2019 Review: Success and Failures

2019 is winding down and it is time for me to reflect on some of the wins and losses for me personally and professionally.

Successes

  • Grew the Annualized Revenue Rate (ARR) for our company by 60% and met our Minimum goals for 2019 purely in terms of revenue
  • Expanded the full-time team to 12 (Until Dec 2018, we were about 6)
  • Built various relationships with key and strategic partners such as Instructional Designers, Agencies and others
  • Improved our Branding and visibility online with review sites like Capterra further.
  • New and larger Office Space with private meeting room and more open space.
  • Hired our first team member from Netherlands in Europe setting up the seeds for a team based out of Europe.

Failures

  • Did not meet our “best” goal for 2019 in terms of revenue expansion.
  • LMS Product Revamp failed yet again. I have been meaning to do this revamp for 18 months now. Really disappointed in myself for not being able to get this done. Now, we are looking at tentative Q1 2020.
  • No Proper system/processes in place for Sales and Marketing. I am being hard on myself for this but the fact is that we still don’t have a good handle on how our Inbound Marketing works.

Reflections

  • Looking back, I am always told by my team that I have super high expectations and goals for a team of our size. We need more people in more solidified roles in order to continue our growth trajectory for 2020 and beyond
  • I don’t have anyone to discuss high level Company and Business Strategy with. This is an area where I need to look for more networking and possibly mentorship with other similar entrepreneurs
  • Building a team (and that too a great one on whom you can rely) is THE hardest thing to do in a business.
  • Still in a dilemma on whether I should keep going bootstrapped or try and find may be a small angel to get funds for further growth.
  • Quality of clients matter and it is not just about making money. Better and more sustainable the client, the more valuable your business becomes specially if it is a SAAS with recurring model.
  • Growing a company comes down to setting up the processes/systems/automations and the right teams. I realized this and will be aggressive about this in 2020.

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