I will sacrifice luxurious features, chalk them up as ‘nice to haves’, and go with thinner, less cumbersome solutions. I’d much rather have 80% of the features run well 100% of the time than the inverse.
While you may not be able overcome fundamental problems with your product or your go-to-market, the good news is there are actually really effective things you can do to help increase customer retention that aren’t going to come at a high cost.
Everything starts with a sale, and the sales team needs rewards for their hard work. Squeeze budget from every nook and cranny to come up with motivating, useful incentives. But just don’t break the bank.
Even when you manage an efficient income statement, low liquidity in your balance sheet can keep you up at night. Since even founders need to sleep (a little), we need ways to shore up that liquidity without ceding board control or mortgaging our homes.
Plenty of ill-fitting customers will buy your solution if you let them. They are a tempting group, often having velocity in the pipeline. Make no mistake, they are also the devil.
I have lots of ways I like to approach planning and goal setting, depending upon the team, the situation, the company culture and the goals. Planning is contextual—I am equally down for a formal, rigorous, highly detailed plan, or something scribbled out on the back of a napkin. Each has their merits and their place. If you are a leader who eschews planning, but knows you need to do it anyway, here is a simple framework.
Over many years and incarnations, I learned a lot about how to have a happy and healthy SaaS company. Of the health metrics I focused on most, churn was by far the most important as well as the most complex.
There is no one right way to run a lean, profitable company. Every team, every product, every market is different. It’s the spirit of running profitably that’s the same no matter what size or shape the company is. So the formula is really pretty simple…
This article looks at the things I like to spend money on and the things I don’t. It looks at a tech company P&L through the lens of dollars spent and their expected upside in growth.