CEO and Co-founder of ZoomCharts. In my leadership, we acquired customers from more than 100 countries world wide including many F500 companies, such as, Apple, Microsoft, HP, PayPal and many others. As the CEO, I am responsible for designing and implementing the business strategy and making sure that the company is going towards its vision. 20+ years of software development experience provides unique combination of skillset where I can evaluate the IT business ideas from all sides and suggest on best strategy to implement the product successfully with appropriate sales and marketing strategy.
Every business is driven by its business model. It should provide very clear structure on your profit influencers. In general in every model you should be able to identify your revenue components (quantity and price) and cost components. Having disassembled your profit into the key components you will be able to derive many common financial ratios. As you are in SaaS B2B segement, you should closely monitor:
1) lifetime value of your customers
2) associated cost of customer acquisition
3) add, churn and net movement of your customer base
4) cost recovery time (how many months of revenue it takes to offset the cost)
And quite a few more depending on your business goals and strategy. Would be happy to hop on a call to explain more.
Depending on your idea and implementation complexity, I would suggest to start with a nice and concise presentation of your project. Then, find at least 5 potential customers, who are ready to buy your product even before it's there - make sure that they represent your ideal customer profile. Then work closely with your initial batch to flesh out the true competitive advantages of your new product - this will help you quickly identify what the MVP should be. Then, when you have identified the potential customer profile, you should think of your go-to-market strategy - what would be the best ways to contact your ICPs and how to show them what you have. To summarise, don't spend too much time into website and social media, before you get your first test subjects to work with.
Let's have a call and I will tell you more details about the exact next steps that would help you succeed with your idea.
Hi, my name is Janis and I have gone through the situation that you are currently in and I would like to share some of my experience with you to provide you some initial guidance.
First, you need change the way you think about your company. From what I hear, you are reinvesting everything in the product development without having a sound business model. It should be clear that software development is really a never-ending story, so, rather than continuing on focusing on the technical side, you should start with the business side.
This, of course, means that you need to start from scratch. Start by identifying what problem you are solving and for whom. From there on, you should be looking for those, who are your immediate customers - whom you can sell with pretty much a single call. Provided, that you do not have a budget, you should be doing sales calls yourself in the beginning - with each and every sales call, you will either close a new customer or, more importantly, learn why they would not buy. Collect the reasons for not-buying and see what it takes to address those.
Then, depending on the budget required to address the obstacles and given the total addressable market size, it should be a good indication if you should be continuing your business development or no and in what direction.
I am here to help you, if you would like to get more hints and tips to build a sound business strategy and succeed in your business.