Chris Simmance, The Agency Accelerator, speaks with Rachael Marshall, the dynamic founder of Magic Digits, a specialised financial service for creative agencies. This insightful dialogue unearths Marshall's journey from a finance controller in the creative sector to establishing Magic Digits during her maternity leave, outlining the challenges and triumphs she faced. Together, they delve into how Magic Digits assists small to medium-sized agencies in PR, marketing and branding sectors, to navigate their financial landscapes confidently, addressing cashflow issues and managing profit and loss statements to bolster growth. The conversation highlights key financial issues that many agencies face, including the imbalance of staff costs versus fees, over-servicing of clients, and financial foresight. Furthermore, Simmance and Marshall illuminate the importance of understanding the financial dimension of strategy, from hiring costs to investing at the right time, to bring about stability and growth in a fluctuating business environment. Their candid chat provides both a compelling account of Marshall's career journey and invaluable advice for agencies looking to take their businesses to the next level.
