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SaaS Growth Stacking - with Dan Martell

How do you end up in rehab for 11 months, discover computer programming, then build 5 tech startups, selling 3 and raising money for the last 2 in 15 years? Tune in each week and Dan Martell will teach you: How he got invited to spend a week with Richard Branson. How he ended up raising money from Mark Cuban. How to hack your productivity. How to focus your marketing efforts. How to get your big dreams funded. How to build, scale and sell your technology company without giving away the control to investors and financial stakeholders. The 3 disempowering “pick me, pick me” mentality that plagues startup founders.. and what you can do to avoid it and fund your startup. Tune in each week and get Dan’s deep-in-the-trenches experience as a father, serial entrepreneur, and investor. Do you want to fund, start, scale and sell your business? That’s the only question that matters here. If the answer is “yes”, then hit the SUBSCRIBE button and let’s make it happen.
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Now displaying: February, 2019
Feb 25, 2019

Exclusive Download: The Weekly Sync™ Format - Run Your Weekly Team Meetings Following This Structure Easy, Fast & Productive - http://bit.ly/2Xp9B6j

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I’ll never forget this one employee I had just hired at clarity.fm

His first few hours went super smooth.

But then at exactly 4:59pm… the guy BOLTED.

Laptop packed. Door shut. Making a beeline straight to the front door.

My jaw literally dropped. Here was this guy I had just hired… someone who was still getting onboarded to our team, our clients, and our company…

And he was more concerned about beating the afternoon traffic than getting up to speed and aligned with our mission. I mean… what the hell, dude!

I call this “Speed of Their Feet” syndrome. And if your company parking lot turns into a barren wasteland at 5:10pm…

Chances are you have at least ONE of the signs of a toxic work culture that I share in this week’s episode.

At a high level, the clear “signals’ that you have a toxic culture forming are:

1. Speed of their feet
2. Asking for raise/perks
3. Lack of empathy
4. Dissatisfaction and anxiety
5. High turnover
6. Failure to meet deadlines and goals
7. Lack of core values

The second item is where I get a lot of pushback.

There’s nothing inherently wrong with your team members asking for raises or demanding new perks.

In fact, I’m a HUGE believer in rewarding A-players above industry standard.

But if 20, 30, 50% of your team is banging at your door asking for more cash… not only will those rising costs eat you alive, but it’s probably indicative of a deeper problem in your reward structure.

“Asking for raises” can sometimes be a last resort that employees turn to when they’re NOT feeling appreciated or like they’re making progress in their career path… and they decide that they might as well get the most out of their crappy situation.

So always investigate more deeply. Especially if you notice a team-wide trend forming.

The sooner you catch these toxic signals, the sooner you can course correct and make your company an attractive place for A-players to do their best work.

Watch the full episode here, and then drop me a comment letting me know if any of these signals are present in your company, and what you’re actively doing to fix it.

--

Dan Martell has advised more startups than his hometown has people and teaches startup founders like you how to scale.
 He previously created, raised venture funding for and successfully exited two tech startups: Flowtown and Clarity.fm. You should follow him on twitter @danmartell for tweets that are actually awesome.

+ Instagram (behind the scenes): http://instagram.com/danmartell
+ Facebook (live trainings + Q&A): http://FB.com/DanMartell
+ Twitter (what I'm reading): http://twitter.com/danmartell

Exclusive Download: The Weekly Sync™ Format - Run Your Weekly Team Meetings Following This Structure Easy, Fast & Productive - http://bit.ly/2Xp9B6j

Feb 18, 2019

Exclusive Download: Precision Scorecard™ – Keep Your Leadership Team Focused & Accountable To Growth - http://bit.ly/2trwB6U

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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 that growth)…

… sometimes you need to take the foot of the accelerator and re-assess things on a foundational level before moving forward.

Doing so can be the difference between getting KO’d and living to fight another day.

In this week’s video, I share the 6 ways to fix a broken SaaS model.

At a high level, here’s the “emergency plan” I would’ve given that founder had he been open to hearing my advice:

1. Baseline metrics
2. Cut expenses
3. Correct churn
4. Nail positioning
5. Perfect pricing
6. Ramp up partner marketing

Only once you get super clear on your actual metrics in step 1, can you begin plugging up the big holes and charting your course correction.

I personally love to see a founder who’s willing to get scrappy in bringing revenue (aka lifeblood) back into the company.

One of the easiest (and most profitable) ways of doing this is to offer a DFY service that’s related to your product. Many founders will resist this as it feels like a defeat and a step backwards (personally and professionally).

Unfortunately, it’s those same founders who’d rather hold their head up as their ships capsize.

At the end of the day… righting the ship can be scary (and takes a lot of unpopular moves)… but there are few things more satisfying than surviving that storm en route to massive success.

(plus makes a cool chapter in your future best selling biography)

If you suspect that your SaaS model may be broken, I encourage you to watch this full episode

…  and then leave me a comment telling me a bit more about your situation and how you plan on navigating your way through it.

--

Dan Martell has advised more startups than his hometown has people and teaches startup founders like you how to scale.
 He previously created, raised venture funding for and successfully exited two tech startups: Flowtown and Clarity.fm. You should follow him on twitter @danmartell for tweets that are actually awesome.

+ Instagram (behind the scenes): http://instagram.com/danmartell
+ Facebook (live trainings + Q&A): http://FB.com/DanMartell
+ Twitter (what I'm reading): http://twitter.com/danmartell

Exclusive Download: Precision Scorecard™ – Keep Your Leadership Team Focused & Accountable To Growth - http://bit.ly/2trwB6U

Feb 11, 2019

Exclusive Download: Fundraising Like a Pro – The 3 phases of fundraising – 7 week process for starting & closing your round - http://bit.ly/2SLbmeA

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Growing a tech company is hard.

Growing a tech company
 with lawsuits being thrown at you left and right is nearly impossible.

The good news is, most legal issues that startups face are HIGHLY preventable, and can be sidestepped with just a few simple measures.

In this week’s video, I share the 5 biggest legal issues that startups face… and more importantly,  how to avoid them so that you can grow your company with peace of mind.

(Disclaimer: I’m not a lawyer and I don’t play one on the internet. Consult with an attorney before making any legal decisions)

At a high level, the 5 biggest startup legal issues are:

1. Wrong entity
2. IP Ownership
3. Not setting up vesting
4. Not complying with security laws
5. Not doing due diligence

Remember those twins from The Social Network?

The ones who walked away with over 100M of Zucks’ cash over IP infringement?

Well, Zucks probably could’ve avoided that one had he juuuuuust taken a few of the simple measures I mention in #2.

Even if you’re not building a billion dollar social network, chances are that IP assignments play a huge role in your tech company.

Making sure that ownership is properly assigned can save you from major headaches and lawsuits down the line… especially if you hope to raise capital or exit your company.

Take a few mins to watch the full episode, and then let me know of any hard-earned legal lessons you’ve learned in your own journey.

--

Dan Martell has advised more startups than his hometown has people and teaches startup founders like you how to scale. He previously created, raised venture funding for and successfully exited two tech startups: Flowtown and Clarity.fm. You should follow him on twitter @danmartell for tweets that are actually awesome.

+ Instagram (behind the scenes): http://instagram.com/danmartell
+ Facebook (live trainings + Q&A): http://FB.com/DanMartell
+ Twitter (what I'm reading): http://twitter.com/danmartell

Exclusive Download: Fundraising Like a Pro – The 3 phases of fundraising – 7 week process for starting & closing your round - http://bit.ly/2SLbmeA

Feb 4, 2019

Exclusive Download: The Weekly Sync™ Format - Run Your Weekly Team Meetings Following This Structure Easy, Fast & Productive - http://bit.ly/2HQxfVQ

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In over 20 years in business, I’ve never met a single founder who hasn’t had to fire at least one employee.

While the thought may create knots in your stomach, letting an employee go is actually a super valuable skill with further reaching implications than you might think.

Because done wrong, It could crush team morale, compromise data, and even cost you valuable customer accounts.

Breaking up isn’t fun… but it’s a skill that as a founder you need to get skilled at.

In this week’s video, I’ll share 5 steps for firmly (but respectfully) letting an employee go… while setting up all stakeholders for a smooth transition.

At a high level, here’s how to let an employee go the right way:

1. Prep accounts
2. Schedule the sit down
3. Not a discussion
4. Remove access
5. Communicate the reason

Of the five, the last one gets the most neglected.

Once they’ve been “let go”, it’s tempting to just move forward and drop it from your mental/emotional bandwidth.

But unless you take a quick 15 mins to inform the rest of your team about the decision, and more importantly, the reasons behind it… you may inadvertently be fueling the rumor mill while planting the seeds for a toxic culture.

At the end of the day, if it’s not working out with an employee you owe it to both THEM and the company to move on gracefully.

You might think that you’re doing them a favor with countless “extra chances’, but it’s likely just your own fear and resistance speaking.

If the writing’s already on the wall, you owe it to everyone involved to move on and let them find a career that they can be a total rockstar at.

Give the episode a full watch here, and then drop me a comment letting me know of any lessons you’ve learnt from letting an employee go.

--

Dan Martell has advised more startups than his hometown has people and teaches startup founders like you how to scale. He previously created, raised venture funding for and successfully exited two tech startups: Flowtown and Clarity.fm. You should follow him on twitter @danmartell for tweets that are actually awesome.

+ Instagram (behind the scenes): http://instagram.com/danmartell
+ Facebook (live trainings + Q&A): http://FB.com/DanMartell
+ Twitter (what I'm reading): http://twitter.com/danmartell

Exclusive Download: The Weekly Sync™ Format - Run Your Weekly Team Meetings Following This Structure Easy, Fast & Productive - http://bit.ly/2HQxfVQ

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