This week on the Digital Velocity Podcast, Jon Morris of Ramsay Innovations joins Erik and Tim to discuss how agencies can develop successful financial infrastructures to help make informed, data-driven decisions that will lead to growth.
Agencies have two basic resources and company growth is impacted by how those are managed. Jon says,
“The idea is that all you have is time or money. If you spend your time and your money less effectively than someone else, then guess what? They’re going to grow at a faster rate.”
On the financial side, there are four goals Jon says everyone should consider. He explains,
“Everyone should have a revenue goal. Everyone should have a profit goal. Everyone should have a cash goal, and everyone should have an infrastructure goal. And that infrastructure goal are the investments you’re making so that your business is better at the end of the year than it is at the beginning of the year.”
No matter which side of the business a company is on, budgeting is crucial. Jon says,
“In my opinion, I don’t care if you’re client-side or agency-side, one of the most important things that you can do, period, is have a solid budgeting methodology. There are three things that generally will come out of that. The first is accountability. By creating a budget and locking it and setting it in stone, you’re holding yourselves accountable to those numbers.”
Listen to this week’s episode to learn more about building a financial infrastructure that will create growth opportunities.
About the Guest:
Jon Morris is the founder & CEO of Ramsay Innovations and a serial entrepreneur. Prior to Ramsay, he established Rise Interactive in 2004, with prize money from his second-place finish in the University of Chicago’s prestigious New Venture Challenge. Over the next 16 years, he grew Rise from a one-person shop to one of the largest independent marketing agencies in the world, selling in 2018. While pondering his next move, he realized that he was most energized when connecting and helping fellow entrepreneurs grow their businesses.
Ramsay Innovations is the product of this inspiration. Like at Rise, Jon developed a proprietary, tech-enabled approach for surfacing hidden financial insights that drive critical business decisions. Ramsay Innovations’ mission is to transform marketing agencies by providing them with world-class, agency-specific finance management and strategic planning at a fraction of the cost.
In his spare time, Jon enjoys spending time with his wife, three daughters, and two dogs. He loves soccer, having played on his alma mater’s team, Kenyon College, and he now coaches his daughter’s two soccer teams.