Most agency MDs are losing margin they can't see. This newsletter is about finding it. 

Two-thirds of agencies say they're delivering faster because of AI. Only 15% say they're more profitable.

Most agencies have project plans. Tasks are listed, timelines are mapped, people are assigned. On paper, it all holds together.

In a fixed fee agency, agreeing a price without understanding the work is a gamble. You might hit deadlines and keep clients happy, but that doesn't mean revenue will match expectations...or that projects will actually be profitable.

There's a particular kind of agency problem that doesn't look like a problem at all.

There's a moment early in the year when growth targets start landing on your desk, and suddenly, everything feels harder work.

There's a strange shift that happens around the 12–15 person mark.