Subscribe
Share
Share
Embed
One year has passed, and maybe you've missed an episode or two. In this episode we've picked our 6 favorite takeaways and distilled them in a short 30 min episode.
This is what we covered:
This is what we covered:
- (00:00) - Introduction
- (01:56) - Quick review of year 1
- (05:23) - 1: the 10% rule to double revenue
- (08:57) - 2: CAC is useless
- (12:08) - 3: Want sales consistenct? Try this
- (18:19) - 4: 200 QBRs later, they're broken
- (23:03) - 5: 1 thing to scale
- (26:14) - 6: 5 efficiency plays you haven't thought of
Creators and Guests
What is The Revenue Formula?
This podcast is about scaling tech startups.
Hosted by Toni Hohlbein & Raul Porojan, together they look at the full funnel.
With a combined 20 years of experience in B2B SaaS and 3 exits, they discuss growing pains, challenges and opportunities they’ve faced. Whether you're working in RevOps, sales, operations, finance or marketing - if you care about revenue, you'll care about this podcast.
If there’s one thing they hate, it’s talk. We know, it’s a bit of an oxymoron. But execution and focus is the key - that’s why each episode is designed to give 1-2 very concrete takeaways.
[00:00:00] Toni: Hey everyone, this is Toni Holbein. You are listening to the Revenue Formula in today's anniversary episode. Mikkel and I are going down memory lane. We selected six top takeaways from the last year, going through them quickly, and obviously give you the chance to take a full listen afterwards.
[00:00:17] Enjoy. I'm learning so much new stuff, by the way. You wouldn't believe.
[00:00:27] What, Like cycling?
[00:00:28] Mikkel: cycling?
[00:00:29] No, like owning a house, like being a homeowner, sewage draining, rainy weather, what to do to prep the house.
[00:00:41 I mean, it's like I have an MBA in home ownership by now. Reading all these weird factoids.
[00:00:46] Toni: Have you, um, have you started like building projects yet?
[00:00:50] Mikkel: yet? No, I'm not gonna do that for a while. We did it with the
[00:00:52] Toni: so much fun.
[00:00:54] Mikkel: fun. Yeah, we did it with the previous apartment and we looked at each other after we were done and said Never again, never.
[00:01:01] Toni: Yeah. And then you wake up the next morning. It's like, ah, I know, it could be good to maybe change that thing. And, uh, with so much more space. Suddenly
[00:01:10] Mikkel: then you wake like, ah, you decided the project was finished, even though you were missing like a small detail and you wait four years to fix it. And that's usually when you move.
[00:01:20] Toni: see now, so that's, that's why I stopped doing any of this stuff myself. I also have like, in Germany, you say to, to... Left hands or something like that.
[00:01:31] So I can't do anything myself
[00:01:32] Mikkel: Thumbs for fingers.
[00:01:36] Toni: Well, that would be useful, I suppose.
[00:01:38] Mikkel: 10 thumbs up.
[00:01:41] Toni: Okay. You know what? Fuck it.
[00:01:42] But, uh, um, you know, it's, you know, my, uh, my father in law, my, my brother in law, you know, and then we pay people. Perfect. That's how it's done.
[00:01:51] Mikkel: it's done.But, uh, speaking about 10 thumbs up, let's do a, uh, let's do a quick, Podcast Annual Business Review, because this episode is kind of, I wouldn't say it's a special episode, but it kind of is, because this show is, you know, one year old when, uh, when we aired the episode.
[00:02:13] And we've talked a lot about doing quarterly business reviews, weekly reviews, daily reviews, hourly reviews, all those reviews. So let's do a quick one of our show, because when we started, we looked at each other and we said, we're going to give it a full year. We're not going to discuss like numbers or anything until a year has passed.
[00:02:30] I think maybe that was a lie, but
[00:02:32] Toni: fine.
[00:02:32] Mikkel: Um, so looking at the numbers. No, so, I was like the first episode we had, I want to get a hundred downloads the first week. What happened?
[00:02:43] Toni: 10. We
[00:02:44] Mikkel: We got, we got 10
[00:02:46] downloads. I was like, Oh no, what's going to happen here.
[00:02:49] But fortunately we were consistent and, you know, consistency beats brilliance any day of the week.
[00:02:55] Toni: That's, that's our live
[00:02:56] Mikkel: Yeah, that's how I ,put it on a t shirt, but on a bumper
[00:02:59] Toni: how we got our
[00:02:59] wives, you know,
[00:03:04] Mikkel: Okay. This episode is now over now. Um, well into the five digit downloads. Well into five digits. That's pretty awesome. Actually when you think about it, so I mathed it out
[00:03:15] Probably around 6, 000 hours have been listened to of you and me
[00:03:19] Toni: I am so sorry for everyone.
[00:03:21] Mikkel: Yeah, we apologize we apologize
[00:03:23] at least I hope there were some fun stories in there or you learn something who knows
[00:03:28] Toni: Who knows? Yeah.
[00:03:29] Mikkel: Um, a lot of great reviews, not any written yet, even though we tried to do all kinds of spiffs and incentives and whatnot.
[00:03:37] Toni: this is also a reminder
[00:03:38] Mikkel: Yeah,
[00:03:38] Toni: for everyone.
[00:03:39] Mikkel: we are watching you and we are disappointed.
[00:03:42] Um, no. So I think overall. Uh, we can be pretty happy about this and I hope, uh, there's a bunch of happy listeners out there as well who enjoy listening to this show.
[00:03:51] Toni: And I also think we, um, we've been working a little bit on attaching, you know, rocket boosters to this show starting very soon, actually.
[00:04:00] Mikkel: Oh yeah, we, I mean, we had the first couple of guests, right? So we had Leah Tharin, uh, great... Great conversation. We had Ben Murray, the SaaS CFO, also pretty awesome to get that view. And, um,
[00:04:11] Toni: that really was just a warmup.
[00:04:12] Mikkel: was like the appetizer. Now we are really getting started. So this month, August, uh, 2023, we're going to have a guest every week and it's going to be pretty damn epic.
[00:04:23] I was literally thinking, uh, on the way, epic, epic. I was thinking about it, uh, on the way to work this morning. It's like, we're building an MBA for SaaS. It's like a SaaS MBA. Um, and I think that's, that's a good frame probably for what's going to happen.
[00:04:35] But anyway, in today's episode, we thought, hey, you know, this is not like Netflix, where you just binge an entire show.
[00:04:43] Well, I hope it is, but I kind of think people start and then never go back to the early episodes. And actually, we had some pretty good stuff in those 60 episodes. So this is I think number 60. We had some pretty good stuff that we don't want you to miss out on. And we picked. Oh, I picked six really strong takeaways, thank you, really strong takeaways that we're gonna kind of cover today and just do a short playback of some of the nuggets and then talk a bit about it.
[00:05:13] Uh, hopefully this means you've, in 30 minutes, listened to effectively six episodes and gotten a ton of value out of this just, you know, 30 minutes of your life.
[00:05:22] Toni: Right there. Let's go.
[00:05:23] Mikkel: Okay. So we have six awesome takeaways.
[00:05:26] Toni: Six
[00:05:27] Mikkel: And we're gonna start with the, with the first one.
[00:05:28] A clip from the first one.
[00:05:30] Toni: Yes. So this is actually one of my favorites is the 10% rule to double revenue.
[00:05:35] And, uh, let's, let's go and listen to, uh, listen to the first, uh, clip that we wanna play.
[00:05:41] I think it's always a funny conversation on how you double revenue. And especially now, you know, we talked a bit about budgets are being reduced, but targets, they remain the same. Yep. And that's, that's a really tall order. No, a lot of, a lot of investors are basically expecting you to suddenly snap to efficient growth.
[00:06:03] So you've been operating for last two, three years on very inefficient growth. And now you have a quarter to go from that to, Hey, you know, you should really be hitting this 12 month payback thing we told you about. Um, so, and I think that is the expectation out there, right? And basically, you know, how that's being translated is growth roughly remains the same, let's just say there's a bit of a haircut.
[00:06:23] Um, but budgets for sure, like minus 50% or something like that. Yeah. And we, uh, so we're, I'm a fan of winning by the sign. I know you also really love, uh, those guys and the work they're doing. And Jaco, um, over there, he talked about actually this, this 10% rule that we're going to get into, um, which is really, if you can improve just seven things, 10% throughout your funnel, that will equal to 100. Yeah, I think the math is not exactly 100, but basically now the, the, the, you know, math avid, you know, listener will realize, Oh, there's a compounding thing here. And that's obviously what this is about, right? You basically kind of look at your funnel, um, and you need to find seven spots that you can increase by 10%.
[00:07:11] And if you do that, you know, you'll get to roughly 100%, uh, over the course of that year or that, that time period.
[00:07:19] Mikkel: So I like, by the way, first off, you think, well, it's not really a hundred percent. That's such a great start. It's true. Yeah. So I
[00:07:31] Toni: By the the really cool thing here obviously isn't, uh, and we, we're gonna, you know, in this episode, we're going on to actually talk about seven specific things, what you can improve.
[00:07:39] Um, I think again, right, it's. You know, don't, don't do all of those big bets and, you know, all of those massive things that you want to do.
[00:07:46] Uh, focus on smaller pieces across, right? And by the way, the math gets even funnier. If you say five things, 15%, you also get to a hundred. and,
[00:07:55] uh, you know, this is, I think, also starting to be a bit of a, uh, this is obviously one of those compound pieces. and, uh, what is, what is really terrible about the compound piece, it works both ways.
[00:08:06] Uh, you, you, uh, it's a little bit like interest in your bank, you know, and the money that you have, that's good. But on your debt, it's, it's the same thing and it's not good. And, uh, the same thing here, right? So we kind of focus on, you know, improving small things, um, because otherwise,
[00:08:23] uh, you will have the reverse compound coming
[00:08:25] your way.
[00:08:25] And that's, that's not great.
[00:08:27] Mikkel: you will have the reverse compound coming your way and that's, that's not great.
[00:08:35] Toni: All those stuff. All those elements and see, Hey, which one of them can you realistically move by how much rather than just saying, well,
[00:08:41] Mikkel: We need double the budget,
[00:08:43] right? So I think that was, um, that was one of the really great, uh, episodes. Definitely go back and listen to that or just carry that mindset with you, uh, as you head into planning or replanning for that matter. I think that's a strong, strong thing.
[00:08:57] Toni: Let's move on to the next one, which is CAC is useless. So customer acquisition costs is useless. Um, the. Episode dives a little bit deeper into that topic, of course. And we're going to have not necessarily saying that you should be throwing CAC out the window. but there's some nuance, so let's get into it.
[00:09:15] Mikkel: So let's just play here.
[00:09:17] Toni: So number one, CAC just by itself is pretty, it's pretty useless. Uh, you can't really. Use that for anything. So what are, what are people doing? They're basically compounding it with something else. Yeah. They're compounding it with, uh, maybe a payback period. They're compounding it with, you know, LTV. They're compounding it with your gross margin and so forth.
[00:09:36] Um, trying to take care of all kinds of different. Challenges that could be around it, right? Because, um, as you acquire a new customer, you don't really ask how long is the customer going to stay with me? So that's then the lifetime value of the customer that would then actually kind of play a role. Yeah.
[00:09:53] Um, if you only look at the acquisition side, then, uh, you know, you might be a subject to some gaming that happens around it. So very much focusing on, um, segments that are easy to acquire, but have a high churn rate. This
[00:10:10] Mikkel: Yes. This was, by the way, one of the more popular episodes we had. And there was a heated debate
[00:10:15] Toni: on
[00:10:15] Mikkel: LinkedIn with quite a few people. You know, no, obviously Toni CAC is useful.
[00:10:21] But this came on the back of, I think you joined, was it? RevOpsTherapy or some other show, uh, where you were asked by the audience about CAC, how to calculate it and just, you know, there's just a million ways to do that.
[00:10:36] And that was kind of one of the primers for, well, why?
[00:10:39] Toni: no, I think the, um, I think, you know, one of the pieces here is that when someone says CAC, everyone suddenly in the head goes, payback.
[00:10:46] Mikkel: Yeah.
[00:10:48] Toni: And,
[00:10:49] and obviously CAC, CAC by itself is in fact, really fucking useless. Um, because you can have a 10 million CAC or a hundred million CAC. It doesn't say anything about your business.
[00:10:58] Besides that one is bigger than the other. Apparently, um, it doesn't talk about efficiency, right? But obviously CAC Payback, that's really important. Um, there are plenty of ways to game it. And, um, you know, I had a really cool conversation on the back of that episode actually, and someone was kind of telling me that, uh, if you're starting to game it, Uh, then you will start suddenly all the other things that you want to, um, uh, calculate also suddenly out of whack, right? The, the CAC Payback itself and then the LTV and then the
[00:11:26] churn and then the, uh, suddenly none of those pieces fit together anymore and, and, uh, you know, the boardroom or the investors will just be like, what, what the, what the fuck is going on here?
[00:11:35] They're
[00:11:35] Mikkel: going to be like, well, I don't get it. All the numbers look great, but there's no money in the bank.
[00:11:40] Toni: Yeah.
[00:11:40] And then you're just saying, well, uh, Toni said CAC is useless anyway, so.
[00:11:47] Mikkel: No, but it's true. And I think even, even recently, uh, you and I were talking a bit about, uh, just CAC Payback.
[00:11:52] And that's probably an episode on its own. Like one of the big issues is when you start the calculation and you actually start the investment way sooner. Uh, Then when you start the effective calculations. So there's a bunch of stuff there. I think that's, that's fun episode in the future, uh, where we talk about cac payback being useless.
[00:12:08] Toni: so the next one is want sales consistency, try this. And here we're really going through a handful, I would say.
[00:12:15] Let's, let's see, let's listen to the
[00:12:16] clips, but a handful of tips and tricks on how you can make your sales motion way more consistent over time. And really the, you know, how everyone is seeing it, it's either all my deals close on the last day of the quarter. Which basically means hair loss for 89 days, or even, even worse, all my deals close in Q4 and, you know, around Christmas, right? So yeah, a couple of tips and tricks, how you can, how you can avoid that. and let's jump into it.
[00:12:42] So, um, first one, DA, uh, it's actually onboarding and offboarding, uh, or I call it onboarding and performance management, um, or PIP, um, and, um, and then obviously kind of when you, when you add more AEs, uh, you, you obviously always need to make this decision to, uh, you know, give them opportunities that then convert less, right.
[00:13:04] There's always that trade off. As you add someone else, you basically will, you know, be less, less, so efficient, right? Mm-hmm. . Um, but there are a couple of, uh, ways to, uh, try and kind of get that, um, try and get that thing going on the onboarding side when, and not talking specifically about, um, you know, the first week or what you should tell them or something like that.
[00:13:24] We don't have a clue about this, but really when you think about it, uh, ramp to a degree. Let's just say you had a AE that starts. On the 1st of January. And let's just assume that all of this training thing, uh, has taken, you know, has been taken care of. For some reason, person starts on the 1st of January and comes fully equipped, you know, knows the, the platform, that knows the competition, knows the talking point, for some reason, all of that, you know, is already there.
[00:13:53] Uh, so how would then ramp up actually look like? Well, it probably has to do something with, uh, your sales cycles, you know, thinking about it. If you have sales cycles of two weeks. SMB. Um, guess what? If you give that person opportunities now, um, like you would give any other person, you know, you can math it out.
[00:14:15] You probably, the ramp up will be two months and that's it, right? And then that person, uh, would have enough supply to kind of, you know, work through that stuff, close deals out and would be great, right? If you have sales cycles that are nine months or longer, guess what? Your ramp up will probably follow the same thing, right?
[00:14:32] I think what many people sometimes misunderstand that ramp up. Not actually really, really, it also does, but doesn't really, really have to do with knowledge. it. simply also has to do with sales physics, right? Kind of how many, how many sales process can you start and how many can you expect to kind of close within that timeframe?
[00:14:50] Yes. Uh, very smart man over
[00:14:54] Mikkel: You agree?
[00:14:54] Toni: Um, and, uh,
[00:14:55] so again, how does that help you with consistency? Well, it's, it's really the, you know, as you slot new people in and, you know, expect them to hit target and hit ramp, um, this is a good way to think about it.
[00:15:06] Uh, let's jump into the next one here, which is obviously my favorite topic.
[00:15:12] Opportunity supply and demand.
[00:15:14] Mikkel: Here we go.
[00:15:15] Toni: And we have discussed this a couple of times here, and I don't think this idea is novel or anything like this, but it's really important to start executing and thinking like this, think about it in opportunity supply. So you, all your demands and efforts. Inbound, outbound, product led sales, channels, whatever you have, that's your demand gen.
[00:15:36] And then your, um, uh, you know, it's shitty, shitty naming now, but it's opportunity demand, right? Kind of how many people want an opportunity. That's really the capacity side. So, uh, you get a thousand opportunities from your demand gen, great. How many reps do we actually need to work through this? Yeah. That, that's the question you need to ask yourself.
[00:15:57] Um, And yes, then if you do the sales math behind it, then there's a quota and a target coming out of this. Yeah. But really the capacity here is how many. Um, how many of the, you know, ad bets can your, can your AE team actually take at the same time? That's really the question, right? And um, if you have, um, if you have a, uh, sales process that is split in two, meaning demand gen, SDRs, marketing and so forth, and then the closing part, uh, which is then AEs.
[00:16:27] If you have that split in two, what you just need to make sure is that the opportunity supply matches the amount of capacity that they have. Yeah. Yeah. Um, and that you manage those two things, uh, separately. Yeah. So what does that mean? If you have, uh, you know, those two departments blended together in the sense of NAE is creating the predominant amount of his or her opportunities, and then also closing them, what you will see a lot is that.
[00:16:54] After a great quarter, uh, you know, a close, a closer to all my pipe, you know, um, and, uh, then they, you know, it's true. It's not true to, to certain degrees. Then they need to start generating pipeline again. They need to do the reach out and so forth, and they will be busy with that for a month or so. You know what, they're going to flunk that quarter.
[00:17:14] Um, and then next, you know, then they're going to get a slap on the wrist, like, Hey, you know. Why did you only 50% blah, blah, what can we do? All the sales enablement is going to, you know, come in then. And then see there next quarter, they're hitting 150%. Why? Well, because they spent three months last quarter building pipeline to then kind of achieve this.
[00:17:31] Yeah. This is the up and down that you want to escape. And the way you escape it is by managing, uh, opportunity generation, uh, consistently. Yeah. Right. If you are consistent there, guess what? You're going to be consistent on the other side as well.
[00:17:46] Yeah. And I think this is really, I mean, this is almost the core of the episode
[00:17:51] is, is a bit, you know, straightforward is really. Manage the, , the lead gen, your opportunity supply, your pipe generation. If that is consistent, guess what? The, the revenue coming out will also be consistent.
[00:18:02] Mikkel: Yeah, that's really what we wanted to achieve with the episode.
[00:18:05] And there are a couple of more nuggets in there to listen to for sure. But it was really to always avoid those gray hairs and consistency again, just way better than brilliance.
[00:18:15] Toni: Yeah, and, there you go. Um, And and, everyone is gonna love it, right?
[00:18:19] Okay, um, jumping into the next one.
[00:18:22] Mikkel: Yeah, we've done a
[00:18:23] lot of reviews.
[00:18:24] We talked a bit about it in the beginning, and that's basically the next one.
[00:18:27] We recorded an episode called 200 QBRs Later, They're Broken, where we talked a bit about... The power of QBR. So quarterly business reviews and how they're fundamentally broken today. So let's listen to one of the first clips
[00:18:43] Toni: After doing this, I don't know, like a hundred or 200 times now, uh, you know, for our customers over the last year. That, um, there's quite some room for improvement for QBRs in general. First of all, you know, doing the QBR in the first case, um, and then doing it well, that's, that's, that's a science in itself.
[00:19:03] And that's what the other EP was about. But after 200, 200 of those, we've actually realized, Hey, wait a minute. There's, there's a completely different way of doing this. That would basically be 10Xing the output. And that's what we want to talk about today.
[00:19:17] Mikkel: and the clip doesn't tell you. That
[00:19:20] Toni: what 200 QBRs later, they're broken. Why it is, again, why it is important, it contributes also to this continuous improvement. Everyone thinks this is boring.
[00:19:33] Oh, continuous improving, that's boring. Efficiency, that's boring. Compounding, you know, interest, boring,
[00:19:39] uh, but that's really what it is and, uh, what's, what's going to be driving large parts of your, um, of your revenue probably by getting better incrementally.
[00:19:47] Um, so this is, this is, really kind of a different spin instead of going into a QBR, you know, after the fact, really kind of managing this through. I
[00:19:55] Mikkel: I think we had the analogy of, you know, performing an autopsy on a dead body. That's what you're effectively doing. And that's one of the challenges
[00:20:01] with the QBRs as they are today. Um, you know, I've been thrown on the bus in those.
[00:20:06] We also talk about that in the episode. Um, so that's, that's pretty good. And uh, should we do just one more clip here because we have two more, we can kind of pick and choose. And I think maybe this clip eight, I like clip eight.
[00:20:17] Toni: Let's, Let's do clip
[00:20:18] eight.
[00:20:18] Mikkel: do clip eight.
[00:20:19] Toni: Clip The main thing that I kind of. hate about most QBRs is executives walk in and then expect to get entertained for an hour and a half. And this is not, this is not our case necessarily, but it's also the internal case, right? Uh, use a RevOps team and we prepare, and we now know that RevOps is involved in it in different ways.
[00:20:42] Sometimes they just do a data package. Sometimes they do the whole thing. Sometimes they kind of only support or whatever. Um, but usually it's kind of a, um, some just kind of a laid back kind of feeling of the executives walking and then, okay, now, now it's a time, now tell me what happened. Yeah. Yeah.
[00:20:58] Right. Um, and, and obviously then you get into the, um, Hey, didn't you read the, the, the pre send? Yeah. It's like, Oh no. Okay. Cool. No, I'm too important for that. It's busy. Um, and then you obviously get, uh, into our other, uh, uh, you know, most fantastic problem, which is, you know, ambushing people. Yeah. Um, and, uh, and obviously I feel this is a story that comes up all the time.
[00:21:21] So back then when I was running those QBRs, you were one of the executives coming in, not so late back though. Um, and, uh, Um, and you, with what kind of an attitude did you step into the room? No, I kind of said, I think we've recorded maybe before I talked about it at least, but I was always had this mindset of, okay, how are they going to fuck me today?
[00:21:41] That was always, it was, you always had it in your back of your head, even if you actually had a solid quarter, you were like, okay, what are they going to hit me with? Come on, it's easy. You can always find something that's fucked up in marketing.
[00:21:51] Mikkel: Thank you for that.
[00:21:52] Thank you for that comment there.
[00:21:56] Toni: I love it.
[00:21:57] No, it's, uh, and again, right, this whole thing of, it's, it's really important to have a retrospective in that sense.
[00:22:02] That's how we started to refer to this, you know, looking back and learning and understanding and creating this, this, uh, this culture of trust and so forth, um, which is really difficult by the way.
[00:22:13] But, um, uh, I think one of the main issues with this is. Uh, you do look back and then it's like, Oh, on Tuesday, seven weeks ago, we actually had an outage on our demo form for. a week and we didn't realize, um, that is, that is something that shouldn't be coming up 90 days later. This should be coming up, you know, the second something happens, um, and, and should be, should be addressed there.
[00:22:36] So really, instead of having this autopsy, um, really, uh, rather finding ways to improve things as they, as they happen or as they deteriorate.
[00:22:45] Mikkel: Yeah. I think we really got into the how do you operate as a team to catch improvements on the go catch opportunities or challenges, and that's really what changes.
[00:22:54] Then fundamentally, the Q B R, so go back, listen to the episode. Uh,
[00:22:57] it's definitely a different take. We also have a, Blog post about it on our blog. You can check out that's kind of summing up the process
[00:23:03] Toni: That's it. And now,
[00:23:06] um, I think we're going very far back.
[00:23:09] Mikkel: is really, this is like, we, we sharing a microphone
[00:23:12] Toni: Yeah, like
[00:23:13] an iPhone microphone,
[00:23:14] by the way. So
[00:23:17] the episode is called The One Thing to Scale.
[00:23:19] Let's listen to the first clip.
[00:23:22] The reason why it's important is you will kind of figure out your way to get to the million. Um, if you have a product that has enough market and so forth, founder led sales, you will get to a million somehow. Or you have something on your website and there's some organic inbound and that gets you to a million.
[00:23:40] But really what those VCs want after that is um, triple, triple, triple, double, double. Um. What is that? that really is something that I think some VCs defined as the unicorn path. And maybe this is now a couple of years ago, and I think it started out with triple, triple, and then three times double, and then they flipped around.
[00:24:06] But really what it means is, okay, now you hit one million, and from now on, you need to triple at least twice, and then double three times. Or in what I said before, you need to triple three times and then double twice. So, you know, tripling one, you go from one to three, then you go from three to nine, then you go from nine to twenty seven, then you go from twenty seven to fifty ish, and then you go from fifty ish to one hundred.
[00:24:34] Unicorn. Yeah, that's, that's, that's, that's, that's the idea. So what all of these investors are going to be looking for is once you hit the million mark is, okay, how can you grow according to that path? That will be their question. And the problem that that poses for you is that whatever you use to get into the 1 million, it will probably not scale to get you to three and nine in those next two years.
[00:25:02] Mikkel: Wow, audio quali...
[00:25:06] Toni: But my math was pristine. Yeah,
[00:25:09] Mikkel: triple, double, double, triple, yes. Yeah,
[00:25:12] Toni: and again, right, so the idea is, well, getting to a million, that can be done, and then really the difficult part starts with this unicorn path that you'll be on.
[00:25:20] And the whole episode is around the unicorns. Uh, you know, what, what is that one thing to scale and you know, how to think about it going forward afterwards.
[00:25:28] Mikkel: So funny because there's I think so many founders and companies, they miss this point that you need to find one channel that works and really focus on that.
[00:25:36] When I've talked with, uh, founders and CEOs, like, you know, Series A, B, C, SaaS businesses, it's always like, yep, we want you to come in and, You need to build the newsletter.
[00:25:44] You need to build up social. You need to do maybe a podcast. You need to do a blog. You need to do like, there's a laundry list of 20 things that they want to be successful in, but that's besides the point. You need to find one you can be successful in and then you can start building the next. We talked about even outbound.
[00:26:00] It usually takes you, what is this like six
[00:26:02] Toni: Everything takes you six to nine months,
[00:26:04] Mikkel: Yeah, exactly. So, you know, again, back to the consistency piece, you've got to find one thing to scale. That's, That's, really the task.
[00:26:11] Toni: Yeah.
[00:26:12] Mikkel: Okay.
[00:26:14] Toni: So...
[00:26:14] Should we move to the next one?
[00:26:17] So the last episode was done, um, with my, with my, favorite host. Uh,
[00:26:24] Mikkel: uh,
[00:26:25] Toni: yeah, was thinking should get also one with Olafur
[00:26:28] Mikkel: In here but uh this is with the substitute Bart
[00:26:30] bit more
[00:26:31] Toni: is with Bart, uh, wonderful Bart, uh, he will be starring a little bit more often
[00:26:35] Mikkel: And, uh,
[00:26:37] Toni: that's pretty cool.
[00:26:38] Um, and uh, maybe we listen to the first clip where he has a comment on our hairstyle.
[00:26:45] Bart: Always make sure you hit the record
[00:26:52] Toni: button. Oh
[00:26:53] Bart: Mikkel, how
[00:26:54] Toni: much hair you have grown. I'm So jealous Mikkel.
[00:27:00] Bart: What, are
[00:27:00] Toni: you jealous that Mikkel just actually, has some time off now instead? And also you finally got rid of your... You finally got rid of, uh, uh, your Danish accent. I got rid of the Danish accent.
[00:27:11] You wouldn't believe what I had to do to get all this hair right now as well. You need to tell me which product you used, because... Did you know.
[00:27:18] that they actually, have shampoo and
[00:27:20] Bart: conditioner separate?
[00:27:22] Toni: Yeah, that was, one of our conversations, by the way. Mikkel and I didn't know this and, it's like, well, maybe that's why you don't have any hair left.
[00:27:28] Yeah, there's a good chance.
[00:27:30] Mikkel: so actually maybe he shouldn't do more episode. No but it's good to see that we can riff with other people as well. That's good. Good to know. Is that a good thing or a bad thing? I don't know.
[00:27:42] Toni: The episode is actually, so this was basically just when the year flipped around from 22 to 23. Everyone was already very beaten up, because this whole ukraine war has been going on and the ripple effects from this actually. And, and uh, we basically were saying like, okay, 23 is going to suck. Right.
[00:28:01] and, uh, you know, what are the things you can actually do in order to, um, you know, turn this around, make this a good year for you. Um, and we actually talked about, I think five, specific plays that you can execute and how to think about it, um, in order to drive those efficiencies.
[00:28:17] Right. And it was really. Uh, down to earth, hands on, uh, examples that you could theoretically start executing
[00:28:24] Mikkel: that was like six of the hand picked top episodes most listened to. Um, with just some recap on some of the takeaways.
[00:28:34] We're gonna go for another year and record. And we're also gonna be recording with guests, which I think is pretty epic.
[00:28:43] You know, we've talked so much together, it's about time we introduce more entertainment into
[00:28:49] Toni: I mean, it's been a long year, you know.
[00:28:53] But, but, but,
[00:28:55] Mikkel: but, but,
[00:28:57] one year down, one year more to go.
[00:29:00] Thanks so much for listening.
[00:29:01] Really hope you enjoyed it. If you've enjoyed it as much as we have, please leave a review.
[00:29:07] Just one. That's all we ask. Just one review. That would be appreciated. Thank you so much and looking forward to one more
[00:29:13] Toni: Thanks everyone. Bye bye. Thanks Mikkel.