy the journey of building and sustaining a business”

To Connect with Jon:

• LinkedIn: https://www.linkedin.com/in/jonmorrisramsayinnovations  

• EngineBI: https://enginebi.net 

To learn more about Umbrella and to connect with CEO Itamar Shafir, go to https://umbrellaus.com