Growing a SaaS Business and Building An Effective Team with Liam Martin

 DOWNLOAD THE WORKBOOK NOW 

Liam Martin and Daryl Urbanski discussed their experiences in managing remote teams, emphasizing the importance of measuring productivity, establishing operational procedures, and mitigating risks associated with relying on a single person with 'sacred knowledge.' They also discussed the challenges of scaling a business, including churn, profitability, finding and hiring top performers, and leveraging SAS models. Daryl highlighted the advantages of subscription-based business models, while Liam Martin emphasized the importance of efficient documentation and process management. They also discussed the challenges and opportunities of raising capital for startups, and the need for clear and well-documented processes to avoid misunderstandings and ensure scalability.

Here are three reasons why you should listen to the full episode:

  1. Learn about valuable insights and strategies for growing a successful SaaS business.
  2. Discover tips of successful SaaS entrepreneurs and industry experts.
  3. Understand important topics such as team building, leadership, and company culture.

Resources

Episode Highlights

Growing a software company with a co-founder and CMO

  • Daryl Urbanski interviews Liam Martin on time analytics app http://Staff.com and time management.
  • Liam first met Daryl at a South by Southwest Conference in Vegas, where they bonded over their shared Canadian roots and entrepreneurial spirit.
  • Liam's software company is based in Ottawa, where he has grown a team of developers and invested in R&D to stay ahead of the curve in the rapidly evolving tech industry.

Entrepreneurship journey with various business ventures

  • Liam Martin's father's entrepreneurial spirit inspires their own business ventures.
  • Liam sold sporting goods company during university and dropped out of grad school to pursue entrepreneurship again.
  • Liam struggled with teaching at McGill University, quit after one semester, and was advised to reevaluate their desire to become a professor.
  • Liam started an online tutoring company after realizing they were more efficient teaching remotely.
  • The company grew to 200 tutors, but the speaker faced a major pain point with time tracking and sold the company to address it.

Remote work, time tracking, and staffing with a focus on eliminating pain points

  • Daryl Urbanski loves Time Doctor for remote team management, finding it easy to use and eliminate pain points.
  • Liam Martin, co-founder of Staff.com - Buckley Media - Exclusive Brokers for Staff.com, explains how Time Doctor differs from competitors, offering more detailed productivity tracking.
  • Liam discusses how their company measures efficiency and pays top performers more.
  • Liam Martin's company has long-term contractors who work remotely and are not gig workers.

Two-sided marketplaces, churn, and profitability

  • Daryl Urbanski discusses his experience with time-tracking software, including the challenges of churn and low fees for long-term employees.
  • Urbanski's company, Time Doctor, aimed to provide a platform for remote hiring and payroll management, with a focus on enterprise clients.
  • Liam discusses challenges of scaling a SAS business with high churn rates.
  • Liam shares a lesson learned from a failed marketplace: prioritize profitability over revenue growth.
  • Liam friend's company is struggling due to lack of scale and poor profitability in the marketplace space.

Raising venture capital for startups, with tips for entrepreneurs

  • Daryl Urbanski and Liam discuss raising money for businesses, with Liam sharing insights on venture capitalists and limited partners.
  • Venture capitalists invest in companies by buying equity, typically in multiple rounds.
  • Companies growing between 25-75% per year, with $5 million in revenue, are on the cusp of venture capital.
  • The founder of a company should be cautious when raising venture capital, as it can lead to a huge disaster if not done founder-friendly.
  • The founder should consider what's good for the company, employees, and themselves before deciding to raise venture capital.

Building and managing a remote team, with a focus on process design and documentation

  • Daryl Urbanski highlights the importance of focusing on profitability, not just growth, when building a business.
  • Liam shares insights on the biggest challenges clients face when it comes to team performance, including barriers to entry.
  • Liam highlights the importance of process design and documentation for remote teams.
  • Liam emphasizes the challenges of scaling a business without proper operational procedures in place.

Using wikis and Google Docs for document management and team collaboration

  • Liam describes using a wiki to document procedures, with updates determined democratically through voting.
  • Liam found that offering bounties for updating documents resulted in $1,500 worth of updates, showing the value of organic evolution.
  • Liam  emphasizes the importance of clear communication and documentation in training employees, particularly in Southeast Asia where cultural biases may affect feedback.
  • Liam uses a "tell me three things" exercise to gather feedback from employees on a new sales manager, gaining insight into their likes and dislikes, and potential reasons for failure in the position.

Hiring top performers, data analysis, and business growth

  • Daryl Urbanski discusses the importance of documentation and processes in a business, citing the example of SEO backlinks.
  • Michael Gerber's book "E Myth" highlights the problem of dependent businesses on special people, and how McDonald's scaled by making processes accessible to anyone.
  • Daryl Urbanski emphasizes the importance of finding top performers for his business, citing the need for experts in various areas to take the company to the next level.
  • Liam discusses the challenge of hiring someone who can sell circles around them, highlighting the discomfort of hiring someone significantly older than themselves.
  • Liam emphasizes the importance of leadership and data analysis for the business's growth.
  • Liam is focused on finding the right people to build the business and making them successful.

Software as a service (SAS) business model and its potential for scalability and longevity

  • Daryl Urbanski discusses the benefits of Software as a Service (SAS) business model, including scalability and longevity.
  • Liam explains how SAS is sought after and different from traditional software sales, with examples like World of Warcraft.
  • Liam highlights the success of World of Warcraft's subscription model and SAS companies' potential for long-term revenue.
  • Liam discusses the potential of SAS companies, citing examples of small businesses growing to $10 million or more in revenue.
  • Liam highlights the power of compound interest in SAS businesses, with revenue increasing exponentially over time.

Entrepreneurship, productivity, and innovation

  • Liam Martin emphasizes discipline and data tracking for success.
  • Liam Martin emphasizes discipline and innovation as key factors for success in building a business.
  • Liam Martin shares personal experiences with integrating project management systems into Time Doctor, highlighting the importance of innovation and understanding the customer's needs.
  • Peter Thiel's investment philosophy focuses on finding monopolies or industries with few competitors.
  • Fresh desk's founder discusses the benefits of moving from Zendesk to their software due to cost and data migration.

Time management, productivity, and entrepreneurship

  • Daryl Urbanski recommends Time Doctor for tracking time management and productivity.
  • Liam Martin emphasizes importance of optimizing time and being realistic about progress.
  • Daryl Urbanski and Liam Martin discuss entrepreneurship and AI tools.
  • Liam Martin recommends downloading grab helicopter app for a fun experience in the Philippines.

About Liam Martin

Liam Martin is the co-founder and CMO of Staff.com and TimeDoctor.com. From being a part of the academy, Liam moved on to building an online tutoring service. Along the way, he picked up some business tricks and built Staff.com and Time Doctor with his co-founder, Rob Rawson. His companies help other organizations make the most of their time.

Enjoyed this Episode ?

If you enjoyed the podcast, be sure to subscribe and share it with your friends!

Post a review and share it! If you enjoyed tuning in, then leave us a review. You can also share this with your family and friends.

You Can Also Follow Us On