As a 3x successful business-owner and founder, my biggest fears about having kids were: I would be an absent father I would accidentally raise entitled kids Those two thoughts made me sweat. I was terrified. I was good at business... but what about being a good father? What if I messed it up?
What if there was a single number you could measure… one number that you focus all of your attention on... And it would make your business rain revenue like never before?
I didn’t want to shoot this video. Honestly, I didn’t even think it was necessary. I assumed that all scaling SaaS founders must be doing accrual accounting, right?
I don’t think a SaaS founder should be their own accountant. I’m not, and I wasn’t for all 5 of my companies. Your job is to get really good at running a business and making money. That’s it. But to do that, there is ONE type of accounting that I believe you NEED to understand: Accrual Accounting.
It’s the thorn in every SaaS founder’s side… The number that keeps you awake at night: Your churn rate. Churn equates to invisible dollars that slip through your fingers. The lower that number, the more successful and exponential your capacity to grow. But how exactly do you measure churn?
When I was 29 years old, I was pitching to investors for funding. I’d breezed through my pitch deck, million-dollar smile on my face despite my shaky nerves when they asked: “What’s your CAC?”
I can tell if your business is going to scale successfully by asking one question: Do you have a business coach, mentor or advisor? If your answer is no… I’m worried for you. Hear me out. Succeeding in business means making the right decisions frequently. I’ve seen small companies dominate in niches that were owned by big-business giants simply because they made better decisions.
“HELP! I’m losing customers in the pandemic!” As a SaaS Coach, I worked very closely with a lot of software founders who are nervous that their businesses won’t ever recover from coronavirus. Customers are cancelling, accounts are drying up, and prospects are turning into dust. We have never seen a global economic meltdown quite like this one… so the concern is 100% justified. But listen to me: You are not powerless. Today I’m going to give you a crystal ball.
Take everything you think you know about sales teams… And get ready to throw it out the window. I mean it. Sales, as a concept, is still dragging a lot of dead weight from old-school sales gurus chanting “ABC - Always Be Closing!” The SaaS business model is being polluted by these old ideas that just don’t work. For decades, we’ve needed a fresh new take on sales training strategies...