Rebuilding a software business
Why am I writing this?
Because we (mainly me) have made a lot of mistakes in our journey so far and I hope by sharing this it might help other startups and existing businesses avoid making them. Plus it’s good for me to write it down and be honest about where we’ve gone wrong and how we are putting it right.
The journey begins here
It was February 2014 that we stopped talking and started doing.
We had the idea of creating an events platform for business events a few months before that and had been chewing the fat on how we’d do it and more importantly why we were doing it. Research and experience told us that this was a crowded marketplace, but we knew we could fill a gap that we’d spotted.
Our minimum viable product was launched in January 2015 and we started with some fantastic new business wins. We’d always bootstrapped so we didn’t have the vast sales, marketing and development budgets some of our competitors enjoyed.
Although we’d started off well, by mid 2015 we had to make a difficult decision. We all had young families to feed so we had to go and earn some money elsewhere and work on Mitingu in our spare time.
Then in December 2015 we had an enquiry from a global business that wanted a white label events platform to run their events across all locations. In a nutshell, it would be a game changer.
The first week of 2016 we got the fantastic news that we had won the business!!
We were on our way to riches! This was much easier than we thought!
A few months later we won another large account. Wow! We were truly on our way as we’d been regularly picking up and retaining new clients along the way.
WRONG!
We spent all of our time devoted to looking after a small number of large customers. Sure, they spent well but we ended up developing a platform specifically for them and lost sight of the bigger picture. We effectively became a software development business for a few large businesses.
That wasn’t their fault, it was ours.
2018
Fast forward to 2018 and with growth stagnating over the previous 12 months, we got the unsurprising news that our two largest clients were regrettably going elsewhere. We’d lost our way after such a great start and my motivation was at an all time low.
In autumn 2018 we had a decision to make. Do we carry on or do we call it a day?
We and I had recognised the mistakes we’d made, we knew we had the makings of a great business and decided we’d carry on, effectively from a clean slate and build the business.
2019
We started 2019 knowing it would be a year of planning and getting back on track. Personally, I was under no illusions how tough it would be, but as a team we were up for the challenge.
It started well with some quick wins and some longer term contracts signed. Cashflow was always going to be tight and because of it, I (not we) took on a one off project that I shouldn’t have. It took up 4 months of my time and at least 2 months of development time. It ended up being a very costly project both in terms of time, resource and money.
By late autumn (that time of year again) we had a decision to make again. We had an offer in to buy the business. I liked the company and people who had made the offer and it would have meant Mitingu becoming part of their business. The answer was yes all the way until the last minute when we (Mitingu is a team) decided we could build a great business and we wanted to do it alone.
We spoke together as a team and went through everything we wanted to achieve and whether we could achieve all of that as part of another business. We used the Christmas break to think long and hard about what we wanted to do.
2020
Happy New Year! Let’s do this
To cut a long story short, we decided that with a renewed focus, plan and help from friends and family that Mitingu would control its own destiny and we were going to make it happen.
We had a plan, a new structure that we were sticking to and a huge focus on the business’s key metrics to keep up on track and highly motivated.
January - we were over target, both revenue and new business wins
February - we were over target, again both revenue and new business wins
March - was all going great, new business won and then the reality of a virus called COVID 19 hit home.
I’m writing this is the middle of the worst global pandemic for 100 years. No one had prepared for it and the destruction, misery and loss it would cause to people’s lives. Business has been affected across many sectors including the live events industry which has been decimated. It will bounce back but right now the most important thing is staying healthy with your loved ones. Thank you NHS and all our key workers, you are amazing.
We have some amazing things planned for 2020 and when we come out of the current crisis, the business will be ready. Mitingu 2.0 is due for release in the summer. We can’t wait for that as it will be a game changer for us and our clients. I’ll share more details on that in the coming weeks.
What we did wrong
We made lots of mistakes, but I think that these were the biggest and main contributors to our struggles.
We lost sight of our goals and plan - we chased the money.
I got distracted - other opportunities and things going on outside work took my attention away from Mitingu.
We introduced far too many features to the platform without adequate planning and testing after agreeing unrealistic deadlines to keep the client happy (this was a huge mistake).
We overpromised and underdelivered. Despite our mantra of amazing customer service, we’d bitten off more than we could chew and we’d let if affect the one thing we were very good at.
Most of our revenue was coming from a small number of clients which left us incredibly vulnerable.
What we’re doing about it
I recognised that I am not superman or anything remotely close. It doesn’t matter how many hours I work if there is no clear plan and goals.
I decided to get help… to bring people in from the outside who could see the wood for the trees and help the team and I create good plans with clear goals that we could measure against. They keep me focused and more importantly, they bring accountability.
We have an updated business plan that the team has all had input into and agreed
We have organised our tasks in a clearer and structured way
We’ve building documented processes for the whole business
We’re adding to the team to strengthen
We view and review our key performance indicators daily to make sure we are on track
We don’t take on any custom development that will veer us off course - we have a plan and roadmap and we’re sticking to it
We’ve got a great team, that are all on the same page and all share the same goals for the business - this is key to success
A positive outlook
Despite what’s currently going on in the world, we remain positive that once the live events industry resumes we will have an even stronger proposition. Staying positive is absolutely key to building a successful business and life.
I’m going to add regular posts to this blog, giving updates on our particular rebuilding journey. It’s definitely good for me and I hope it can help others to avoid some of the mistakes we’ve made along the way.