11 things I really wish someone sat me down years ago and told me before I started mobileStorm
1. Learn how to measure recurring revenue and operate the business based upon those metrics.
2. There are really only 6 key metrics that matter, CMRR (Committed Monthly Recurring Revenue), CAC (Customer Acquisition Costs), Cash Flow, Sales Pipeline, CLTV (Customer LifeTime Value), and Churn.
3. Create a set of core values that you violently hire and fire by
4. Annually, create 5 corporate goals and objectives. Then create a set of KPIs for each employee that rolls up into those corporate goals. Put a comp plan in place that rewards people who have hit their goal, and fires people that haven’t hit their goals after 3 tries.
5. Focus on big companies that can really pay you
6. Charge more for your service, because you really know more than your big customers and they would pay you for your knowledge. It’s not just about that software license fee.
7. Create a hiring process that makes it difficult to get a job working for you.
8. Pricing is not an arbitrary thing. A solid pricing strategy is critical to your success, but most importantly, keep pricing simple stupid. Do not create too many plans.
9. Integrate all of your most important systems so they work together. For instance, integrate your phone system with your CRM system with your accounting platform. Do this before you have too many systems.
10. Get super honest with yourself, and figure out what you are bad at, yet to you know to be successful, you have to be good at. Then, hire people around you who are good at those things.
11. Focus on one thing and grow it from there. Don’t try to go international in your second month. Make it work for a vertical or a region, then expand to the next town. Nothing is more important than focus.