SaaS businesses stereotypically pursue rapid growth. The dream seems to go like this: Jump out of the gate, sprint toward some venture capital funding, get a massive cash infusion to launch into the stratosphere, pull in massive revenue numbers, impress everyone, and crescendo in an exit that makes you a millionaire.
Somewhere along the line, as a side note, you will likely spend some time actually building a business… hopefully even one you like or that does some good for some people. But in most of these narratives, the project of actually nurturing a business seems secondary to the goal of making all the money in the shortest time possible.
But what if this race-to-the-finish isn’t your dream? What if you’re more excited by the idea of carefully and steadily building up a business that you love, maintaining control of it, making some profit, and enjoying your life? What if you like the idea of deciding what to do as each stage comes along?
There’s a strong case to be made for growing your SaaS business slowly and steadily. For only seeking the money you need to grow at the pace you’re comfortable with. For growing at a pace that will allow you to sustain a life outside your business venture. For concentrating on the business itself, on making it the best that it can be, and making your customers ridiculously happy.
Here are some SaaS growth strategies for building your business to succeed.
Grow slow: laser-focus on your product-market fit
Gain an accurate picture of your metrics
Only borrow as much as you need
staff morale issues after the first few years. Companies that are growing slow and steady will be very strategic about how much they borrow. Ask yourself if you know exactly how you will use each dollar and how much return you’ll get.
Borrow from the right funding sources
Relentlessly provide quality
puts it, “Creating a long-term, durable SaaS business means putting craftsmanship over showmanship.”
As the saying goes, “slow and steady wins the race.” Taking this approach won’t necessarily make you the one that grows the fastest, or ends up the richest, or changes the world the most (though maybe!).
But it is likely to ensure that you end up building the company you want and living the life that makes you happiest.
And that sure sounds like winning to me.
Enjoyed this post? Subscribe to our newsletter to get our latest stories delivered to your inbox.