Riding the Entrepreneurial Rollercoaster: Insights from Tom Conlon

Episode Title: Riding the Entrepreneurial Rollercoaster: Insights from Tom Conlon Episode Summary: In this episode, the hosts engage with Tom Conlon, founder of North Street Creative, to discuss his entrepreneurial journey and the cyclical nature of business. Tom shares insights on the challenges of running a creative agency, emphasizing the importance of adaptability and timely decision-making. He recounts the impact of economic cycles on business operations and the significance of maintaining strong banking relationships. The conversation also covers the role of structured operating systems like EOS in achieving strategic goals and the necessity of financial visibility. The episode concludes with reflections on media influences and the enduring value of print publications. Episode Notes: "I didn't even have a line of credit until COVID. When it started happening, I realized how crucial it was to have that financial safety net." Tom Conlon The finer details of this episode:Entrepreneurial journey and background of the guest.The cyclical nature of business and its impact on creative agencies.Challenges faced while running a creative agency, including financial and cultural impacts.Importance of adaptability and making timely decisions in business.Strategies for surviving economic downturns, including financial planning and having a safety net.The role of structured operating systems in enhancing business operations.Financial visibility and its significance in strategic planning.Engaging team members in the goal-setting process for personal and professional development.Influence of media and publications on personal and professional growth. Episode resources: ●       Summit Virtual CFO by Anders website: https://www.summitcpa.net/ ●       Love our content? Sign up for our newsletter: https://www.summitcpa.net/summit-newsletter ●       Digital Dollars and Cents: A Virtual CFO’s Playbook to help Digital Companies Create a Financial Roadmap to Success, is now an audio book! Download it here: https://vcfo.summitcpa.net/ddc   Timestamps:  (00:00:00)   Introduction to the podcast and its focus on helping agency owners scale their businesses.   Appreciation for Insights (00:00:14)   Discussion on the value of insights brought by co-host Hannah compared to previous co-hosts.   Conversation with Tom (00:00:23)   Hannah shares her positive experience speaking with guest Tom about his entrepreneurial journey.   Tom's Background (00:02:14)   Tom Conlon introduces himself and his branding agency, North Street Creative, and its focus areas.   Agency Evolution (00:02:36)   Tom discusses the evolution of his agency and how they adapted during the pandemic.   Entrepreneurial Journey (00:04:15)   Tom reflects on his unexpected entry into entrepreneurship and the transition from freelance work.   Lessons from Experience (00:08:45)   Tom shares key lessons learned throughout his 14 years in business, emphasizing cyclical trends.   Surviving Down Cycles (00:12:24)   Discussion on strategies to navigate low cycles in business and the importance of timely decisions.   Financial Preparedness (00:15:54)   Tom emphasizes the significance of having savings and a line of credit for business stability.   Proactive Planning (00:16:52)   Tom outlines how he prepares for future cycles with scenario planning and projections.   Culture Challenges During Tough Times (00:18:42)   Tom discusses the impact of difficult times on team culture and leadership dynamics.   Financial Priorities Over Culture (00:20:14)   He explains the necessity of prioritizing financial stability over cultural initiatives during crises.   Importance of Operating Systems (00:22:08)   The conversation shifts to the benefits of having an operating system like EOS for business decisions.   Weekly Meetings and Accountability (00:24:00)   Tom describes how structured meetings improved accountability and focus on larger business goals.   Setting Goals with EOS (00:25:47)   He emphasizes the importance of setting and breaking down goals for effective team alignment.   Involvement of Team in Rocks (00:27:48)   Tom shares how everyone on the team has individual "rocks" for personal and professional development.   Influential Magazines and Media (00:28:47)   Tom reflects on his early influences from magazines and his current consumption of audiobooks.   Personal Reading Preferences (00:30:34)   He discusses his interest in financial crime literature and influential business books.   Nostalgia for Print Media (00:32:02)   Other speakers share their fond memories of magazines and the tactile experience of reading print.     Closing Remarks and Episode Summary (00:34:22)   The hosts thank Tom for sharing his insights and reflect on the episode's key takeaways.