Patrick Parker is not an unknown name in the tech industry anymore. Having built million-dollar SaaS businesses for his clients and running five profitable companies himself, he is now widely recognized as a SaaS expert and serial entrepreneur. He is a man with all the right qualifications needed to initiate, grow, scale and sustain a successful business for years. That’s the sole reason why SaaS founders prefer Patrick to handle their SaaS development over anyone else.
With immense experience in the field, Patrick is never short on advice for aspiring entrepreneurs. From killing the 80-hour workweeks plaguing his clients and replacing them with mere ten-hour ones to multiplying revenues to eight figures, he has provided enough reasons to blindly believe his words and act on them. Here he shares some tips on scaling a SaaS business.
“Let’s dive in!”
Building a ‘flywheel’
Building a flywheel is indispensable for furthering any business. Patrick derives the flywheel concept from one of his favorite authors, Jim Collins. A flywheel is a mechanical device that keeps your car running by conserving rotational or kinetic energy and maintaining the inertia that keeps your car running. “It also stores excess energy for subsequent use,” says Patrick. “But once it does, it wants to keep going, and can even be hard to stop,” he further added.
Collin says that in terms of business, consider a flywheel as a self-reinforcing loop that you feed with efforts and initiatives. As a result, they fuel each other. So as long as you repeat this process, that ‘flywheel’ will create its own inertia and momentum, in the end, giving you a thriving business in the long run.
This is something Patrick worked tirelessly to build out in all of his businesses. He not only formed successful enterprises himself but helped hundreds of others grow profitable businesses. “With SaaS Partners’ clients, I’ve seen many plateaus and burnouts when a company reaches a certain scale,” says Patrick, adding that amidst that inevitable stagnancy many businesses encounter, he has helped them learn to build unstoppable momentum to overcome those challenges and climb higher.
Patrick wants other entrepreneurs to look at their own businesses using the flywheel lens and see where they are positioned in the race. Of course, everyone wants a system that constantly gives them positive results. However, it will need automation, the introduction of new initiatives, and consistent monitoring to keep feeding that flywheel and to start seeing the benefits.
“Choose your partners well – it will make all the difference in your journey and peace of mind” – Patrick Parker
By Partners, Patrick means clients, co-founders, investors, employees, and vendors. By appropriate means, people are worth your time and attention – something most entrepreneurs ignore.
You see, when you start a business, it is apparent that most entrepreneurs want to take it to the highest level possible. You are sacrificing things you love, putting your time and energy, and giving undivided attention to your business just to make it happen. But if you get stuck with people who don’t appreciate you and aren’t reciprocal in their effort, Patrick believes, you’re better off.
Whether it’s clients, employees, or anyone directly and indirectly linked with your business who is creating unnecessary stress and being toxic, firing them immediately is the only remedy.
Adopting a Human-Centered Approach
The crux of Patrick’s successful SaaS career is experiencing products from end-users perspectives, not from the owner’s box. The team at SaaS Partners also strictly follows their founder’s guiding rule.
“You should want every product that you design to ultimately be useful and enjoyable for the person it is meant for,” says Patrick while talking about the importance of adopting a human-centered approach.
He says that it helps you in multiple ways; your team is perfectly aligned with the end goal of the product, it prevents your team from any misdirected iterations, it encourages your team to get feedback from the ultimate target user and it helps them spot missed revenue opportunities.
“I’d encourage you to be obsessed with your end-users and to stubbornly maintain a human-centric approach in your entrepreneurial ventures – it pays off in spades,” Patrick contends.
Patrick didn’t show up off the streets with his breadth of knowledge. He had to walk down some lonely roads to reach this point. More on his story some other time, for now, make sure you heed every word of advice mentioned above!