Implementing Growth with Patrick Parker – Episode 61

Watch this episode on YouTube: https://youtu.be/o9-dpvlrcUA

This week we welcome Patrick Parker. Patrick is the CEO of SaaS Partners, helping clients with everything from business ideation, to product/service development, to building scalable marketing strategies — and everything in between. We talk about the challenges of the consulting business model, and how organizations like SaaS Partners can deliver more value to clients.

Save 20% on your first order at the DATAVERSITY Training Center with promo code “AlgminDL” – https://training.dataversity.net/?utm_source=algmindl_res

Connect with Anthony J. Algmin on LinkedIn – https://www.linkedin.com/in/anthonyjalgmin

Data Leadership Lessons Home – https://DataLeadershipLessons.com

About our Guest:

Patrick B. Parker is an accomplished Tech Executive turned Founder with domestic and international experience in operations, custom software development, multi channel product distribution, and marketing involving both start-up and growth operations. He has bootstrapped companies he founded to millions ($MM) in ARR and has raised venture capital to build out teams, to refine product features and user experiences, and to execute go-to-market (GTM) strategies. Patrick has built award-winning products and led major growth initiatives in both the public and private sectors. He is a proven operations strategist with a track record of building successful businesses. If you want guidance that you can count on, then you have come to the right place. Today, his company works with amazing entrepreneurs that are looking to make a major impact within their industry. Thoroughbred Solutions helps clients with everything from business ideation to product/service development to building scalable marketing strategies and everything in between.

https://thoroughbredsolutions.com/

Episode Transcript

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anthony_algmin: Welcome to the data leadership lessons podcast. I’m your host Anthony J. Algmin. Data

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anthony_algmin: everywhere in our businesses and it takes leadership to make the most of it.

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anthony_algmin: We bring you the people, stories and lessons to help you a leader. We’ve

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anthony_algmin: partnered with DATAVERSITY to provide listeners with twenty percent off

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anthony_algmin: your first training center. Purchase with Promo code “AlgminDL”, Go to

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anthony_algmin: DataLeadershipTraining.com to learn more. Today on episode 61 we

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anthony_algmin: welcome Patrick, Parker, Patrick is a tech executive turned founder with

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anthony_algmin: experience at Operations, Software development, multi channel product

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anthony_algmin: distribution and marketing involving both Startu and growth operations. He

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anthony_algmin: is the CEO of SaaS Partners, helping clients with everything from business

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anthony_algmin: ideation, to product service development, to building scalable marketing

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anthony_algmin: strategies, and everything in between. Patrick. Welcome to the show!

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patrick_b_parker: Hey Anthony, thank you for having me, it’s good to be here.

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anthony_algmin: so like we do with all our first hand guests, Please just take a moment and

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anthony_algmin: tell the audience a little bit more about your career before Sas partners,

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anthony_algmin: and how all of that experience led you to doing what you do now.

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patrick_b_parker: Yeah, absolutely so pride to Harding Sas partners. I was a big four

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patrick_b_parker: consultant for over a decade and was delivering

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patrick_b_parker: projects and and products in most cases, and just seeing the the outcome,

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patrick_b_parker: seeing the challenges with implementation and delivery, seeing customers

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patrick_b_parker: be laughed at the end of multi million dollar projects. Uh, not

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patrick_b_parker: understanding how to adequately use the system, not given the proper

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patrick_b_parker: training, not given the resources to actually be successful on the

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patrick_b_parker: platforms that they’d invested in and I just looked at Uh, a couple of the

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patrick_b_parker: other architects and folks that I work with I. There’s got to be a better

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patrick_b_parker: way, So back in Uh, twenty seventeen I, I struck out of the thereir,

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patrick_b_parker: opened up my own shop. Boo, shrapped it to, Uh, a couple million dollars

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patrick_b_parker: in revenue and just keep it on climbing. So today we work with Uh,

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patrick_b_parker: primarily softwarees and service companies, helping with everything from

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patrick_b_parker: Iation and business modeling, strategic planning, Uh, obviously marketing

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patrick_b_parker: go to market strategy than product development. So that’s where Uh where

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patrick_b_parker: we are today and and continuing Uh, to build out our services and and grow

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patrick_b_parker: our brand.

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anthony_algmin: Nice and that’s something that you. You’re kindut of speaking. You’

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anthony_algmin: preaching into the choir with me On this be cause. I’ve done a fair amount

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anthony_algmin: of consulting work in my career as well, and I it. It breaks my heart

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anthony_algmin: frankly to have that situation where you come in as a consultant. I talk

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anthony_algmin: from that perspective. First you come in as a consultant, you do good work

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anthony_algmin: and you come up with good ideas, and the client has no way to implement them

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anthony_algmin: as successfully as as they should. And it’s frustrating for the consultant

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anthony_algmin: and it’s certainly frustrating for the client, because the client is like.

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anthony_algmin: I’m learning these things. I want to do these things, but our ability to

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anthony_algmin: execute just isn’t there. And and I feel like the traditional Big Four type

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anthony_algmin: consulting model is broken because they’re not able to see it all the way

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anthony_algmin: through, And the economics of those engagements don’t work especially for

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anthony_algmin: small mid size businesses To try to get acceleration through these kinds of

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anthony_algmin: engagements. And and working

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anthony_algmin: with those folks, I appreciate that challenge. I’m really interested in

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anthony_algmin: learning. Okay, how do you operate differently? What are some of the things

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anthony_algmin: that you’ve done to try to evolve that kind of broken model?

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patrick_b_parker: Yeah, I mean the the biggest thing is. Uh, I think where they come short

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patrick_b_parker: is that they. they don’t take a human centered approach, right. So, by

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patrick_b_parker: having buy in from all the stakeholders, and, and clearly identifying who

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patrick_b_parker: those people are early on in the project and then working to make sure

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patrick_b_parker: that they’re included every step of the way, so that by the time you get

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patrick_b_parker: to the end of the project and it’s it’s time to turn over uh, the platform

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patrick_b_parker: for delivery.

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patrick_b_parker: they’ve been engaged in entire time they’ve been, you know all the

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patrick_b_parker: requirements that everything have been built with them in mind, So there’s

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patrick_b_parker: there’s no gaps, uh, versus the the way they do it. Now they just go out,

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patrick_b_parker: and and you know, usually capture requirements, they go out and build out

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patrick_b_parker: a system, and then at the end of it they come and try to tell someone how

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patrick_b_parker: to use it right.

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patrick_b_parker: So there’s there’s been no opportunity to actually have that feedback loop

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patrick_b_parker: with the actual customers or the in users themselves. So you end up with

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patrick_b_parker: with something that you know does doesn’t meet the bill, It doesn’t uh,

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patrick_b_parker: doesn’t pass a smell test. It doesn’t cover uh, or or support all the

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patrick_b_parker: requirements that they had in the first place, so I. I, I think that’s

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patrick_b_parker: kind of the biggest thing is missing, just the uh. the human element of

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patrick_b_parker: it. Um, and that that’s something that we really try to focus on. Uh, we,

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patrick_b_parker: we have a continuous feedback loop at every different uh phase Gate.

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patrick_b_parker: Within our projects we go back and we, we make sure that the clients and

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patrick_b_parker: and in users understand, we make sure that we have buying from them, and

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patrick_b_parker: we make sure that we’re building a system that is going to make their

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patrick_b_parker: lives easier. And obviously, uh, ▁ultimately, solve a a problem for them.

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anthony_algmin: Yeah, well, and obviously like a client is going to be working with a

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anthony_algmin: consultant because they need to get something done and they don’t have the

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anthony_algmin: internal resources or skill set to do it

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anthony_algmin: themselves. And yet there’s a challenge there. If you are on the client

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anthony_algmin: side, trying to kick over to a consulting firm. Hey, we can’t adds rest,

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anthony_algmin: this problem ourselves. Go fix it for us and then bring us that solution.

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anthony_algmin: and to your point, that’s a recipe for a disaster, because the consulting

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anthony_algmin: firm is going to do its best, but it’s not going to have that depth of

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anthony_algmin: understanding of the business that the business stakeholders actually do.

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anthony_algmin: And so, if they’re not able to commit some amount of internal resources

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anthony_algmin: towards guiding that amplification that the consulting firm brings. it’s

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anthony_algmin: probably going to spell some problems, no matter how much people want it to

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anthony_algmin: be aligned right,

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patrick_b_parker: Absolutely, I mean, at the end of the day the customers don’t know what

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patrick_b_parker: they don’t know, right. That’s the whole reason that they are reaching out

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patrick_b_parker: to a consulting agency in the first place. You know the biggest challenge

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patrick_b_parker: I think misstep is from a a consultancy perspective. You got to really

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patrick_b_parker: dive in and do a a process of discovery with those clients to really

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patrick_b_parker: uncover and kind of dig deep within those operations so that you

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patrick_b_parker: understand and so that you can build out a a solution that is ▁ultimately

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patrick_b_parker: going to

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patrick_b_parker: resolve that need

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patrick_b_parker: or fill that gap that they have.

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anthony_algmin: yeah,

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anthony_algmin: I, I. I’ve seen it on the consulting side. you know you, you get paid to

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anthony_algmin: come in and bring ideas, and and you get good at it over time, and you you

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anthony_algmin: gain confidence. But there’s a danger of being arrogant like you have at all

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anthony_algmin: figured out like you understand everything. And if you think that the thing

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anthony_algmin: that you’ve done in the past is exactly what is going to be needed here,

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anthony_algmin: then you’re ▁ultimately going to do a service to that that kind of

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anthony_algmin: organization Because every client is different. And and what? I? what I

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anthony_algmin: coach when i, when I’m leading consulting teams, right, my, I coach the the

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anthony_algmin: consultant, especially junior consultant’s. like, Hey, table Stakes Is you

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anthony_algmin: have to understand the patterns you have to understand. This is what often

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anthony_algmin: happens. This is the kind of thing you’ve seen before. but what makes a good

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anthony_algmin: consultant is how do you understand what’s unique about this particular

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anthony_algmin: client about this particular situation, And what do we have to do

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anthony_algmin: differently than we did anywhere else to be able to help this client

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anthony_algmin: uniquely and get to that point. Then you’ really getting on the right track?

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patrick_b_parker: Yeah, I, I think you hit it around the head. I mean, no two clients are

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patrick_b_parker: like. You can always take those best practices and lessons learned forward

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patrick_b_parker: to future engagements, but at the same time you’ve still got to step back

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patrick_b_parker: and evaluate Uh. what the differences are? you know, so that you can build

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patrick_b_parker: a solution that fits the needs of that particular business right, There is

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patrick_b_parker: no one size. It’s all in consulting. You know, there are off the shelf

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patrick_b_parker: products and solutions that that that may serve a need, but again, at the

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patrick_b_parker: end of the day, the implementation style for that may be completely

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patrick_b_parker: different. I mean again, it’s just understanding how that organization

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patrick_b_parker: ticks, understanding how people prefer to work within that organization.

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patrick_b_parker: Uh, and then making sure that you got a solution to support it.

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anthony_algmin: that’s yeah. That’ very well said, And so I want to dig in. Um, to uh, how

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anthony_algmin: you work with software service companies and where your kind of market niche

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anthony_algmin: is in

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anthony_algmin: in helping these these kind organizations. You talk more about that or

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anthony_algmin: maybell Use some examples of Um. You know the kinds of projects that you

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anthony_algmin: engage in and where you found you know some really impactful successful

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anthony_algmin: clients.

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patrick_b_parker: Absolutely, so we. we do. a lot of uh, go to market strategy development

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patrick_b_parker: for early stage right, helping uh. helping founders Uh, primarily

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patrick_b_parker: technical founders is is kind of bitter niche, helping them find Uh, kind

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patrick_b_parker: of develop who their ideal customer profiles are. helping them understand

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patrick_b_parker: what channels they need to to have a presence in. When they’re they’re

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patrick_b_parker: going to the market, understanding what that looks like in terms of of

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patrick_b_parker: advertising in terms of of paid surge, pa, s e o, and things like that,

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patrick_b_parker: and seeing really where they need to to spend their time in their money in

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patrick_b_parker: order to get their first customers. So that’s a big piece of it. And then

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patrick_b_parker: we also work with non technical Uh founders to actually build out their

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patrick_b_parker: products, so a lot of times we will be developing softwares or service uh

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patrick_b_parker: products, and then helping to take market, so we’ll partner with them in

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patrick_b_parker: that regard, too, uh, and then just augment or support their existing

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patrick_b_parker: teams just so that they can kind of do more with less. We also do a a ton

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patrick_b_parker: around automation, Uh, specifically marketing in sales, Uh, and then kind

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patrick_b_parker: of back in workflow process automation as well again, just kind of helping

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patrick_b_parker: them stay lean, Uh, and then helping them drive r o wise, uh by by being

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patrick_b_parker: able to reduce the actual human capital costs, Uh that they’d otherwise

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patrick_b_parker: uh, incur without that level of automation. So that’s that’s kind of where

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patrick_b_parker: we started, Um. We do provide a a ton of other services within. I mean

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patrick_b_parker: it’s it’s extremely broad. I could probably talk about that for for days

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patrick_b_parker: and days, but but what we’ve tri to do is just go out and and we try to

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patrick_b_parker: get Uh, the top experts uh, in each different functional area and make

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patrick_b_parker: sure that we have people that have worked at big companies and that have

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patrick_b_parker: gone through these exercises and and had these experiences of helping

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patrick_b_parker: companies Uh, launch grown scale, and then making sure that we are, are

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patrick_b_parker: helping to also educate founders throughout the process right, because at

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patrick_b_parker: the end of the day you want your clients to a. Understand, uh, the the

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patrick_b_parker: expertise that you have, which also want to build that trust. so in order

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patrick_b_parker: to build that trust, it’s important to educate them along the way. Uh, so

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patrick_b_parker: at the end of the the engagement at the end of the day they walk away

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patrick_b_parker: feeling like they learn something. Uh. in addition to uh, reaping the

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patrick_b_parker: benefits of of you know the services that you are providing.

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anthony_algmin: Yeah, well,

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anthony_algmin: I like that you provide

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anthony_algmin: some of that, you strategic and product design, and and you guidance from

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anthony_algmin: that perspective Cause you’ve seen things that have worked in the market.

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anthony_algmin: You’ve seen things that happen. You can help early stage companies that have

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anthony_algmin: a good idea, but need to refine that. To get it to market in a successful

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anthony_algmin: way, You can help them with that, but then you can also help them get over

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anthony_algmin: the hump of the initial build and that and that

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anthony_algmin: technology development. Because what you need to grow the company past a

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anthony_algmin: phase one or not, I don’t want to use phase, but like for Averersion, one

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anthony_algmin: point, Oh, technology software is a service type offering to get to that

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anthony_algmin: first place. The amount of of development time and energy and all of that is

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anthony_algmin: tremendous and

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anthony_algmin: you’re going to need some of that to keep growing it. And or what have you?

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anthony_algmin: But it changes. It evolves to needing to manage both operations as well as

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anthony_algmin: support the continued development of the platform. but that initial roll

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anthony_algmin: outut is a tough road, and so I appreciate that you’re there to help give

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anthony_algmin: them that insight of. Here’s what it’s going to take to build. We may

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anthony_algmin: amplify your team. You may have some technical leaders on your internal

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anthony_algmin: team, but we are going to take this and help you get to that stage with a

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anthony_algmin: clear Um perspective, a clear strategy that you’ll then

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anthony_algmin: be able to take and run with. And and we’re here to help you Uh, in that

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anthony_algmin: journey beyond. But a lot of your focus is on helping them get out of the

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anthony_algmin: gate in a successful way. Am I characterizing this correctly?

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patrick_b_parker: a hundred percent. I mean, that’s what people really love about our firm

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patrick_b_parker: is that we have Uh, taken a multi faacted approach to understanding all

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patrick_b_parker: the different functional areas, being able to provide consulting an

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patrick_b_parker: expertise in those areas and then also being able to help Uh. executing

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patrick_b_parker: those as well. So again designing developing products. Uh is kind of the

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patrick_b_parker: foundation of of what we do. But after you get that product built, how we

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patrick_b_parker: taken it to market? how are we scaling it? What does that look like? Uh,

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patrick_b_parker: so people love that they can come to us. They pay one bill.

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patrick_b_parker: They get everything that they need taken care of, and then we also work.

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patrick_b_parker: Uh, as I said earlier to to to educate them on the process, just so that

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patrick_b_parker: going forward they know what questions to ask is well and they have a high

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patrick_b_parker: level of comfort with us. Um,

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patrick_b_parker: I’m always amazed by the number of founders that come in. and, and they

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patrick_b_parker: have you know, built a a product. they’ve kind of worked towards their

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patrick_b_parker: viersion one. but then when they meet with us they say Okay, Well, I need

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patrick_b_parker: to start marketing it and they’ve got fifty ten to twenty different, Uh, I

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patrick_b_parker: c, Ps that they’re they’re trying to market to, and it’ It’s of those

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patrick_b_parker: things, which like Okay, weve. we’ve got a niche down. We’ve got to focus.

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patrick_b_parker: We’ve got to you know, rewrite copy, and and you start talking about Uh,

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patrick_b_parker: all the marketing activities and tasks that need to be done, and there’s

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patrick_b_parker: just so many moving parts. And and it’s very easy as a as an early stage

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patrick_b_parker: founder to get overwhelmed by all that needs to be done right, especially

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patrick_b_parker: when you have uh, a smaller team or you may be. Uh, you know a, a group of

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patrick_b_parker: of co founders just starting out, so we really kind of of demystfy that

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patrick_b_parker: entire process. Uh, we’ve got uh, proven play books, Uh, for go to market

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patrick_b_parker: strategies and stuff like that that we walk founders through. so they know

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patrick_b_parker: exactly what to expect and they know where to focus their attention right

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patrick_b_parker: be cause. that’s that’s the biggest thing we see so many founders fail.

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patrick_b_parker: because they don’t know where to focus right they? They’re working on

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patrick_b_parker: product. They think the product’s going to sell itself, but when it

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patrick_b_parker: doesn’t they’ve got problems right. so they turn around and and we just

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patrick_b_parker: help, kind of uh, streamline that. Uh, those start up activities and make

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patrick_b_parker: sure that that they’re grounded in reality and that they understand what

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patrick_b_parker: the steps are. They need to be taken in order to to actually have a

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patrick_b_parker: successful launch.

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anthony_algmin: Yeah, and I love your point around. Know that that whole marketing side,

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anthony_algmin: because, especially for technology type companies that are driven

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anthony_algmin: fundamentally by an engineer with an idea, this is true

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anthony_algmin: and this is true in the founder and entrepreneurial space. This is true in

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anthony_algmin: our enterprises. In department level, things that are building applications

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anthony_algmin: is that we get focused on building the widget and not realizing that if you

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anthony_algmin: build it they will come

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anthony_algmin: only works and field of dreams. like you have to be thinking marketing

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anthony_algmin: the entire time. Even if you’re not taking action on it immediately, You

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anthony_algmin: have to be thinking about how we take a. How do we start to communicate?

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anthony_algmin: What is the sales fun? How what is the pipeline of awareness and all of that

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anthony_algmin: stuff is tremendously boring to engineers who want to focus on building the

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anthony_algmin: thing and I get it. But it’s not. It’s not going to be successful unless you

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anthony_algmin: can connect your your brainchild to the people out there who have a need for

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anthony_algmin: it, and it’s so heartbreaking to see how often great technology solutions

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anthony_algmin: that should have a home with people never

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anthony_algmin: make it because they just never put enough energy in finding the people

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anthony_algmin: finding the the connection points.

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patrick_b_parker: Absolutely. yeah, it never developed a strategy right. it’s It’s the same

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patrick_b_parker: thing. So it. it’s uh, it’s funny. I mean literally. It’s It’s probably

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patrick_b_parker: one and one thousand product actually sells itself, because it’s something

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patrick_b_parker: that’s revolutionary that that solves a need that that everyone has and

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patrick_b_parker: everyone is just happy to jump on it. But for everyone else it’s extremely

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patrick_b_parker: tough, right. You’ve got to spend a a lot of time and energy Really

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patrick_b_parker: working to understand who your customers are, Uh, spending time talking to

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patrick_b_parker: those customers, understanding you know their thought process, their

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patrick_b_parker: behavior patterns, et Ctera, so that you can craft a really strong sales

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patrick_b_parker: copy. Uh, that is going to ▁ultimately, lead to conversions. Uh, for your

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patrick_b_parker: product right, That’s client acquisition at the end of the day is always

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patrick_b_parker: going to be the lifeloood of any Sas company specifically. So if you’re

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patrick_b_parker: not acquiring customers, then your business is dead, The water. So how do

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patrick_b_parker: you do that? What? what can you spend your time on To make sure, Uh that

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patrick_b_parker: you’re going to be successful? Uh, out of the gate right. That’s That’s

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patrick_b_parker: the stuff that that we spend a lot of time on and really put an emphasis

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patrick_b_parker: on, especially with with technical founders. Because at the end of the day

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patrick_b_parker: they believe they built this great product and and most of the time they

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patrick_b_parker: have but it. If you can’t sell it, it doesn’t matter, right. No’ll ever

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patrick_b_parker: see it. appreciate it and benefit from it. And so that’s where we kind of

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patrick_b_parker: step in to further that agenda.

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anthony_algmin: Well then that’s why you create a leadership team. It’s not a leadership

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anthony_algmin: person. It’s a leadership team

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anthony_algmin: where if you don’t like doing ▁x y, ▁z, find people who do and and partner

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anthony_algmin: with them, think about those different facets of the job because one thing I

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anthony_algmin: have learned is like, for me personally, I founded businesses and I’ve done

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anthony_algmin: various things and I hate the sales process like I hate. I don’t like to

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anthony_algmin: sell stuff. I don’t like to go out and and shake the trees for money, and I

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anthony_algmin: don’t like it enough that I will try not to do it, and if I will try not to

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anthony_algmin: do it as an entrepreneur. I’m in trouble. I am in trouble,

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patrick_b_parker: that’s right. that’s right.

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anthony_algmin: And so I need a partner who loves that side of things, loves to be able to

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anthony_algmin: go and pursue new business. I love to be the consultant who delivers, You

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anthony_algmin: know, I love to be the consultant who comes in and solves problems. I love

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anthony_algmin: to do that on the on the industry side as well, but I, you have to

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anthony_algmin: understand as a founder or as a a collective leadership team. Where are your

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anthony_algmin: holes? Where are your blind spots? Where are the things that you know you

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anthony_algmin: don’t really want to do? And can you find somebody who loves that part of

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anthony_algmin: the business as much as you dislike that?

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patrick_b_parker: I. I always tell all founders, the most important characteristic that you

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patrick_b_parker: can have as a founder is self awareness and it really is understanding

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patrick_b_parker: what your strengths are. Just like you said, understanding what you’re

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patrick_b_parker: good at or what you don’t enjoy, and finding the people that that have

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patrick_b_parker: expertise in those areas. Finding the people that can help you move the

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patrick_b_parker: ball forward right, and so you know, we always encourage founders not to

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patrick_b_parker: spend a ton of time on activities that they’re not good at. They. they

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patrick_b_parker: don’t enjoy Right. That’s where we step in from a consulting perspective.

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patrick_b_parker: Oh, we make recommendations as far as as who would best serve them in

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patrick_b_parker: their company At that stage that point in time right, So you know again, I

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patrick_b_parker: always say this to to clients. You don’t know what you don’t know. The

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patrick_b_parker: easiest thing to do is work towards getting educated research. I mean,

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patrick_b_parker: there’s there’s you know, topics and and materials uh, around everything

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patrick_b_parker: that you could ever possibly want to learn. Uh, something that is so

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patrick_b_parker: incredible about the information Asia we’re living in now, But you’ve got

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patrick_b_parker: to take that step and you, you’ve got to at least have some kind of

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patrick_b_parker: fundamental education around the different functional areas of how to how

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patrick_b_parker: to run a business. how to to market your products and things like that.

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patrick_b_parker: Just so you can

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patrick_b_parker: you know, sleep comfortably and night, knowing that, Uh, the people that

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patrick_b_parker: you are working with the agency that you’re working with knows what they’

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patrick_b_parker: talking about, or at least knows more than you have been able to research.

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patrick_b_parker: I. I see so many different agencies, Uh, so many different consultancies

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patrick_b_parker: and you’ve probably seen this as well in your career. But

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patrick_b_parker: a lot of times you’re the second call that was made right. They’ve already

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patrick_b_parker: talked to someone else. They’ve already gone through another consulting

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patrick_b_parker: firm. The results were terrible. You’ve been brought in to fix problems. I

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patrick_b_parker: mean we. I can’t tell you how often that happens with us. Uh, and again. A

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patrick_b_parker: lot of that is just because of miscommunication. misundstanding on part of

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patrick_b_parker: the businesses. They understand what problem they’re trying to solve and

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patrick_b_parker: not how to communicate it right. So they, they deal with that first

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patrick_b_parker: company and not knowing, Uh, that company comes in provides a service and

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patrick_b_parker: then somebody else got to come in behind them and and clean it up right.

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anthony_algmin: Yeah, Well it. And and there’s so much to uh, fit Like And and whether or

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anthony_algmin: not that consulting partner gets you, and in allin with it I, I, I think

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anthony_algmin: about when, when back many years ago I was studying for the G Mat, which was

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anthony_algmin: the Um. Graduate Management admission test. I think that’s what it’s

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anthony_algmin: called. But it’s what you had to take to be able to go get an N. B. A and

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anthony_algmin: I’m like Okay, I’m

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anthony_algmin: going to study. I want to go get an M B A some day, and I want when I pass

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anthony_algmin: this test and I and I got this book or it was like the four books. It was.

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anthony_algmin: It was big and it was

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anthony_algmin: heavy and I didn’t understand anything that those things were talking about.

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anthony_algmin: I was doing my best, but I was really struggling. I was bombing all the

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anthony_algmin: practice. I’m like I just don’t get it. And then I found a smaller book was

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anthony_algmin: written a little bit differently, but it was still a g. Ma preparation book

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anthony_algmin: and I’m like I

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anthony_algmin: get it. Why didn’t the other book tell me these things? And then all of a

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anthony_algmin: sudden my practice test started improving and and it just clicked And it

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anthony_algmin: works like that with consulting firms as well like Just because a person you

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anthony_algmin: know had this consulting for men that did a great thing, And it it, it

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anthony_algmin: worked for them. It doesn’t mean it’s necessarily going to work for your

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anthony_algmin: business, because you might need to totally different things. You know. it’s

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anthony_algmin: like if you

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anthony_algmin: look in the mirror, that’s better than not looking in the mirror. But

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anthony_algmin: remember everything is flipped from reality when you’re looking in the

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anthony_algmin: mirror, and you need that outside advisor team that can tell you those

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anthony_algmin: things that you can’t see. Otherwise,

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patrick_b_parker: yep. absolutely. And and talking about things that you can’t see

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patrick_b_parker: otherwise, I mean that’s that’s kind of what you know is a good seg way

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patrick_b_parker: into into the data, Um,

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patrick_b_parker: because it. it’s the same thing.

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patrick_b_parker: A lot of founders, especially from a a technical perspective. They don’t

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patrick_b_parker: understand the the metrics right that they need to be tracking, so every

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patrick_b_parker: company’s going to have its own Nors stare metrics, and none of them are

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patrick_b_parker: going to be the same right, depending on what the the goals of that

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patrick_b_parker: company are, Uh, and growing and skilling their business. So you’re going

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patrick_b_parker: to have you know goals, uh, and objectives in in each different functional

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patrick_b_parker: area, And and all of those need to be tied back to the metrics to the

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patrick_b_parker: data. And so it’s the same thing. It’s it’s it. it literally, You know,

352
00:22:19,666 –> 00:22:23,833
patrick_b_parker: transcends across all functional areas, but you’ve got to have people that

353
00:22:23,958 –> 00:22:28,291
patrick_b_parker: are intelligent enough and experienced enough to understand what those

354
00:22:28,458 –> 00:22:32,375
patrick_b_parker: different data points that are being collected are how the calculations

355
00:22:32,625 –> 00:22:36,125
patrick_b_parker: need to be performed. Uh, and how they need to be tracked over time to

356
00:22:36,208 –> 00:22:40,125
patrick_b_parker: actually gauge the the health and success of your business, right? I was

357
00:22:40,291 –> 00:22:44,041
patrick_b_parker: talking to a uh, a founder the other day, a good friend of mine who is,

358
00:22:44,291 –> 00:22:47,916
patrick_b_parker: was kind of boasting a little bit and bragging on on how well his company

359
00:22:48,125 –> 00:22:50,791
patrick_b_parker: was doing, which There’s nothing wrong with that Right. I mean that’s

360
00:22:50,916 –> 00:22:54,458
patrick_b_parker: that’s something that we all get excited about, right, We, we love those

361
00:22:54,625 –> 00:22:58,125
patrick_b_parker: wins within our company and we want to share with other people right. Uh,

362
00:22:58,375 –> 00:23:02,875
patrick_b_parker: so anyways, I, I quickly started asking him a couple of questions around

363
00:23:03,125 –> 00:23:04,125
patrick_b_parker: his metrics

364
00:23:04,375 –> 00:23:09,583
patrick_b_parker: around his K. P. eyes around, you know his revenue, talking about things

365
00:23:09,833 –> 00:23:14,041
patrick_b_parker: like churn, talking about costper lead, talking about customer acquisition

366
00:23:14,208 –> 00:23:19,500
patrick_b_parker: costs, K paybacks and stuff like that, And he really quickly realized that

367
00:23:19,666 –> 00:23:23,416
patrick_b_parker: he had no idea how he was actually doing right.

368
00:23:23,666 –> 00:23:24,666
patrick_b_parker: and so

369
00:23:25,500 –> 00:23:29,750
patrick_b_parker: long story short, he ended up going back. He was able to get a bunch of

370
00:23:29,916 –> 00:23:35,166
patrick_b_parker: information from his developers. Reach out to his marketing team. Um, this

371
00:23:35,250 –> 00:23:38,041
patrick_b_parker: is a a founder that doesn’t actually work with us. It just just a gather.

372
00:23:38,208 –> 00:23:41,500
patrick_b_parker: I’ve built a great relationship. but, but at the end of the day his

373
00:23:41,666 –> 00:23:43,333
patrick_b_parker: business was fine. It was healthy,

374
00:23:44,458 –> 00:23:49,916
patrick_b_parker: but that scramble of not knowing and not understanding whether or not it

375
00:23:49,958 –> 00:23:54,916
patrick_b_parker: was healthy. having no way, uh to know at a glance, Uh, if he’s doing

376
00:23:55,083 –> 00:23:59,083
patrick_b_parker: well, he just he sees revenues growing up right and revenues. They just

377
00:23:59,166 –> 00:24:01,833
patrick_b_parker: don’t tell the whole story, so that’s why you need to be able to actually

378
00:24:01,958 –> 00:24:04,625
patrick_b_parker: dive deeply into the data To understand

379
00:24:05,916 –> 00:24:11,083
patrick_b_parker: Is this model that I’ve built Uh, sustainable in terms of of scale and

380
00:24:11,250 –> 00:24:15,375
patrick_b_parker: growth. And so anyways, he, he came back to me a week later and it was

381
00:24:15,375 –> 00:24:16,375
patrick_b_parker: like

382
00:24:17,083 –> 00:24:20,208
patrick_b_parker: my company’s good. He’s like. Just Why’t you know that he’s like, But

383
00:24:20,291 –> 00:24:24,125
patrick_b_parker: thank you so much for for making me aware of the need, Uh to actually

384
00:24:24,458 –> 00:24:27,000
patrick_b_parker: report on these things. So now they’re They’re working on building out

385
00:24:27,166 –> 00:24:29,250
patrick_b_parker: reports and everything. And it was like that. That’s a great thing to do.

386
00:24:29,333 –> 00:24:31,500
patrick_b_parker: It’s something that you should understand and that you should implement

387
00:24:31,833 –> 00:24:35,833
patrick_b_parker: from the beginning. so you don’t get in that that position. But again, the

388
00:24:35,958 –> 00:24:40,041
patrick_b_parker: uh, the need is there right you? You’ve got to be able to understand at a

389
00:24:40,125 –> 00:24:43,250
patrick_b_parker: glance how healthy is my business and it’s more than just revenues.

390
00:24:44,083 –> 00:24:49,291
anthony_algmin: Yeah, do you have any? Are there any shorts or any like Common? Like these

391
00:24:49,291 –> 00:24:50,291
anthony_algmin: are the few

392
00:24:51,291 –> 00:24:56,750
anthony_algmin: core metrics that really any founder should start compiling before they know

393
00:24:56,875 –> 00:24:58,333
anthony_algmin: anything. If there’s anybody out

394
00:24:58,416 –> 00:25:01,458
anthony_algmin: in the audience. It’s an entrepreneur. that’s like. Oh, all I know is my

395
00:25:01,541 –> 00:25:02,666
anthony_algmin: revenue number because I

396
00:25:02,875 –> 00:25:05,916
anthony_algmin: imagine there might be. Um. Yeah, what? what are? What Are A good couple

397
00:25:06,250 –> 00:25:09,791
anthony_algmin: places to say? Okay, I got. I gotta at least get a little bit more than just

398
00:25:09,916 –> 00:25:12,750
anthony_algmin: looking at my bank account and seeing how much cash is in it, which I think

399
00:25:13,083 –> 00:25:16,375
patrick_b_parker: yeah, yeah, I mean that it’s so funny because that that’s the one that

400
00:25:16,375 –> 00:25:19,583
patrick_b_parker: people always want to brag about. Right, people always, it’s it’s the the

401
00:25:19,666 –> 00:25:22,916
patrick_b_parker: sexy number right. it’s what’s your monthly recurring revenue’s your

402
00:25:23,000 –> 00:25:26,541
patrick_b_parker: annual run rate. Give me those m, r, r and a r r numbers. And and people

403
00:25:26,708 –> 00:25:29,500
patrick_b_parker: want to judge how well you’re doing based on that, but it. it just doesn’t

404
00:25:29,583 –> 00:25:33,000
patrick_b_parker: tell the whole story. So when you tell somebody that your costs per lead

405
00:25:33,250 –> 00:25:37,250
patrick_b_parker: is is two dollars, Right, you tell somebody should cost be leaders twelve

406
00:25:37,416 –> 00:25:38,541
patrick_b_parker: dollars. Right,

407
00:25:39,666 –> 00:25:44,541
patrick_b_parker: those numbers are sexy because that’s a scalable model. So the lower that

408
00:25:44,625 –> 00:25:46,041
patrick_b_parker: you can keep that costper lead,

409
00:25:47,083 –> 00:25:51,416
patrick_b_parker: the lower that you can keep that customer acquisition cost right, the

410
00:25:51,583 –> 00:25:56,916
patrick_b_parker: lower that you can can keep that uh Ca payback time. Those are the things

411
00:25:57,083 –> 00:26:00,875
patrick_b_parker: that that you look at to see Okay is what I’ve built scalable

412
00:26:01,500 –> 00:26:04,916
patrick_b_parker: right. So if you can get leaves for cheap, you’re closing a a solid

413
00:26:05,083 –> 00:26:09,166
patrick_b_parker: percentage of your deals. It’s it’s a, Has a, its, A great indicator how

414
00:26:09,166 –> 00:26:12,458
patrick_b_parker: your sales team is doing right in terms of the quality of the leads in

415
00:26:12,541 –> 00:26:17,083
patrick_b_parker: terms of the the closer win rate. Uh, how long does it take to to pay

416
00:26:17,333 –> 00:26:21,500
patrick_b_parker: back? Uh, what you’ve spent on your advertising and marketing initiatives?

417
00:26:22,041 –> 00:26:26,208
patrick_b_parker: You know that lets you know. Yes, this is a scalable model. This is

418
00:26:26,291 –> 00:26:30,041
patrick_b_parker: something I continue can continue to grow. so I mean Al, always start

419
00:26:30,208 –> 00:26:33,083
patrick_b_parker: there. You want to see. You want to make sure that that that uh, customer

420
00:26:33,250 –> 00:26:37,166
patrick_b_parker: acquisition calls payback time is low enough. Uh, so that you’re not going

421
00:26:37,166 –> 00:26:40,875
patrick_b_parker: to run into issues with cash flow right, So you can start to see how these

422
00:26:40,916 –> 00:26:45,083
patrick_b_parker: different metrics just with these few basic ones, Um, they carry across

423
00:26:45,250 –> 00:26:47,958
patrick_b_parker: multiple business functions, multiple business areas and they’re goingnna

424
00:26:48,041 –> 00:26:51,083
patrick_b_parker: hit several different places on your balance sheet, So there’s there’s

425
00:26:51,250 –> 00:26:54,208
patrick_b_parker: metrics like that from a marketking perspective that are great churns.

426
00:26:54,375 –> 00:26:56,708
patrick_b_parker: Another one. You’re always on a measure. It’s always going to be cheaper

427
00:26:56,875 –> 00:27:00,916
patrick_b_parker: to Uh to retain an existing client than it is to to go out and and try to

428
00:27:01,000 –> 00:27:04,041
patrick_b_parker: acquire a new one right. So there’s there’s metics around there that you.

429
00:27:04,125 –> 00:27:07,416
patrick_b_parker: You want to make sure that you’re tracking, Uh, Because those are going to

430
00:27:07,500 –> 00:27:10,875
patrick_b_parker: tell you again a lot of things about your product. How do people like my

431
00:27:10,916 –> 00:27:15,500
patrick_b_parker: product? What does the adoption look like Is is the price point Uh,

432
00:27:15,916 –> 00:27:19,583
patrick_b_parker: sufficient, for example, to continue attracting new clients and to keep

433
00:27:19,750 –> 00:27:24,375
patrick_b_parker: clients going forward. So a lot of metrics there. Uh, from a marketing

434
00:27:24,458 –> 00:27:27,958
patrick_b_parker: perspective, sales perspective is as well you talk about minimum qualified

435
00:27:28,208 –> 00:27:31,166
patrick_b_parker: leaves. Do I have? the number of leaves? Doesn’t matter if you get them

436
00:27:31,250 –> 00:27:35,000
patrick_b_parker: cheap if you can’t get enough of them right. Um, so there’s there’s a

437
00:27:35,000 –> 00:27:38,375
patrick_b_parker: number of different things to to look at, and a lot of the articles that

438
00:27:38,375 –> 00:27:42,708
patrick_b_parker: we have on our site kind of go into those in detail of. At a minimum. What

439
00:27:42,916 –> 00:27:47,416
patrick_b_parker: are the the uh, different Capiaz metrics that you should be tracking month

440
00:27:47,666 –> 00:27:51,333
patrick_b_parker: over month within your business to determine Uh, whether or not it’s

441
00:27:51,333 –> 00:27:52,333
patrick_b_parker: healthy?

442
00:27:52,958 –> 00:27:56,666
anthony_algmin: that’. That’s great advice. so I I hope that folks out there are starting to

443
00:27:56,666 –> 00:27:59,625
anthony_algmin: track metrics, but I’m sure that there’s some entrepreneurs that are in the

444
00:27:59,708 –> 00:28:04,083
anthony_algmin: audience, Uh that find that uh, extremely extremely valuable, So I want I

445
00:28:04,166 –> 00:28:06,500
anthony_algmin: ask you about something. This is something that I’ve had in the back of my

446
00:28:06,583 –> 00:28:09,208
anthony_algmin: head to ask a Gu for a long time, and I haven’t done it. and I’m going to

447
00:28:09,208 –> 00:28:10,208
anthony_algmin: ask

448
00:28:10,375 –> 00:28:14,250
anthony_algmin: you because you have some background with raising capital with early stage

449
00:28:14,500 –> 00:28:18,666
anthony_algmin: companies and a variety of different contexts, and I’m curious because this

450
00:28:18,791 –> 00:28:24,166
anthony_algmin: is one area of business I have not done personally, which is raise outside

451
00:28:24,500 –> 00:28:29,833
anthony_algmin: revenue. So do how do you raise capital for? Like for those of us who don’t

452
00:28:29,916 –> 00:28:32,791
anthony_algmin: have a bunch of rich friends, we can call up and say hey, Got a hundred

453
00:28:32,958 –> 00:28:36,416
anthony_algmin: thousand dollars I can spare. I, I could use some some additional investment

454
00:28:36,791 –> 00:28:40,416
anthony_algmin: you. I’ve I’ve seen road shows. I’ve done things that are involved with

455
00:28:40,500 –> 00:28:44,416
anthony_algmin: that, But like when you are setting out, and and I want to also talk about

456
00:28:44,666 –> 00:28:49,291
anthony_algmin: the The consulting firm model Is a tough one to go start a business out.

457
00:28:49,458 –> 00:28:52,958
anthony_algmin: We’ll talk about that in a little bit, but just broadly in terms of raising

458
00:28:53,125 –> 00:28:57,041
anthony_algmin: capital. What? what do you do? How do you get started with trying to build a

459
00:28:57,041 –> 00:28:58,041
anthony_algmin: business like that?

460
00:28:58,791 –> 00:29:03,500
patrick_b_parker: Absolutely, it’s uh. It is always, uh, a lot harder and takes a lot longer

461
00:29:03,666 –> 00:29:07,000
patrick_b_parker: than you ever expected. so that’s that’s the big thing for. uh,

462
00:29:07,000 –> 00:29:08,791
anthony_algmin: That’s true of everything in starting a business, though, right,

463
00:29:08,875 –> 00:29:13,166
patrick_b_parker: it is it it is, but th. This is especially can be especially brutal,

464
00:29:13,333 –> 00:29:16,625
patrick_b_parker: because you can have a ton of meeting set up, and at the end of the day

465
00:29:17,416 –> 00:29:21,750
patrick_b_parker: it’s one of those things where it may take a hundred nos to get yes right.

466
00:29:22,041 –> 00:29:25,583
patrick_b_parker: so that the the rejection can just be brutal for a lot of people. psyche,

467
00:29:26,208 –> 00:29:30,125
patrick_b_parker: um, it. It’s It’s very challenging, but, but the biggest thing is used to.

468
00:29:30,291 –> 00:29:33,250
patrick_b_parker: You could put together an n. v P. right, You’d have your minimum viable

469
00:29:33,416 –> 00:29:36,625
patrick_b_parker: products. You’re ready to take the market. You do your marketing campaigns

470
00:29:36,708 –> 00:29:39,583
patrick_b_parker: and stuff around that. For good market strategy, you launch it, and you’re

471
00:29:39,750 –> 00:29:45,500
patrick_b_parker: good to go right now. There’s so many products to choose from Uh within

472
00:29:45,750 –> 00:29:51,916
patrick_b_parker: any given industry that that saturation has caused customers to be even

473
00:29:52,208 –> 00:29:59,916
patrick_b_parker: more specific about how well those products perform. Uh, how well the user

474
00:30:00,125 –> 00:30:04,208
patrick_b_parker: interface works or looks and how well the user experience floats. how

475
00:30:04,291 –> 00:30:05,750
patrick_b_parker: smooth it is right, So

476
00:30:06,791 –> 00:30:10,125
patrick_b_parker: used to you could take products to market that still had some defects to

477
00:30:10,208 –> 00:30:13,750
patrick_b_parker: minor things in it. Now you know expectations, customers will literally

478
00:30:13,916 –> 00:30:17,833
patrick_b_parker: turn off your your your platform that quick, Right? and the reason I say

479
00:30:17,916 –> 00:30:23,083
patrick_b_parker: that is to go back to to the fundraising right. So investors usually

480
00:30:23,333 –> 00:30:27,416
patrick_b_parker: prefer to investment companies that already have proxs built at least an n

481
00:30:27,583 –> 00:30:32,208
patrick_b_parker: v p. Right. So that way they’re they’re really funding the go to market

482
00:30:32,375 –> 00:30:35,000
patrick_b_parker: strategy, the client acquisition strategies, and they’re not spending a

483
00:30:35,000 –> 00:30:38,875
patrick_b_parker: ton of money on on products, right So it used to be a lot easier to raise

484
00:30:39,000 –> 00:30:41,166
patrick_b_parker: money without a product unless you have something that’s completely

485
00:30:41,333 –> 00:30:44,041
patrick_b_parker: revolutionary. Uh, this is not the case anymore. Right.

486
00:30:44,208 –> 00:30:47,916
patrick_b_parker: they want to see traction. They want to see uh growth. They want to see

487
00:30:47,958 –> 00:30:51,166
patrick_b_parker: that that you’re capable of running a business and overcoming the initial

488
00:30:51,333 –> 00:30:55,750
patrick_b_parker: hurdles of a start up. So the way that that we always uh approach

489
00:30:55,958 –> 00:30:59,833
patrick_b_parker: fundraising is. obviously at this point we’ve we’ve built a bunch of good

490
00:30:59,916 –> 00:31:03,833
patrick_b_parker: relationships with different Uh, venture capitalist firm investment banks,

491
00:31:03,958 –> 00:31:08,375
patrick_b_parker: et cetera, Um. And so we generally reach out to those. But but what we do

492
00:31:08,458 –> 00:31:12,875
patrick_b_parker: is we niche everything down, and we say Okay, who are the companies that

493
00:31:13,000 –> 00:31:17,416
patrick_b_parker: invest in early stage or growth stage within the specific industry within

494
00:31:17,583 –> 00:31:21,083
patrick_b_parker: this Netch, et cetera and we always target to those people first. Making

495
00:31:21,333 –> 00:31:25,166
patrick_b_parker: sure that you have a a solid pitch deck That really highlights Uh, the

496
00:31:25,333 –> 00:31:29,250
patrick_b_parker: opportunity. The team, the market size, Uh, again, something that we talk

497
00:31:29,416 –> 00:31:34,125
patrick_b_parker: extensively about within our log articles, but making sure that you can

498
00:31:34,291 –> 00:31:38,458
patrick_b_parker: clearly articulate what the opportunity is, Uh, and what the the overall

499
00:31:38,625 –> 00:31:41,958
patrick_b_parker: vision is, and then after that it’s just a matter of of making those

500
00:31:42,125 –> 00:31:46,375
patrick_b_parker: introductions to potential investors, Uh, following up with them

501
00:31:46,708 –> 00:31:51,500
patrick_b_parker: continuously, Uh, and and again, just be prepared for for rejection.

502
00:31:51,750 –> 00:31:55,000
patrick_b_parker: A lot of founders, uh, that are raising capital and and anyone that’s

503
00:31:55,083 –> 00:31:58,916
patrick_b_parker: that’s ever raised will tell you this. it’s It’s kind of a a double edged

504
00:31:59,000 –> 00:32:03,750
patrick_b_parker: sword, right because you need capital in order to launch your business in

505
00:32:03,833 –> 00:32:07,083
patrick_b_parker: order to scale your business a lot of times. Uh, if you don’t have the

506
00:32:07,083 –> 00:32:11,583
patrick_b_parker: resources to boot strap right, but what they don’t tell you is how much it

507
00:32:11,750 –> 00:32:13,500
patrick_b_parker: actually takes you out of your business

508
00:32:14,208 –> 00:32:18,541
patrick_b_parker: to go chase capital, I mean, it’s raising money is a full time job in

509
00:32:18,708 –> 00:32:22,291
patrick_b_parker: itself. Usually you have a A. A founder, a co founder that is spending

510
00:32:22,541 –> 00:32:27,500
patrick_b_parker: time doing that, or you have Uh, advisers who have really solid

511
00:32:27,666 –> 00:32:30,208
patrick_b_parker: connections or have experience doing it in the past. existing

512
00:32:30,375 –> 00:32:33,750
patrick_b_parker: relationships Uh with with B, Cs and I, Bs, but

513
00:32:34,791 –> 00:32:38,541
patrick_b_parker: otherwise be prepared to for your business to actually suffer, as you

514
00:32:39,083 –> 00:32:43,000
patrick_b_parker: spend that time trying to build and cultivate relationships. So I always

515
00:32:43,166 –> 00:32:47,916
patrick_b_parker: tell people. If you’re planning on on doing a raise next year, right, say,

516
00:32:48,208 –> 00:32:52,625
patrick_b_parker: say summer of next year, then you should already be started uh on building

517
00:32:52,875 –> 00:32:56,916
patrick_b_parker: those relationships and reaching out making connections with people. Um

518
00:32:57,666 –> 00:33:01,833
patrick_b_parker: now, so that when it is time to raise, you’re prepared to to go out and

519
00:33:01,916 –> 00:33:06,916
patrick_b_parker: send ush your pitch decks. Uh, and then set up those meetings so that’s

520
00:33:06,916 –> 00:33:07,916
patrick_b_parker: uh.

521
00:33:08,625 –> 00:33:13,416
patrick_b_parker: Kind of the the thirty thousand foot helicopter view of it. Um, there’s a

522
00:33:13,500 –> 00:33:17,500
patrick_b_parker: lot of of different areas of that that we can, uh, can get really deep in.

523
00:33:17,666 –> 00:33:20,708
patrick_b_parker: So if you’ve got some specific questions about where to look what the tool

524
00:33:21,416 –> 00:33:24,208
patrick_b_parker: things like that, I’m happy to talk about that. there’s also companies out

525
00:33:24,208 –> 00:33:26,708
patrick_b_parker: there that will help you fund raising on your behalf, I mean,

526
00:33:26,791 –> 00:33:30,125
patrick_b_parker: that’s another very popular model. Usually they charge forty five percent

527
00:33:30,291 –> 00:33:34,708
patrick_b_parker: of the total raise, but again those people have have uh, good

528
00:33:34,916 –> 00:33:39,000
patrick_b_parker: relationships. So they they have pretty good placement rates as well. but

529
00:33:39,166 –> 00:33:41,750
patrick_b_parker: yeah, fire away. Any other questions you got on that

530
00:33:42,333 –> 00:33:44,416
anthony_algmin: So, And and and that’s something where I think

531
00:33:45,625 –> 00:33:50,166
anthony_algmin: a lot of uh folks out there are going to have unique situations to. uh. you

532
00:33:50,250 –> 00:33:53,791
anthony_algmin: know for what their goals are around, Uh, a capital raise, And it is

533
00:33:54,083 –> 00:33:56,791
anthony_algmin: interesting because you mention that there’s these organizations out there

534
00:33:56,875 –> 00:34:00,166
anthony_algmin: that will help people raise capital for a fee.

535
00:34:00,500 –> 00:34:03,291
anthony_algmin: It’s amazing today how many things

536
00:34:04,333 –> 00:34:09,791
anthony_algmin: are available on a contract basis, and I relatively efficiently, like you

537
00:34:09,833 –> 00:34:13,791
anthony_algmin: can go find these firms if you think about fifteen twenty years ago. Like

538
00:34:13,833 –> 00:34:17,500
anthony_algmin: what are you going to do? Open up the yellow pages and try to find all of

539
00:34:17,500 –> 00:34:18,500
anthony_algmin: these different kinds of

540
00:34:18,666 –> 00:34:21,291
anthony_algmin: services. And it’. So we’re now at this point where we can take for granted

541
00:34:21,458 –> 00:34:26,166
anthony_algmin: that you can lanch businesses to do this narrow step in the life cycle in

542
00:34:26,250 –> 00:34:28,000
anthony_algmin: the value chain and reach a

543
00:34:28,083 –> 00:34:30,958
anthony_algmin: whole bunch of customers that you literally would never have been able to

544
00:34:31,041 –> 00:34:35,375
anthony_algmin: contact before without a huge network or some other avenue to to reach them.

545
00:34:35,541 –> 00:34:39,708
anthony_algmin: And so the cost of you know doing the availability of these kinds of

546
00:34:39,791 –> 00:34:42,875
anthony_algmin: assistance? Um, you know, it’s It’s a really interesting thing, so I’m in

547
00:34:43,208 –> 00:34:46,750
anthony_algmin: instead, instead of trying to just imagine what people really want to have,

548
00:34:47,041 –> 00:34:50,875
anthony_algmin: because I think there’s so many. I want to talk about the the, the nature of

549
00:34:51,041 –> 00:34:56,083
anthony_algmin: these kinds of services businesses Because a consulting firm is a really

550
00:34:56,333 –> 00:35:01,708
anthony_algmin: difficult business to scale. It’s a relatively easy business to start.

551
00:35:02,291 –> 00:35:03,291
anthony_algmin: Because like if I

552
00:35:03,291 –> 00:35:07,041
anthony_algmin: want to put my single shingle out there and be a consultant, I got that,

553
00:35:07,208 –> 00:35:11,291
anthony_algmin: that’s no problem and I could probably make a solid living doing it, and

554
00:35:11,458 –> 00:35:16,500
anthony_algmin: it’s probably where a couple few people you can get on to the payroll and

555
00:35:16,583 –> 00:35:20,333
anthony_algmin: and do that and start to grow a nice little tiny niche company without too

556
00:35:20,416 –> 00:35:26,000
anthony_algmin: much own. You can kind of live hand mouth and you’re okay, But to scale a

557
00:35:26,166 –> 00:35:29,458
anthony_algmin: substantial business out of that model

558
00:35:30,166 –> 00:35:35,625
anthony_algmin: requires a kind of linear function of head count, growth to growth in the

559
00:35:35,708 –> 00:35:42,000
anthony_algmin: business and it is a tough road to do that. So how like? how have you found

560
00:35:42,166 –> 00:35:44,958
anthony_algmin: that? Like? what have you been able to do? Is it just because you are

561
00:35:45,125 –> 00:35:50,333
anthony_algmin: providing such a service offering in that space? Or what? what secrets do

562
00:35:50,416 –> 00:35:53,541
anthony_algmin: you have for folks that are out there building these kinds of services

563
00:35:53,791 –> 00:35:55,833
anthony_algmin: Businesses? realizing some

564
00:35:55,916 –> 00:35:57,541
anthony_algmin: of the challenges to get to that level,

565
00:35:58,791 –> 00:36:02,791
patrick_b_parker: Yeah, I mean, First of all, we’re we’re very good at what we do and that

566
00:36:02,916 –> 00:36:07,666
patrick_b_parker: always helps we build award wing products. Um, and as a result, a lot of

567
00:36:07,750 –> 00:36:12,791
patrick_b_parker: those products that are be to see or beat a be to C. Right, we end up

568
00:36:12,916 –> 00:36:17,333
patrick_b_parker: having those in users of those customers of our customers say, God, I love

569
00:36:17,500 –> 00:36:22,208
patrick_b_parker: that platform. I mean we, we didn’t. For the Uh, we didn’t spend a dollar

570
00:36:22,375 –> 00:36:26,375
patrick_b_parker: advertising For the first three years we were in business and we, we grew

571
00:36:26,541 –> 00:36:29,416
patrick_b_parker: from literally boots strapped uh to to two million

572
00:36:29,541 –> 00:36:30,541
anthony_algmin: Mhm.

573
00:36:30,625 –> 00:36:33,958
patrick_b_parker: and uh, just just absolutely killing it. Aing. adding over half a million

574
00:36:34,208 –> 00:36:38,458
patrick_b_parker: revenue a year. We’ve we continued on that pace, Um, without having

575
00:36:38,625 –> 00:36:43,166
patrick_b_parker: advertised, just because the referral network was so strong that we had

576
00:36:43,416 –> 00:36:48,791
patrick_b_parker: built Uh, and just because we’re in the right places right, so we do a lot

577
00:36:48,916 –> 00:36:52,291
patrick_b_parker: of uh, discovery calls, and kind of diagnostic college, just helping

578
00:36:52,458 –> 00:36:55,833
patrick_b_parker: entrepreneurs and and founders to understand what challenges that they’re

579
00:36:55,958 –> 00:36:59,666
patrick_b_parker: having within their business. And so again, It’s It’s one of those things

580
00:36:59,833 –> 00:37:03,750
patrick_b_parker: where we, we guarded that trust. We’ve we’ve gotten these play books that

581
00:37:03,833 –> 00:37:07,416
patrick_b_parker: we’ve developed over time, and as we’re having success in taking products

582
00:37:07,583 –> 00:37:11,166
patrick_b_parker: to market right, we’re able to point to that and say hey, this is. this is

583
00:37:11,333 –> 00:37:14,375
patrick_b_parker: somebody that we recently launched that’s in a similar situation. Similar

584
00:37:14,791 –> 00:37:18,541
patrick_b_parker: background and those customers typically stay with us too, so we don’t see

585
00:37:18,625 –> 00:37:22,916
patrick_b_parker: a high turnover we usually see on goinging work, uh with those people as

586
00:37:23,083 –> 00:37:26,291
patrick_b_parker: well, because as they’re working to solve the various problems and it

587
00:37:26,375 –> 00:37:29,666
patrick_b_parker: start up is they’re working to to kind of unlock those new levers of

588
00:37:29,666 –> 00:37:33,000
patrick_b_parker: growth within their business, Uh, and achieve those different magnitudes

589
00:37:33,083 –> 00:37:36,625
patrick_b_parker: of scale. That’s that’s the point where we’re able to step in and kind of

590
00:37:36,791 –> 00:37:41,083
patrick_b_parker: augment Uh, their existing efforts, Uh, and then kind of guide them in the

591
00:37:41,166 –> 00:37:43,166
patrick_b_parker: right direction so they continually grow And

592
00:37:43,416 –> 00:37:48,041
patrick_b_parker: it. it’s the same thing it. It. It helps when you have uh, companies that

593
00:37:48,291 –> 00:37:51,833
patrick_b_parker: have uh been backed by venture capital firms. I mean, of course that piece

594
00:37:51,916 –> 00:37:55,333
patrick_b_parker: of it is is great in terms of you, don’t never have to worry about whether

595
00:37:55,500 –> 00:37:58,291
patrick_b_parker: or’ not going to be able to pay the bill, but um with those other

596
00:37:58,458 –> 00:38:02,125
patrick_b_parker: entrepreneurs too, it’s it. It’s the same thing. It’s as we are helping

597
00:38:02,291 –> 00:38:06,208
patrick_b_parker: them generate success. They then have the money to turn around and

598
00:38:06,291 –> 00:38:11,000
patrick_b_parker: continually reinvest in their business, Uh as well, and we’re always the

599
00:38:11,083 –> 00:38:14,791
patrick_b_parker: first call because we’ve delivered such great results, so I mean that’s

600
00:38:15,083 –> 00:38:19,666
patrick_b_parker: that’s a big piece of it. Uh, content is A is another big piece. Uh, and

601
00:38:19,750 –> 00:38:24,708
patrick_b_parker: just kind of structuring our offerings so that they will scale with the

602
00:38:25,333 –> 00:38:29,583
patrick_b_parker: business, you know as the the starter gets into the the next step of their

603
00:38:29,833 –> 00:38:34,708
patrick_b_parker: their journey Right, And so as long as we’re uh, we’re kind of locked Ste

604
00:38:34,916 –> 00:38:38,208
patrick_b_parker: with them. We continually have those opportunities to say Hey, Okay,

605
00:38:38,375 –> 00:38:42,125
patrick_b_parker: here’s what you need next right. Here’s the next step. And and trying to

606
00:38:42,125 –> 00:38:46,916
patrick_b_parker: make sure that we build that that sass fly wheel right that, that’s gonna

607
00:38:47,166 –> 00:38:51,083
patrick_b_parker: continually have uh. and and helped them build no minum in their business

608
00:38:51,416 –> 00:38:53,000
patrick_b_parker: to to keep pushing through. so

609
00:38:54,041 –> 00:38:57,916
patrick_b_parker: um, we’ve done that executed on that really well, I mean we, we’ve grew.

610
00:38:58,208 –> 00:39:03,416
patrick_b_parker: we had Uh four. Who’s Uh, four of us that started this, and now we’ve got

611
00:39:03,666 –> 00:39:08,208
patrick_b_parker: thirty two employees here. We’ve got a second headquarters in India. Uh,

612
00:39:08,541 –> 00:39:12,708
patrick_b_parker: so just a a rapid gros story, just just from that perspective in itself,

613
00:39:13,583 –> 00:39:16,875
patrick_b_parker: Um, but enjoying the journey. I mean, the the biggest thing is enjoying

614
00:39:17,000 –> 00:39:21,750
patrick_b_parker: being able to to make an impact, Uh, in the businesses of other founders

615
00:39:21,916 –> 00:39:26,708
patrick_b_parker: that are turning around and and enjoying a lot of of early success In, in

616
00:39:26,791 –> 00:39:28,125
patrick_b_parker: most cases continue success.

617
00:39:29,833 –> 00:39:33,458
anthony_algmin: Yeah, Well, it goes to show like just we were just previously talking about

618
00:39:33,541 –> 00:39:36,583
anthony_algmin: how easy it is to find a company who can do whatever thing, but it goes to

619
00:39:36,666 –> 00:39:40,875
anthony_algmin: show you know customer satisfaction referrals, growing people

620
00:39:41,125 –> 00:39:45,541
anthony_algmin: you know, truly helping businesses grow. That is the best way to grow your

621
00:39:45,708 –> 00:39:49,125
anthony_algmin: own business. Because you’re you, are making a positive impact. You are

622
00:39:49,291 –> 00:39:53,375
anthony_algmin: helping these organizations and trying to lead with. Not how do I grow my

623
00:39:53,375 –> 00:39:57,541
anthony_algmin: business bigger, but how do I help my clients the most? and and focusing

624
00:39:57,791 –> 00:40:02,000
anthony_algmin: there will come back to you and will allow you to create that kind of uh fly

625
00:40:02,166 –> 00:40:04,416
anthony_algmin: wheel and the growth model of of your own business?

626
00:40:04,416 –> 00:40:07,750
patrick_b_parker: and that’s strictly because your interests are aligned right, Your

627
00:40:07,916 –> 00:40:10,791
patrick_b_parker: interests are are helping each other and growing together. and there’s

628
00:40:10,916 –> 00:40:14,375
patrick_b_parker: nobody that that doesn’t want to. to kind of pay things forward to the

629
00:40:14,375 –> 00:40:17,250
patrick_b_parker: people that have helped them along the way, and they continue to to help

630
00:40:17,416 –> 00:40:21,500
patrick_b_parker: them as long as they are continuing to to see that sustained performance.

631
00:40:22,125 –> 00:40:26,291
patrick_b_parker: And and ▁ultimately the the outcomes and results that come along with it,

632
00:40:26,750 –> 00:40:29,916
anthony_algmin: Yeah, and and I remember, you know in my consulting days like I would get

633
00:40:30,083 –> 00:40:33,708
anthony_algmin: emotionally invested in the success of my clients, and when you’re working

634
00:40:33,833 –> 00:40:36,875
anthony_algmin: at large consulting firms, you’re often off to another client pretty

635
00:40:37,000 –> 00:40:38,000
anthony_algmin: quickly, But when you’re

636
00:40:38,000 –> 00:40:41,125
anthony_algmin: working in a niche firm and you’re working with the the. Leads of that

637
00:40:41,375 –> 00:40:42,750
anthony_algmin: company to work with

638
00:40:42,875 –> 00:40:47,375
anthony_algmin: your company. those relationships stay. Those relationships continue. And

639
00:40:47,375 –> 00:40:50,666
anthony_algmin: and that I think is an important part of that true partnership. Not

640
00:40:50,750 –> 00:40:53,458
anthony_algmin: everybody. I think we’re moving to a world and that’s what I want to close

641
00:40:53,625 –> 00:40:56,666
anthony_algmin: with On. This is your thoughts on. What? Like? Where are we heading with

642
00:40:56,750 –> 00:41:00,875
anthony_algmin: this? But we’re moving to a world where we don’t have to hire everybody as

643
00:41:01,041 –> 00:41:03,458
anthony_algmin: employees. insider organizations to be successful.

644
00:41:03,708 –> 00:41:08,583
anthony_algmin: but what we need are great partners that we can work with consistently to

645
00:41:08,750 –> 00:41:11,916
anthony_algmin: continue to help build our businesses. I think that model’s changing, but

646
00:41:11,916 –> 00:41:14,958
anthony_algmin: I’m curious in your thoughts because you’re here with the people that are

647
00:41:15,458 –> 00:41:19,041
anthony_algmin: today’s. You know, early stage companies are creating tomorrow’s future.

648
00:41:19,291 –> 00:41:21,791
anthony_algmin: What are you seeing? What do you? What do you see? I’m a horizon that’s

649
00:41:21,791 –> 00:41:22,500
anthony_algmin: going to change.

650
00:41:23,333 –> 00:41:27,166
patrick_b_parker: no, I mean I, I think I think you, just you just hit the ball out of the

651
00:41:27,166 –> 00:41:30,708
patrick_b_parker: park on that one. I mean literally, We, we named our Uh, our company based

652
00:41:30,791 –> 00:41:34,541
patrick_b_parker: on that. That’s why we’re Sas partners. I mean we literally are technology

653
00:41:35,500 –> 00:41:39,666
patrick_b_parker: and and marketing, and and sales, and all these other Uh functional areas.

654
00:41:39,833 –> 00:41:43,250
patrick_b_parker: We’re the partner of choice for these early stage companies for these

655
00:41:43,250 –> 00:41:47,333
patrick_b_parker: gross stage companies, Uh, looking to to take things to the next level. I

656
00:41:47,333 –> 00:41:52,291
patrick_b_parker: mean that’s what we do. we. We used to uh, take any in every client early

657
00:41:52,625 –> 00:41:55,166
patrick_b_parker: on, right just for the sake of of revenue and growth.

658
00:41:56,458 –> 00:42:00,375
patrick_b_parker: But recently Uh, Probably the last eighteen months we have transitioned

659
00:42:00,541 –> 00:42:03,416
patrick_b_parker: out of that. We only work with founders that we actually believe in their

660
00:42:03,583 –> 00:42:07,250
patrick_b_parker: vision and are passionate about helping and think that they have a a

661
00:42:07,500 –> 00:42:12,875
patrick_b_parker: solution. That uh is something that that we can help them be successful in

662
00:42:13,000 –> 00:42:16,375
patrick_b_parker: in launching and taking in the masses right, So that’s that’s the other

663
00:42:16,541 –> 00:42:20,041
patrick_b_parker: side of it. So it. it’s not uh. You know, we work with anyone and everyone

664
00:42:20,375 –> 00:42:23,083
patrick_b_parker: now. I mean we work with with motivated people that we like. I mean,

665
00:42:23,166 –> 00:42:26,791
patrick_b_parker: ’cause at the end of the day there’s nothing worse than working with a bad

666
00:42:27,000 –> 00:42:31,083
patrick_b_parker: customer. Uh, having to fire customers is is something that unfortunately

667
00:42:31,250 –> 00:42:34,291
patrick_b_parker: happens as well. I mean it’s both both sides of the Uh, the coin with

668
00:42:34,375 –> 00:42:38,625
patrick_b_parker: that, but you know we work with with passionate people. We are passionate

669
00:42:38,791 –> 00:42:42,625
patrick_b_parker: people passionate about helping our customers. helping them realize a

670
00:42:42,791 –> 00:42:45,666
patrick_b_parker: dream, helping them take things to market. And and I, I think that’s

671
00:42:45,833 –> 00:42:49,916
patrick_b_parker: something that’s Uh, is conveyed throughout our entire culture. and I

672
00:42:49,916 –> 00:42:53,416
patrick_b_parker: think that that’s why people love partnering with us. They know that Hey,

673
00:42:53,833 –> 00:42:55,000
patrick_b_parker: it can be very stressful,

674
00:42:56,041 –> 00:43:00,708
patrick_b_parker: but at the end of the day don’t take life too seriously, right. Enjoy it.

675
00:43:01,166 –> 00:43:05,750
patrick_b_parker: Enjoy the ride. Enjoy the journey. Uh, I, if you don’t, it’s just not.

676
00:43:05,875 –> 00:43:06,875
patrick_b_parker: It’s not worthwhile.

677
00:43:07,333 –> 00:43:11,000
patrick_b_parker: So it’s it’s not a. It’s a very hard business being and being a an

678
00:43:11,083 –> 00:43:15,250
patrick_b_parker: entrepreneur or being a founder. Uh, The the statistics, the odds,

679
00:43:15,416 –> 00:43:17,833
patrick_b_parker: everything else that you see, you know that they’re stacked against you,

680
00:43:17,833 –> 00:43:22,291
patrick_b_parker: but you’re doing it anyways. because you believe uh in your product in

681
00:43:22,458 –> 00:43:25,916
patrick_b_parker: your offering. Uh, that is going to make a difference. And so again we we

682
00:43:26,041 –> 00:43:29,916
patrick_b_parker: love. Uh, working with people, cultivating those relationships with

683
00:43:29,958 –> 00:43:32,125
patrick_b_parker: passionate people, and then help them scale

684
00:43:33,375 –> 00:43:37,208
anthony_algmin: that’s that’s really awesome to hear. And and I think speaks volumes to to

685
00:43:37,458 –> 00:43:41,458
anthony_algmin: me. and and I’m sure many many folks out in the in the audience. So we’re

686
00:43:41,541 –> 00:43:44,875
anthony_algmin: all at a time, though. Patrick. thank you, Uh, for being on the show today.

687
00:43:45,041 –> 00:43:46,166
anthony_algmin: This has been incredible.

688
00:43:47,083 –> 00:43:50,708
patrick_b_parker: absolutelyth thanks for heaven. Me appreciate. it’ been great to be here

689
00:43:50,708 –> 00:43:52,083
anthony_algmin: Absolutely would love to have you back again in the future and thank you all

690
00:43:52,083 –> 00:43:52,291
anthony_algmin: Absolutely would love to have you back again in the future and thank you all

691
00:43:52,291 –> 00:43:53,166
anthony_algmin: Absolutely would love to have you back again and thank you all

692
00:43:53,416 –> 00:43:56,791
anthony_algmin: out there for joining us today. You’ll find more information about

693
00:43:56,875 –> 00:44:00,791
anthony_algmin: Patrick and SaaS partners in the show Notes. Go to DataLeadershipLessons.com

694
00:44:00,916 –> 00:44:04,458
anthony_algmin: to subscribe to podcast and check out past episodes and accelerate

695
00:44:04,541 –> 00:44:07,875
anthony_algmin: your journey with training at DataLeadershipTraining.com. Stay safe

696
00:44:08,041 –> 00:44:10,375
anthony_algmin: during these unusual times and go make an impact