9 Things We Learned about Scale and Growth by Interviewing Joshua Johnston, Former Marketing Agency COO E9: Watch Here
Here is what my team and I learned from this interview: (These are notes from team members, writers, sometimes AI, and even listeners who submitted what i learned loosely edited and shared here) - If it seems a bit unrefined, you're reading our notes, so. yeah. -Ron
Concept 1: Scale Businesses And Operations
Scaling businesses and operations is an important skill that can be used to increase a business' success. Joshua Johnston is a great example of someone who has mastered the art of scaling businesses and operations. Johnston was born and raised in Michigan and graduated with an exercise science degree. After realizing he wouldn't be using his degree, he transitioned into the fitness world and became a trainer at a Fit Body Bootcamp franchise.
The West Michigan franchise was the fastest-growing franchise in the country. Johnston was able to manage a facility and learn a lot about the operations of a large business. He was enthralled by how quickly the business was growing and the people they were attracting. After leaving the fitness world, Johnston joined a marketing agency as a Chief Operating Officer. With no literature to guide him, Johnston had to learn as he went. He gained knowledge from other entrepreneurs and great minds in the operational space.
Johnston was able to scale the marketing agency to $4 million in revenue and 25 people. After the acquisition of the agency, Johnston has been consulting on operations and systems for digital marketing agencies all over the world. His success in scaling businesses and operations is a testament to his skill and dedication. It is clear that Johnston is an expert in this field and his story is an inspiration for those looking to scale their own businesses.
Concept 2: Prepare For Acquisition Carefully
Johnston's story also serves as a warning to those looking to be acquired. He notes that he wished he had more time to prove the profitability of his business before the acquisition. He acknowledges that the acquisition was attractive at the time, but that it was not the right time to sell. This serves as a reminder that it is important to prepare carefully before entering into an acquisition.
The process of preparing for an acquisition is complex and requires a great deal of planning and preparation. It is important to make sure that all legal documents are in order, that all financials are accurate, and that the business is in a strong position to be acquired. Additionally, it is important to make sure that the business is in a position to be acquired at the right time. This means that the business should be profitable and that the market should be favorable.
It is also important to make sure that the right people are involved in the acquisition process. It is important to have advisors who understand the market and who can provide guidance and advice. Additionally, it is important to have a team that is knowledgeable about the industry and the business and can provide insight into the process.
Finally, it is important to make sure that the business is well-positioned to succeed in the future. This means that the business should have a strong strategy and plan for growth, a strong customer base, and a team of dedicated employees. By preparing for an acquisition carefully, a business can ensure that it is in the best possible position to be acquired and to succeed in the future.
Concept 3: Prepare For Sale Early
In this podcast, Joshua discusses the importance of preparing for sale early. According to Joshua, this preparation is necessary to ensure that the business is in the best possible position to be acquired. This includes making sure that key players are removed from the day-to-day operations of the business, that systems are sharpened and easily replaced, and that decision-making is delegated out. Additionally, he emphasizes the importance of having books and records in order, as well as having a team that can run the business without the founder.
By preparing for sale early, a business can increase its value and make itself more attractive to potential acquirers. This preparation can also help the business to grow and acquire other deals. Furthermore, it can help the business to become more efficient and to reduce the amount of time spent on day-to-day operations.
In conclusion, preparation for sale early is essential for businesses that are looking to be acquired. By taking the time to sharpen systems, delegate decision-making, and ensure that books and records are in order, a business can increase its value and make itself more attractive to potential acquirers. Doing so will ensure that the business is in the best possible position to succeed in the future.
Concept 4: Mitigate Spend Across Channels
When it comes to digital marketing, it is important for businesses to mitigate spend across multiple channels in order to maximize their return on investment. This means that businesses should not rely solely on one channel, such as Facebook, to generate leads and sales. Instead, they should use a variety of channels, such as email, SMS, and other owned audiences, to drive conversions. By doing so, businesses can ensure that they are getting the most out of their marketing budgets and making the most of their marketing efforts.
In addition, businesses should take advantage of the latest software and technologies to help them manage their marketing campaigns. By using the right tools, businesses can track their marketing performance and make sure that they are getting the best return on their investment. This allows them to optimize their campaigns and make sure that they are targeting the right audiences and getting the most out of their marketing budgets.
Overall, mitigating spend across channels is essential for businesses looking to maximize their return on investment when it comes to digital marketing. By using the right tools and technologies, businesses can track their marketing performance and make sure that they are getting the most out of their marketing efforts. By doing so, businesses can ensure that they are getting the most out of their marketing budgets and making the most of their marketing efforts.
Concept 5: Focus on Client Results
However, it is important to remember that marketing is not just about getting the best return on investment. It is also about getting the best results for the client. This means that businesses should not just focus on getting the best return on investment, but also on ensuring that the client is getting the best results from their marketing efforts.
One way to ensure that the client is getting the best results from their marketing efforts is to focus on the entire P&L of the company. This means that businesses should be looking at their COGS, distribution, and other factors that go into their P&L to get a better understanding of how the business is running. By doing so, businesses can get a better understanding of their client's needs and cater their marketing efforts to those needs.
Another way to ensure that the client is getting the best results from their marketing efforts is to focus on hiring and retaining great talent. It is important for businesses to be able to hire and retain great talent, as this will ensure that the client is getting the best results from the marketing efforts. Additionally, businesses should also focus on lead generation, as this will ensure that they are getting the most out of their marketing efforts.
Overall, it is important for businesses to focus on client results when it comes to their marketing efforts. By focusing on the entire P&L of the company, hiring and retaining great talent, and focusing on lead generation, businesses can ensure that they are getting the best results for their clients. By doing so, businesses can make sure that they are getting the most out of their marketing budgets and making the most of their marketing efforts.
Concept 6: Hire Great People from Competitors
When it comes to hiring great talent, businesses should look to their competitors. By doing so, businesses can ensure that they are getting the best talent for their company. This is especially true in the marketing space, as there is a massive talent pool shortage right now. This is why many large companies are acquiring smaller companies for their talent pool. This is known as an “acquihire”. By doing this, businesses can ensure that they are getting the best talent for their company and not just relying on resumes.
By looking to their competitors, businesses can also ensure that they are getting the best talent for their company. This is because the best people already have jobs. By poaching from competitors, businesses can ensure that they are getting the best talent for their company. This can be done by utilizing the company’s LinkedIn network, as well as getting a little “salesy”. This can help businesses to find the right people for their company and ensure that they have the right people to deliver an awesome experience for their clients.
Overall, it is important for businesses to focus on hiring great people from their competitors. By doing so, businesses can ensure that they are getting the best talent for their company and making the most of their marketing efforts. This can help businesses to ensure that they are getting the best results for their clients and making the most of their marketing budgets.
Concept 7: People are Key to Success
One example of this is the story of a shoe salesman who had a difficult customer. When the host realized she handled it so well he asked her what she wanted to do in for a living long term here in Silicon Valley. When she said programing, The host customer then offered her a job and said that his team would teach her how to code. This shows that even though the woman was a shoe salesman, she had the right skills and attitude to be successful in a different field.
Great people most often already have jobs.
This story demonstrates the importance of hiring people who have the right attitude and skills. People who have the right attitude can be taught the necessary skills, but those who have the wrong attitude will not be able to do the job well. It is also important to focus on hiring people who have the right attitude and personality. These people will be able to handle difficult customers and situations in a way that will benefit the company.
In addition, it is important for businesses to focus on hiring people who are already happy at their current job. This is because these people are already successful and have the skills and attitude that will make them successful in the new position. Companies should also focus on finding people who are already successful in a certain field and offering them a job in their company. This will allow the company to get the best talent without having to invest a lot of money in training them.
Overall, it is clear that people are key to success. Companies should focus on hiring people who have the right attitude and skills and are already successful in their current job. By doing so, businesses will be able to get the best talent and make the most of their marketing efforts. This will help businesses to ensure that they are getting the best results for their clients and making the most of their marketing budgets.
Concept 8: Investment Takes Time and Effort
At the same time, it is also important to remember that investment takes time and effort. This is true for any business, but especially for digital agencies. When it comes to mergers and acquisitions, it is important to take the time to understand the company, its culture, and its vision. This will help to ensure that the company is making the right decision and that the merger or acquisition is beneficial to both parties.
Furthermore, it is also important to remember that getting rich quickly is not always the best option. It is important to be frugal and to invest in the business in a way that is beneficial to the long-term success of the company. This means that instead of spending money on luxury items, it is important to invest in the business and its people. By doing so, businesses can ensure that they are in a better position to get acquired and to get a higher multiple for their company.
In conclusion, it is important to remember that investment takes time and effort. Companies should take the time to understand the company and its culture before making any decisions. They should also be frugal and invest in the business and its people, instead of spending money on luxury items. This will help businesses to be in a better position to get acquired and to get a higher multiple for their company.
Concept 9: Achieve Success Faster
Achieving success faster is possible if one has the right mindset and the right resources. It is important to understand the market and the trends, and to make sure that the company is able to adapt to the changing environment. Additionally, it is important to have a good team of professionals who are knowledgeable and experienced in their respective fields. This will help to ensure that the company is able to move forward with its goals and objectives. It is also important to have a good network of contacts, who can provide guidance and advice on how to best move forward. Finally, it is important to take advantage of the resources that are available, such as The Investors and Entrepreneurs Professional Mastermind, which can help to provide guidance and advice on how to achieve success faster.
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