May 22, 2024

Lessons from hitting £100k MRR and scaling to $350k/mo

Learn how we hit £100k MRR in 8 months, scaled to $350k/month, and the lessons and mistakes that shaped our journey to success.

Lessons from hitting £100k MRR and scaling to $350k/mo

In 2022, we hit £100k MRR in 8 months. In 2023, we scaled to about $350k/mo in another 8 months. It wasn’t an easy road to get there. Just like every good entrepreneur, we made mistakes (a lot of them). But we could’ve achieved that in half the time if we didn’t make specific mistakes.

Our hope with this blog is to give you the playbook we wish we had when we were starting. So, knowing what we know now, here's how we’d rebuild our Growth Partner business to save ourselves countless hours and hundreds of thousands.

1. Stop Thinking Transactionally

When we first started FE Growth Partner, it was all about building relationships. We’d go visit people in person, take them out for nice dinners, do real presentations, and jump on calls whenever needed. But as we scaled? We lost that. We became too busy, put team members in our place, and stopped thinking that going out for dinners with clients was “high level”. There was a never-ending to-do list, so we thought these things would be okay.

What we didn’t know at the time was that the experience, the feeling, and the relationship we built were the reasons these people went with us and, in many cases, stayed with us.

It’s easy when you’re getting started or scaling up to switch back into the supplier mindset. I see a lot of you do this now. You’re looking at bringing on the first client. Or you’re thinking about your offer very rigidly, still focused on providing services rather than building relationships.

  • Go and meet clients in person, dress well, and treat them to a nice dinner
  • Focus on client experience
  • Over-communicate - even before the sale, say "we", "our", position yourself on the same team
  • Communicate on weekends and be more present than your clients
  • Make them feel like they’re the only client in the world
  • Leverage your experience and set the right frame from the start
  • Do not be afraid to walk away from deals that aren't a good fit

2. Build More Trust in the Sales Process

When we were building FEGP, we heavily relied on LinkedIn and cold email to get clients. And look, it’s great to get clients this way. It’s basically free, and you can contact any brand.

But if they don’t know you? They don’t trust you.

So you’re fighting an uphill battle right from the start. Many clients wanted to work with us as a sort of Hail Mary rather than looking to build a real long-term partnership.

  • Conduct deep upfront research to qualify prospects and understand their needs
  • Implement more targeted Dream100 campaigns to focus on high-value clients
  • Create and share more content to establish yourself as an authority figure in your field

3. Ignoring Red Flags

Between you and me, this year we’ve kept a private Slack channel where we’ve noted our biggest lessons as they came up. And there has only ever been one lesson that we’ve learned the hard way time and time again.

That lesson? “Don’t ignore red flags”

Whether it’s hiring new team members, signing new clients, or making investments, there will be red flags. And it’s all too easy to look past them.

  • Only work with companies that have a proven offer
  • Turn away all red flags immediately
  • Maintain the frame and set clear expectations from the start
  • Double your pricing to attract higher-quality clients
  • Implement a stricter vetting process for clients and team members, including multiple stage interviews, reference checks, and a probation period

4. Client Experience / Playing Defence

We had a client that we were absolutely killing it for. The number of meetings we were booking them was absurd. And one day, they went quiet. Completely off the grid. A month later, they ended the contract. This perfectly aligned with when we started to step out. So the relationship we built? Went with us.

All those dinners, in-person meetings, and gifts meant nothing when it stopped being us who showed up.
  • Check in with clients twice a week at minimum
  • Create plans and roadmaps to give clarity
  • Deliver on what they want before they need it
  • Send personalised gifts, handwritten cards, and books to show you’re thinking of them
  • Meet clients in person before signing them
  • Introduce new team members to the decision-maker first and explain their role and contribution

5. Hiring B/C Team Talent

Business is about people. Partners, clients, and team.

A players are the ones that really grow businesses

But it took us 6 months to realise this because we fell into the trap that 99% of business owners make. You’re making a bit of money and know you need to hire. But you’re still scared about cash flow. So you look on the cheap side and end up with a C or B team.

  • Hire before you need to
  • Hire people that give you time back
  • Hire people that complement your weaknesses and have domain expertise
  • Hire people smarter than you who still want to learn
  • Only hire A-team players that can create their own structure

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