After sleepless nights, managing unhappy clients, refocusing the team on core products & reorganising the team in my VC firm MyGrowthFund VC : these are the results.
I took over operations again in April 2018. 180% growth in revenues, in a no-growth economy.
I spend my life speaking to executives & leaders about how to manage & deliver pivots in difficult markets. It’s something else to personally walk the journey.
But this I maintain is my greatest advantage, it’s not theory for me. I live it.
Finally to every entrepreneur growing their business. Here is what I have learned:
- Never ever outsource key relationships. There was a time we have suppliers who were owed 90days and couldn’t make the committed payments. Stay on phone, communicate where you are, managing expectations & be transparent;
- Focus on the products that matter & deliver target Return on Sales. Often in our product mix are products that were once hitters but no longer deliver the required ROS.
Never be afraid to dump a product once it’s season has ended. Celebrate it. Bury it. Move on.
- You are allowed to Fire late-paying always complaining customers. There is directly proportional relationship between how loud a customer complains and how profitable that customer is. This is my rule of thumb. Often if you get past the noise, unhappy customers don’t pay. However, it’s also often customers who expect more than they are paying, who want the world handed t them for free that complain the most. Lahla!
- Have fun. It’s a tense time but like the boxer stepping into the boxing ring for a heavyweight title, the last words his coach will tell him or her are “Relax”. If you breathe and relax, it’s easier to see through the fog of war.
Just thought I would share this friends. Best of luck in your pivot treps.
Vusi Thembekwayo
Speaker | Investor | Leader
