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Improved workflows
Restructured organization
Improved process
+ 1
๐Œ๐š๐ง๐š๐ ๐ข๐ง๐  ๐„๐ฑ๐ฉ๐ž๐ง๐ฌ๐ž๐ฌ ๐จ๐ง ๐š ๐๐ฎ๐๐ ๐ž๐ญ ๐“๐ข๐ ๐ก๐ญ๐ซ๐จ๐ฉ๐ž

Whether youโ€™re trying to make the next payroll or IPO in three years, cashflow is life. Balance growth and spend to reach your goal.

โ€œ๐ธ๐‘›๐‘ก๐‘Ÿ๐‘’๐‘๐‘Ÿ๐‘’๐‘›๐‘’๐‘ข๐‘Ÿ๐‘  ๐‘๐‘’๐‘™๐‘–๐‘’๐‘ฃ๐‘’ ๐‘กโ„Ž๐‘Ž๐‘ก ๐‘๐‘Ÿ๐‘œ๐‘“๐‘–๐‘ก ๐‘–๐‘  ๐‘คโ„Ž๐‘Ž๐‘ก ๐‘š๐‘Ž๐‘ก๐‘ก๐‘’๐‘Ÿ๐‘  ๐‘š๐‘œ๐‘ ๐‘ก. ๐ต๐‘ข๐‘ก ๐‘๐‘Ÿ๐‘œ๐‘“๐‘–๐‘ก ๐‘–๐‘  ๐‘ ๐‘’๐‘๐‘œ๐‘›๐‘‘๐‘Ž๐‘Ÿ๐‘ฆ. ๐ถ๐‘Ž๐‘ โ„Ž ๐‘“๐‘™๐‘œ๐‘ค ๐‘š๐‘Ž๐‘ก๐‘ก๐‘’๐‘Ÿ๐‘  ๐‘š๐‘œ๐‘ ๐‘ก.โ€ โ€“ Peter Drucker


๐— ๐—ถ๐—ป๐—ฑ๐˜€๐—ฒ๐˜

There are some major tradeoffs in how you spend money:

๐˜–๐˜ฑ๐˜ต๐˜ช๐˜ฐ๐˜ฏ๐˜ข๐˜ญ๐˜ช๐˜ต๐˜บ. Extending cashflow gives you more choices e.g. delaying fundraising resulting in retaining more equity, however...

๐˜›๐˜ช๐˜ฎ๐˜ฆ ๐˜ท๐˜ด. ๐˜ฆ๐˜ฒ๐˜ถ๐˜ช๐˜ต๐˜บ. A faster exit requires higher spend, and adding investors will reduce your equity.

๐˜Ž๐˜ณ๐˜ฐ๐˜ธ๐˜ต๐˜ฉ ๐˜ท๐˜ด. ๐˜ฑ๐˜ณ๐˜ฐ๐˜ง๐˜ช๐˜ต๐˜ข๐˜ฃ๐˜ช๐˜ญ๐˜ช๐˜ต๐˜บ. As a startup with limited energy, it's impossible to focus on both. You need to choose one.


๐—–๐—ผ๐—ป๐˜€๐—ถ๐—ฑ๐—ฒ๐—ฟ๐—ฎ๐˜๐—ถ๐—ผ๐—ป๐˜€

To help with expense management:

ยท Inform the team of your objectives around revenues and margins. When you give context, the team can help support your objectives.

ยท Pay for value if it will help you achieve your objectives faster, more efficiently, or save costs over the long-term.

ยท Review and replace products and software if quality, workflow, or customer experience will be the same or better.

ยท Spend money when needed e.g. to mitigate risk on compliance, security, and insurance.*


๐—”๐—ฝ๐—ฝ๐—ฟ๐—ผ๐—ฎ๐—ฐ๐—ต

Ways to frame expense management:

ยท Establish strong methods to capture information so you can best understand cashflow.

ยท Control timing by waiting as long as possible to pay bills and ensure tight payment terms with collections.

ยท Install measures to ensure safeguards, such as more than one person reviewing payment, expenses, client contracts, and payroll.

ยท Lower costs on your larger expenses.

- Check if you can get a discount in exchange for free marketing

- Ask investors since they may have leverage across portfolios.

- See if banks, law firms, and other professionals are willing to offer a discount for the chance to work with you as you grow.

ยท Avoid fixed costs since you have less control, e.g. instead of hiring, check if some roles may be part-time, temporary, or outsourced.

ยท Model if your growth goes faster or slower than expected and plan to use scalable resources** as needed to manage transitions.


๐—ง๐—ฟ๐—ฎ๐—ฐ๐—ธ๐—ถ๐—ป๐—ด

To minimize costs, put controls and measurements in place:

ยท Clarify expectations around purchases and benefits. I like to start with a โ€œuse your best judgementโ€ attitude and define specifics later.

ยท Review transactions for any outlier or unusual activity. For instance, compare cost categories by months and dig into any high changes.

ยท Evaluate costs in the context of whether they improve performance and customer engagement.

Running a business is simultaneously thrilling and scary, like crossing a tightrope. Cashflow is the security you need to safely cross.

-------------------------------------

* This post on Insurance can be found here: https://bit.ly/2VClIB8

** This post covers Scalable Resources: www.webuildscalegrow.com/post/d8297908

Photo by Loic Leray who can be found here: https://portfolio.loicleray.com/

Restructured organization
Improved workflows
Improved process
+ 1
๐“๐ก๐ž ๐‘๐ข๐ ๐ก๐ญ ๐๐š๐ญ๐ก ๐ญ๐จ ๐ˆ๐ง๐œ๐ซ๐ž๐š๐ฌ๐ž ๐‘๐ž๐ฏ๐ž๐ง๐ฎ๐ž๐ฌ? ๐˜๐จ๐ฎ๐ซ๐ฌ.

There are many paths to grow your business. Here are many ideas you can apply or amplify to increase revenues.

๐—ฃ๐—ฟ๐—ถ๐—ฐ๐—ถ๐—ป๐—ด

ยท Many founders anchor their prices to their costs of creation. However, consider raising your price based on value to customers.

ยท Pricing is a negotiation. Determine what is important to you and your customers to find the right mix where both sides benefit.

ยท As a startup, it's tempting to use low prices to attract customers. Increasing rates is scary but forces selling on value, not on price.

๐—ฃ๐—ผ๐˜€๐—ถ๐˜๐—ถ๐—ผ๐—ป๐—ถ๐—ป๐—ด

Finding and engaging the right customers is crucial:

ยท Identify your ideal customer profile. Once you know their needs, message how your business solves their problems.

ยท Connect your customers, e.g. build a networking group to share ideas around industry and personal development.

ยท Communicate your full offerings and give a sample to show its benefits, e.g. limited access to a new product.

ยท Ask directly for referrals. Explain your desire to grow and offer talking points to share. Most advocates are happy to help.

๐—›๐—ฎ๐—ฟ๐˜ƒ๐—ฒ๐˜€๐˜๐—ถ๐—ป๐—ด

Once you find the right customers, help that relationship grow:

ยท Ask customers regularly how things are going and what can be better. This prevents big problems and opens upsell opportunities.

ยท Respond quickly to issues. Knowing you are addressing their concerns matters as much as solving the problem.

ยท Charge for work outside of scope. You may hesitate to push clients, but remember a valuable relationship is mutual.

๐—˜๐˜…๐—ฝ๐—ฎ๐—ป๐—ฑ๐—ถ๐—ป๐—ด

Invest in ways to increase market share:

ยท Collaborate with complimentary companies for chances to co-market and cross-sell.

ยท Expand thoughtfully into other areas, industries, or demographics, e.g. rely on existing clients for introductions versus starting cold.

ยท Spend across multiple channels to reach more people, such as social media, influencer marketing, and public relations.

๐— ๐—ฒ๐—ฎ๐˜€๐˜‚๐—ฟ๐—ถ๐—ป๐—ด

Know you are doing and rely on data to make informed decisions:

ยท Look beyond the metric of deals-won by focusing on the behaviors and activities which impact outcomes.

ยท Build an incentive structure that encourages performance aligned with company goals.

ยท Review big wins and losses emphasizing learning, not judgement, to keep improving and to solve scalability issues.

๐—Ÿ๐—ฒ๐—ฎ๐—ฟ๐—ป๐—ถ๐—ป๐—ด

Seek knowledge:

ยท Encourage new ideas. Reward suggestions which directly increase revenues with public recognition or even a bonus.

ยท Discover what attracted customers, what they value, and what problems theyโ€™re looking to solve.

ยท Speak with departing customers to learn what was missing and to ask if you can occasionally contact them about updates.

ยท Designate someone to own applying what you learn into action.

There is more than one path to success. Be smart about growth and test paths which will reach your vision.

------------------------------------

To learn more on these topics, consider these posts on:

> Competition: www.webuildscalegrow.com/post/2e29c655

> Partnerships: www.webuildscalegrow.com/post/6e74f22a

> Public Relations: www.webuildscalegrow.com/post/fd3bad6a

> Influencers: www.webuildscalegrow.com/post/249848ad

> Value Prop: www.webuildscalegrow.com/post/8ca47864

> Pricing: www.webuildscalegrow.com/post/d6c1a845

> Growth Mindset: www.webuildscalegrow.com/post/5c07b7fc

Finished a course
Improved workflows
Started and finished the Product-Led Growth Fundamentals Course.

You'll find more information here and are able to join yourself if interested:
https://productled.com

Interesting approach to SaaS business strategy in a succinct package. Playback speed variation is available. Definitely worth the time.
Sep 11, 2021
Improved workflows
Hybrid Work Setup
Setup a hybrid work model fitting individual, team, company and customer needs.ย 
Improved workflows
Improved performances
Improved the build timings of 7 products' websites in the Zoho Finance suite by implementing a custom cache that works on tree-based diffing. Some of these sites have 20,000+ pages.

The build and deploy timing was brought down from 10+ minutes to less than 1 minute for cold starts, 20-30 seconds for warm starts and <500ms for rebuilds.
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