Why Firing Their Biggest Client was the BEST Decision, with Miles Marmo | Ep #696

Do you treat your team like employees or like people? Every agency owner should recognize the immense value of their team and ensure they are treated with the utmost respect. This may entail parting ways with toxic clients, as the well-being of your team is irreplaceable. Our guest today faced challenging times during the pandemic when they had to terminate their agency's largest client to prevent the team from burning out entirely. It was a difficult decision, but it ultimately demonstrated how much he valued his employees, leading to a shift in the company culture and a newfound appreciation for their skills, which could be harnessed for incubator businesses. Tune in to discover how he faced the loss of a big client to choose the team that was making his dream a reality and how celebrating the small wins helps keep everyone sane and focused. Miles Marmo is the founder of Agency Squid, a boutique consultancy and creative agency based in Minneapolis. He shares his journey of building a successful agency, navigating challenges, and creating an incubator agency model, as well as the importance of understanding consumer segmentation, industry trends, and merging it with creative outputs. In this episode, we’ll discuss: Learning to savor the small wins. Choosing your team over a bad-fit client. The benefits of incubator brands for agencies. Subscribe Apple | Spotify | iHeart Radio Sponsors and Resources Clutch: This episode is sponsored by Clutch, the #1 marketplace for agencies just like yours. With their innovative process, your agency will be matched with highly motivated buyers looking for the exact services you offer. Leave the lead generation to Clutch and let your team focus on delivery. Get started for FREE at clutch.co/smartagency by creating your agency profile. Why Agency Owners Need to Savor Every Success Miles, a former athlete with experience working in agencies on the brand side, never anticipated becoming an agency owner. However, his entrepreneurial spirit was ignited by his competitive nature and desire for some degree of control over his work. His love for working with people also made entrepreneurship a natural fit for him. Overall, he describes owning an agency as a rollercoaster with exhilarating highs and challenging lows, so maintaining a sense of balance is very difficult. In this sense, Miles tries to always remember to celebrate the wins, no matter how small. Agency owners often dwell on losses and setbacks, leading to demoralization. Success is almost expected and therefore not celebrated as much as it should be. Instead, Miles believes that celebrating even minor wins not only boosts morale but also provides a sense of accomplishment and validation for the hard work put into the agency. Undoubtedly, agency owners will face common struggles and moments of doubt and burnout when they feel like giving up and taking a job instead. However, he believes that by focusing on celebrating wins and finding joy in the successes, they can stay motivated and inspired to continue growing their businesses. The Make-or-Break Moment: Choosing Your Team Over a Bad Client One of these hard moments happened to Miles during the pandemic, when he faced the tough decision to part ways with a major client who negatively impacted the agency's culture and caused burnout among employees. It was a moment where he even questioned whether he had chosen the right career path and his effectiveness at managing his team Although difficult, it became clear the client would never be content with the agency’s work. This decision ultimately led to a sense of relief and a reshaping of the agency's values and its approach to new business. In the end, prioritizing the team's welfare was crucial for the business’s overall health and success. Letting go of a client that negatively impacts your culture is a way to show your team that you value them much more than any client. At the end of the day, as an owner, your team is building your dreams and is your greatest asset. You can always get more clients, but assembling a great team is difficult. For Miles, the key to a successful agency lies in the team that supports it so he greatly values having a team that believes in the vision and works towards achieving it. This sense of unity and shared purpose not only motivates everyone but also leads to better results for the agency. The Double Benefit of Incubator Brands for Agencies During the pandemic, Miles recognized the potential of his team's unique skill set and saw an opportunity for them to embark on more fulfilling and lucrative creative endeavors. In this sense, he highlights the importance of allocating time effectively and setting boundaries to ensure the team focuses on client work as well as internal projects. Many agencies leave creative projects for later and prioritize client work. However, by managing time wisely and dedicating specific days for internal work, the agency can balance client demands and working on their own brand. In this regard, Miles discusses the benefits of leveraging his team’s skills to build incubator businesses where they can gain valuable experience and expertise that can be applied to client work. It gives them a playground to creatively express themselves without the limits usually imposed by clients, as well as rare access to the full supply chain logistics and insight into the impact of a design decision. While dedicating time and commitment to these ventures may be challenging, the benefits far outweigh the effort. Why Neglecting Self-Care Ends Up Affecting Your Agency Being your best self is crucial for success, which is why Miles stresses the importance of mental health in this industry. Neglecting self-care can lead to a decline in performance across all aspects of life. With a one-year-old at home, Miles has gained a new perspective on the significance of self-care and how neglecting personal well-being can have far-reaching consequences. Delaying self-care until a specific goal is reached is counterproductive, as one's well-being directly impacts performance and overall satisfaction. Seeking support from an entrepreneurial community or a therapist can provide invaluable assistance during challenging times, ultimately leading to improved performance, success, and contentment in both professional and personal realms. Do You Want to Transform Your Agency from a Liability to an Asset? Looking to dig deeper into your agency's potential? Check out our Agency Blueprint. Designed for agency owners like you, our Agency Blueprint helps you uncover growth opportunities, tackle obstacles, and craft a customized blueprint for your agency's success.