I recently had an unfortunate Growth Session with a SaaS founder who was running his company straight into an iceberg. … an unforgiving 25% churn rate … about 3 months cash runway … total mis-management of capital Instead of fixing the leaks (churn), he insisted on keeping the sales and marketing engines on full blast. Essentially a great way to crash into that iceberg even faster. 😬 While it’s usually great advice to maintain a growth mindset (I’m all about
If you’re in the software game for the long haul, at some point you’re going to have to disrupt yourself. This could mean announcing major price hikes, firing most of your customers, drastically trimming your product line, and even shifting core product functionalities. Scary? Of course. Necessary? You freakin’ bet.
We’ve all seen it. The over-enthusiastic startup founder who hands out equity with the same discretion as a pre-teen using their parent’s credit card to buy front-row Bieber tickets. *sigh* And I totally get it. In the early phases of your startup (especially the idea stage) you might not have the cash on hand to cover the major expenses related to developing your MVP.
I still remember the sudden flood of texts and emails. It was November 2013 and Google had just announced “Helpouts”. My friends, advisors, and investors all thought it was the death knell to my company, Clarity.fm… and thought it to be their duty to let me know. Fresh off TWO successful exits, I was no stranger to competition and had become resilient in focusing on “me” while tuning out the noise. But when a 100 billion dollar giant comes thumping
If you’re feeling like you’re in a rut and spinning your wheels around your next “big move” inside your SaaS company… I’m gonna make you a little promise, k? If you watch this week’s video and follow through on the 3 questions… your company will look drastically different by this time next quarter. Why am I so confident making that prediction? Simple…
When I was 25 and building my first company, Spheric, I closed an enterprise level deal with Procter & Gamble. Not only was it an “arrival point” for my company… But in the negotiations, I actually got P&G to fund an entire slate of new integrations and features, while we retained the IP. Pretty cool, right? Thing is, none of that would’ve been possible had I made the mistake that most founders make…
Few things can shatter a founder’s confidence quicker than a poorly managed board meeting. At best… … you’ll get glossed over stares and “checked out” investors who secretly hate you for wasting their time. At worst… … you’ll accidentally knock over the first domino in getting kicked out of your own company. Pay special attention to Step #4 in this week’s video to make sure that never happens.
Has a customer ever punched you in the face? No? Has it ever felt like that? Every time I’ve had a customer sign-up, stick around for a few months, and cancel (aka churn) it sure feels that way. It doesn’t matter how long I’ve been building businesses, nothing frustrates me more than having a customer that I spent a ton of time, energy and money attracting, leave because we missed the mark. What's different about my approach is that I
Do you remember the first time you had someone buy something from you? For me it was when I convinced a bunch of bed & breakfast owners in Atlantic Canada to send me cash in the mail to have their property published online. Still not sure if that was legal. Suspect cash collection methods aside… What they didn’t know is that I was a 17 year old kid with no formal “business.”
One of my favourite questions to ask someone is “Who’s the best [CMO/CTO/VP of Sales] you know?” I don’t care if they already have a job... I just want their name. Actually, I prefer if they’re already working because it allows me to build a relationship with them without the pressure. My approach once I have a name is to reach out with a big, real-world challenge that I can get their advice on... ... usually the first contact lasts