It's been a really interesting couple of weeks here at Steffi HQ working on business plans and refining how I do things. My accountant strongly recommended I create a business plan was a really, really good idea ...
Although I'm nowhere near finished with it, the process has brought up some interesting issues. Defining how I do things on paper has been the biggest thought experiment ever and that led me to watching TK Kader's YouTube video about the flywheel and nodding sagely at his advice.
So, the snowball analogy is about gaining momentum for your project. You start with a small snowball and have to roll it yourself and eventually, it gets bigger and bigger and starts rolling down the hill on its own. In my SaaS world, this symbolises more and more subscribers coming on board, you adding to your team, and the whole thing taking on a life of its own, without you constantly having to drive it.
But the flywheel analogy is a bit more defined. Yes, it's 2-D and something that can be drawn on paper, but it includes sections like Awareness, Acquisition, Activation, Revenue, Retention and Referral ... and let's you define your processes in between.
The more refined your processes, the faster the flywheel moves. And, just like a flywheel is designed to gain momentum itself, your SaaS flywheel should ramp up over time and get faster, and faster and faster, ultimately running on its own, with little to no input from you.
So, the whole point is to remove the choke points. These are keeping the brakes on the flywheel and that's what I'm working on right now. TK's ideas around Ideal Customer Profile, Manifesto and West End Show sit at the very heart of this!
So, if your SaaS business isn't ramping up the way you want it to, take a leaf out of TK's book and define your Go To Market strategy, work on your Flywheel choke points, and watch your SaaS business grow.
It really is a great way to create an unstoppable business.
If anything I've mentioned here resonates with you, do call me on 07490 373980 and let's see how I can help.