Extraordinary Pursuits by BIP Ventures

Mastering Marketing Metrics: ARR, CAC, and CRR Explained

In this episode of BIP Capital CMO Tammy McQueen joins the VP of Content, Rachelle Kuramoto, for a short discussion about the most important key performance indicators (KPIs) for marketing and sales teams. Learn what to zero in on as you scale, including annual revenue (ARR), customer retention rate (CRR), adoption rates, and customer acquisition costs (CAC). These metrics are crucial for understanding and communicating the financial health of the business, customer loyalty, marketing effectiveness, and budget efficiencies. As expected, they are metrics that matter to investors.
Listen in.
 
Timestamps:
01:16 Key Performance Indicators for Scaling Startups
02:16 Measuring Customer Loyalty and Adoption Rates
03:14 The Cost of Acquiring New Customers
04:08 Understanding the Financial Health of the Business
05:07 Communicating Metrics to Investors
Points of Wisdom:
"The number one metric that any startup and every company is going to be measuring in a SaaS growth or technology enabled business...is how much money you're bringing in every year."
About Tami McQueen:
A builder, founder, and operator, Tami McQueen has sat on both sides of the table at hyper-growth organizations. She brings deeply rooted experience in B2B software and tech-enabled services businesses to her role as Chief Marketing Officer (CMO). Tami has led successful initiatives ranging from go-to-market initiatives to building process-driven, scalable, and repeatable marketing models.
Before joining BIP Ventures in 2021, Tami helped build the community for digital events at SaaStr, the world's largest community of SaaS executives, founders, and entrepreneurs. She made her leap into entrepreneurship as co-founder of 31south, after serving as the first marketing hire at Salesloft, one of the fastest-growing B2B SaaS startups in the U.S. At Salesloft, Tami helped to lead the company through Series A to B fundraising rounds and pioneered the Rainmaker conference.
Tami earned both her M.S. and a B.S. from Murray State University, where she was a four-year NCAA D1 tennis athlete, scholarship recipient, and McNair Scholar. She is a mentor for Techstars, a podcast host, and a speaker at SXSW, and a moderator for SaaStr digital events.
 
BIP Ventures
Website: www.bipventures.vc
LinkedIn: https://www.linkedin.com/bipventures/
Instagram: https://www.instagram.com/bipventures/
Twitter: https://twitter.com/bipventures
YouTube: https://youtube.com/@bipventures
 
Listen to and watch this episode and other episodes of the Extraordinary Pursuits podcast.

How to Choose the Right Outsourced CFO: Expert Advice for Startups with John Frazier

Outsourcing your CFO could be a game-changer for your company as it allows you to access expert financial guidance without the hefty cost of a full-time executive. An outsourced CFO can help you navigate complex financial challenges, optimize cash flow, make informed strategic decisions, and set a solid foundation for long-term success. This support is crucial for early-stage companies, where resources are limited, and every financial decision can significantly impact growth.
In this episode of the Extraordinary Pursuits podcast, John Frazier from InDinero shares why it’s important to choose an outsourced CFO and accounting partner carefully. He and our Mike Vandiver discuss why it’s especially critical for early-stage companies to have access to financial and accounting resources, the ramifications of getting it wrong, and tips for making the best choice.
Timestamps:
[02:16] The benefit of investing in expert financial resource
[04:11] The best-case outcomes of outsourcing account operation services
[05:55] How to build a strong foundation for solid financial reporting and results
[08:29] The ramifications of not outsourcing right
[09:26] Measuring and managing metrics that run your business predictably
[11:46] Key indicators that it’s time to outsource financial expert
[16:30] What to look for to maximize the value of an outsourced CFO
[20:04] Common pitfalls to avoid when engaging a fractional CFO
[21:41] How CFO shortage is impacting hiring decision
[27:38] 2 key things to look for when outsourcing a financial partner
[30:34] Success stories of companies that outsourced CFOs function at an early stage
[33:36] The impact of remote work on today’s generation and businesses
 
Points of Wisdom:‍
“The best outcome in outsourcing is when you’re partnering with a financial expert and working on them understanding your business so that the output you get is tailored to what you do.” [04:39]
“You can’t manage what you can’t measure.” [09:17]
“As you grow and step away from the day-to-day interactions, it’s important to rely on data to help guide the business and ensure everybody within the business is clear on the expected results.” [09:55]
“If you don’t have a solid grasp on your day-to-day transactional activities, you should focus there first; you can bring in the broad view resources, but if you have no structure behind them to execute, it’s wasted energy and resources.” [26:17]
 
About John Frazier:
John Frazier is the CEO of InDinero, an accounting and financial services solution provider. InDinero specializes in relationship-driven tailored support that helps growth-oriented companies navigate the complexities of financial management. John has more than 25 years of experience in the service space and a unique background that blends electrical and electronic engineering with cloud services, which has helped him deliver guidance to modern financial solutions.
 
John Frazier
Website: https://www.indinero.com/
LinkedIn: https://www.linkedin.com/in/iamjfrazier
 
BIP Ventures
Website: www.bipventures.vc
LinkedIn: https://www.linkedin.com/bipventures/
Instagram: https://www.instagram.com/bipventures/
Twitter: https://twitter.com/bipventures
YouTube: https://youtube.com/@bipventures
 
Listen to and watch this episode and other episodes of the Extraordinary Pursuits podcast.

MINI-EPISODE: Tech Company Tax Tips

In this mini-episode of Extraordinary Pursuits, BIP Ventures financial performance authority Mike Vandiver talks with Stephen Bradshaw, a partner in Bennett Thrasher's state and local tax practice. They discuss ways that technology companies can navigate complex tax landscapes to stay compliant and gain advantages.
In a few short minutes, you’ll learn ways to minimize sales tax exposure, including business-to-business exemptions and obtaining exemption certificates. The conversation also covers ways to mitigate prior period exposure and the importance of charging sales tax to comply with regulations. The conversation provides valuable insights for technology companies looking to ensure compliance and strategic advantages.
Takeaways
Technology companies should be aware of the opportunities to minimize sales tax exposure.
Business-to-business exemptions can be utilized in certain states to exempt software sales to businesses.
Obtaining exemption certificates from customers is important for compliance and mitigating prior period exposure.
Charging sales tax is expected by customers and should not be a concern for technology companies.
Complying with sales tax regulations is crucial for avoiding potential issues and maintaining strategic advantage in M&A scenarios.
Standout Quotes
"What are the opportunities to minimize or mitigate your sales tax exposure as you go through that process or just in general?"
"Getting those exemption certificates is also a key way to mitigate prior period exposure."
"You, the customer, are responsible for sales taxes."
About Stephen Bradshaw:
Stephen Bradshaw is a partner at Bennett Thrasher specializing in State and Local Tax, and a frequent speaker on the topic. His focus includes conducting nexus studies, advising on tax categorizations, negotiating voluntary disclosure agreements, preparing for diligence processes, and establishing best-practice procedures for automated sales tax software like Avalara. Stephen's insights have been featured in prestigious publications such as the Atlanta Business Chronicle, Accounting Today, Thompson Reuters, and the Georgia Society of CPAs. Before joining Bennett Thrasher, he spent five years at Deloitte Tax, LLP in the Multistate Tax Services division, providing state income/franchise tax consulting, compliance, and ASC 740 (provision) services to major corporate clients.
 
Let's Connect
Stephen Bradshaw
LinkedIn: https://www.linkedin.com/in/stephenbradshawbt/
Website: https://www.btcpa.net/
 
BIP Ventures
Website: bipventures.vc
LinkedIn: https://www.linkedin.com/bipventures/
Instagram: https://www.instagram.com/bipventures/
Twitter: https://twitter.com/bipventures
YouTube: https://youtube.com/@bipventures

Optimizing Sales Strategy: ICP, Buyer Personas, and Market Segmentation with Michelle Seger

Focusing your sales strategy on ICP, buyer personas, and market segmentation is more than just identifying basic demographics, behaviors, pain points, and decision-making processes. It involves gaining a personal view of your potential customers and dividing the broader market into distinct groups. This targeted approach enables businesses to allocate resources more effectively, tailor marketing messages, and develop products that meet the unique needs of each segment.  
In this episode of the Extraordinary Pursuits podcast, Michelle Seger from SalesGlobe joins BIP Ventures Chief Performance Officer Christy Johnson to discuss the crucial distinction between the ideal client profile (ICP) and buyer personas. They explain ways to optimize resources and create market relevance by focusing on specific market segments, and they share tools early-stage companies can use to take a strategic approach to growth and earn market penetration. 
Timestamps: 
[02:16] ICP and market segmentation and how they play in buyer persona 
[07:23] Where to start working on ICP, buyer persona, and market segmentation 
[13:05] How to leverage AI to find pain points for value proposition 
[16:36] How to hone your vertical and bring up your close rate 
[22:10] Focusing on your core and building a great brand presence   
[26:09] Essential front-end motions that have to be done 
[31:56] Enhancing buyer process by combining value and customer experience  
[34:07] The buyer and how to identify the right buyer persona 
[42:12] Michelle’s recommendations on how to get started with ICP 
Points of Wisdom: 
“If you know who your ideal client profile is, then you are going to service them in the way they want to be serviced and offer the best product and services you are equipped to offer.” [03:44] 
“Focusing on a vertical that has the greatest fit helps you develop your product and bring a ton of momentum to your company.” [20:12] 
“There is no risk about missing out on the universe, focus on where you can win and the right people will find you.” [23:29] 
About Michelle Seger: 
Michelle Seger is the COO and partner at SalesGlobe, a firm dedicated to helping customers solve complex sales challenges by aligning their sales strategy with their bottom line to achieve profitable growth. With a deep expertise in sales change management, Michelle has extensive experience in mergers and acquisitions (M&A) and modern sales coverage models. At SalesGlobe, she leads the consulting operations and heads the private equity consulting services practice. Michelle is committed to helping leaders tackle their most significant sales challenges, enabling them to drive better revenue growth and achieve lasting success. 
 
Website: https://www.salesglobe.com/ 
LinkedIn: https://www.linkedin.com/in/michelleseger/ 
 
BIP Ventures 
Website: www.bipventures.vc 
LinkedIn: https://www.linkedin.com/bipventures/ 
Instagram: https://www.instagram.com/bipventures/ 
Twitter: https://twitter.com/bipventures 
YouTube: https://youtube.com/@bipventures 

Mini-episode: The Startup Dilemma – Working on the Business and Working in the Business

In this mini-episode of the Extraordinary Pursuits podcast from BIP Ventures, successful serial entrepreneur Jan Heybroek shares a skill he’s built in his entrepreneurial journey: the ability to simultaneously work in the business and on the business. The capacity to strike this balance is critical for staying ready for known and unexpected opportunities. Jan offers specific ways for founders to manage this challenge and a great case study for what can happen if you do.
Time Stamps:
02:24 The Role of Perseverance and Thinking Ahead
04:33 Reverse Engineering Goals and Being Prepared for Pivots
05:03 Being Opportunistic and Seizing Unexpected Opportunities
05:30 Preparing for an Exit and Strategic Planning
Points of Wisdom:
Conviction in a market opportunity is a necessary starting point for entrepreneurs.
Confirming product-market fit is crucial for success.
Thinking ahead and being prepared are critical skills for founders.
Perseverance is essential in the entrepreneurial journey.
Working on your business, not just in it, is important.
Metrics, dashboards, and accountability are key to measuring progress.
Reverse engineering goals and measuring what matters keeps you accountable and prepared for pivots.
Being opportunistic can lead to unexpected opportunities and outcomes.
Preparing for an exit requires strategic planning and systems in place.
About Jan Heybroek:
Jan Heybroek is a serial entrepreneur with more than 30 years of senior leadership. He applies his knowledge and strategic marketing and product experience within life sciences and biopharma. He is particularly adept in building out new solutions, optimizing existing products and overseeing product portfolios to deliver industry and category-leading returns. Jan is also a thought leader in the areas of entrepreneurship, organizational partnerships, licensing and market insights.
LinkedIn: https://www.linkedin.com/in/janheybroek

From Pitch to Press: How Startups Can Earn Media with Maija Ehlinger

Capturing earned media is one of the most powerful marketing tools a company can achieve. Positive, relevant, wide-reaching media coverage can literally change the trajectory of a startup’s future. But effective public relations is hard.
In this episode of Extraordinary Pursuits, journalist and Hypepotamus editor-in-chief Maija Ehlinger offers strategies for crafting and pitching compelling stories that resonate with publications and audiences. She explains how to strategically time announcements and storytelling opportunities to capture the attention of journalists and earn media. Maija also shares what works to capture earned media, why a great story often hides behind timely announcements, and how entrepreneurs can have more luck getting more coverage.
Earned media can increase brand exposure and reach, differentiate a company, build credibility, and establish a critical share of voice. As a technology and innovation journalist, Maija is the ultimate resource for any company seeking to understand how to use media strategically and effectively.
Tune in!
Timestamps:
[00:01] Intro and what’s in for you in today’s show
[01:52] Maija’s journey as a journalist in the innovation economy
[04:41] Maija’s role at Hypepotamus and how her skills have evolved
[07:40] What PR is and how it’s different from other forms of marketing
[12:04] What to prioritize when sharing earned media story
[14:38] How to establish yourself as a thought leader or expert
[18:03] The most ideal way to reach out to a journalist
[22:52] Editorial calendar and how entrepreneurs can use it as a guideline
[25:35] The timeframe journalists need to write a story
[30:17] Writing a full-blown and timely story
[32:31] How and when to make your pitch to a journalist
[35:34] Who can reach out, and how to connect with Maija
[37:49] Wrap up and end of the show
Points of Wisdom:
“There is a real need for convincing storytelling, and it’s incredibly valuable to a young startup, but very few know how to harness it.”- [06:41]
“If you want to be part of a high-quality conversation, make sure you are putting yourself out there in a way that will attract the media.” [13:23]
“Build relationships with people in the business community and people will find you as the thought expert.” [16:53]
“If you work with a journalist under embargos, they will love you.” [27:54]
About Maija Ehlinger:
Maija Ehlinger is the editor-in-chief of Hypepotamus (aka “Hype”), the leading innovation digital news source in the Southeast. Maija's experience as a journalist has given her the chance to cover companies of every size, from seed to enterprise, but her passion is innovation companies. She took the helm of Hype after spending close to five years at CNN.
 
Website: https://hypepotamus.com/author/maijaehling
LinkedIn: https://www.linkedin.com/in/maija-liisa-ehlinger
BIP Ventures
Website: www.bipventures.vc
LinkedIn: https://www.linkedin.com/bipventures/
Instagram: https://www.instagram.com/bipventures/
Twitter: https://twitter.com/bipventures
YouTube: https://youtube.com/@bipventures

Mini episode: Sales Core Competencies for Startups

Investing in skilled sales professionals or managers is essential for business growth. Knowing the right qualifications and characteristics to hire for should happen before any interview takes place.
In this mini episode of Extraordinary Pursuits, Christy Johnson speaks with John O'Brien, the founder, CEO, and managing partner of Sales Talent Group. They discuss the most necessary qualifications for the first hire in a startup, including cultural fit, adaptability, strong communication skills, passion for the product, willingness to take risk, alignment with the vision and mission, and a successful track record.
John and Christy highlight core competencies and behaviors to look for, such as being a top performer and having proficiency in the company's tech stack. They conclude with a conversation about attitude, aptitude, and desire as essential qualities for success in sales.
Timestamps:
[02:38] Cultural Fit, Adaptability, and Communication Skills
[03:06] Passion, Risk Orientation, and Alignment
[03:36] Core Competencies and Behaviors
[04:34] Attitude, Aptitude, and Desire in Sales
Points of Wisdom:
"One of the big headlines is the cultural part...talking about an entrepreneurial spirit, because if there is only three or four members, the resources are lean and mean."
"You need the ability to take on risk and understand it and work in an environment of chaos and madness and be okay with it."
About John O’Brien:
A seasoned executive in the field of sales, John specializes in placements across the United States. As the Founder, CEO, and Managing Partner of Sales Talent Group, he oversees the day-to-day operations of the Professional Sales Search Division, focusing on both outside and inside sales professionals across various leadership levels. With a track record of success, John has consistently ranked in the top three among over 600 nationwide sales professionals during his 15-year tenure at Lanier Worldwide. His experience includes roles such as Sales Manager in New Orleans, Louisiana, National Sales Trainer, and Director of Marketing & Sales Center in Atlanta, Georgia.
 
LinkedIn: https://www.linkedin.com/in/johnsalestalentgroup/
LinkedIn: https://www.linkedin.com/company/sales-talent-group/
Website: https://salestalentgroup.com/
BIP Ventures
Website: www.bipventures.vc
LinkedIn: https://www.linkedin.com/bipventures/
Twitter: https://twitter.com/bipventures
YouTube: https://youtube.com/@bipventures

Scaling a Startup from Vision to National Impact: A Founder Story with Colleen Hoke of ObjectiveHealth

Building and scaling a business requires a builder's mindset and a willingness to embrace risk. As a founder, your ability to envision solutions that effectively solve problems for your target audience is the key to progress. This involves stepping into uncharted territory, navigating uncertainties with resilience, and venturing forward to drive innovation and impact in the marketplace. Successful scale is driven by a blend of ambition, creativity, and the courage to take calculated risks.  
In this episode of the Extraordinary Pursuits podcast, Colleen Hoke from ObjectiveHealth shares experienced insights about why in-person relationships matter to a scaling business, how to set and achieve big and near-term objectives, and what it looks like to have a business model that can fuel problem identification and solutions.  
Timestamps: 
[00:01] Intro and what is in for you in today’s show 
[01:36] Colleen's background and her work in the clinical research field  
[03:30] What sparked Colleen's drive to entrepreneurship   
[06:21] ObjectiveHealth and the problem they are out to solve 
[11:07] How to create and unlock scale in your business 
[15:46] What Next: entrepreneurial superpower skills for scale 
[18:45] How to build a rapidly growing team  
[20:53] Tips on building in-person relationships and partnerships  
[25:20] What ObjectiveHealth has on the horizon   
[28:56] How to position your partners to be better partners 
[29:44] The one thing that Colleen loves about her business 
Points of Wisdom: 
“To be an entrepreneur, you have to have the magic of wanting to build and being okay with risks.” [04:29] 
“To be a market driver and changer, find an area, a sweet spot that no one is paying attention to, and home in on that.” [13:52] 
“If you want the keys to the kingdom, you have to be a partner and build the people holding the keys.” [23:25] 
About Colleen Hoke: 
Colleen Hoke is the founder and CEO of ObjectiveHealth. She is a seasoned leader whose experience in clinical research organizations, specialty providers, and healthcare entities has guided the company's formation and stunning progress. Founded in 2018, ObjectiveHealth is already a leading integrated research provider. It brings sophisticated healthcare to the mainstream and partners with physicians and healthcare organizations to establish advanced infrastructure for research programs. In doing so, ObjectiveHealth is improving patient outcomes in palliative care.   
 
Website: https://objective.health/ 
LinkedIn: https://www.linkedin.com/in/colleen-hoke-objective/ 
BIP Ventures 
Website: www.bipventures.vc 
LinkedIn: https://www.linkedin.com/bipventures/ 
Instagram: https://www.instagram.com/bipventures/ 
Twitter: https://twitter.com/bipventures 
YouTube: https://youtube.com/@bipventures 

Navigating Entrepreneur Support Organizations with Dr. Malcolm Muhammad

Entrepreneur Support Organizations (ESOs) help people who want to start or grow their businesses. These organizations provide various resources such as advice, training, and funding. They might also offer workshops, mentorship programs, or networking events to connect entrepreneurs with experts and other business owners.
In this episode of the Extraordinary Pursuits podcast, Dr. Malcolm Muhammad joins BIP Ventures to talk about how support communities for entrepreneurs are evolving and what it means for anyone considering or working on building a new business. He explains the ESO model and identifies the ways they can help (or hinder) entrepreneurs as they overcome challenges and succeed in their ventures.
Timestamps:
[00:01] Intro and what is in for you in today’s show with Malcolm Muhammad
[02:08] Malcolm’s entrepreneurship background and as VP @ the Russell Center
[05:52] What the Russell Center is doing to empower entrepreneurial growth
[11:15] Entrepreneur Support Organizations (ESO) to network with entrepreneurs
[13:35] The prevalence of ESOs in different countries
[17:04] Components of an ESO and how founders can know the most useful components
[19:49] What it means to be an accountable entrepreneur with the availability of ESOs
[25:00] Tips to maintain accountability in entrepreneurship
[33:09] Is entrepreneurship drive innate or learned through ESOs?
Points of Wisdom:
“Entrepreneur Support Organizations (ESO) as the name suggests, exist to support businesses. They are not there to do it for you or give you ideas or strategies. It is your job as an entrepreneur to ensure that you are leveraging that support.”- [23:07]
“Enjoy solitude as an entrepreneur. It gives you time to reflect because entrepreneurs are always on the go all the time.” [26:46]
“Entrepreneurial drive is about seeing the circumstances around you and deeply believing that it should be different.” [33:14]
About Dr. Malcolm Muhammad:
Dr. Malcolm Muhammed is vice president of engagement and outcomes at the Russell Innovation Center for Entrepreneurs (RICE). It is an economic mobility engine that provides black entrepreneurs and small business owners with the resources needed to innovate, grow, and build wealth. In his day-to-day work, Malcolm focuses on his efforts and experience in unlocking the full potential of the RICE community of entrepreneurs and managing a powerful evidence-based framework for scaling black businesses.
LinkedIn: https://www.linkedin.com/in/malcolm-muhammad-phd-a17a8640/
Website: https://russellcenter.org/
BIP Ventures
Website: www.bipventures.vc
LinkedIn: https://www.linkedin.com/bipventures/
Instagram: https://www.instagram.com/bipventures/
Twitter: https://twitter.com/bipventures
YouTube: https://youtube.com/@bipventures

Measurement Matters: How to Set the Right KPIs for Your Startup

Key Performance Indicators (KPIs) are essential metrics for any company. For startups – particularly those that are backed by private capital – KPIs are not only necessary for setting a path to manageable growth, but they also are critical indicators for investors. 
KPIs can include metrics like revenue growth, profit margins, customer acquisition costs, and return on investment (ROI). Individually and collectively, they provide a snapshot of a company's overall health and performance. Investors use these metrics to gauge a company's performance and potential for future growth. Strong KPIs attract investors by demonstrating that the company is financially sound and has a good chance of providing a profitable return. Conversely, weak KPIs might signal potential risks, making investors cautious. 
This episode of Extraordinary Pursuits features John Thackston, the CEO of SOAR Performance Group. A business and sales performance expert and consultant, John designs, develops, and implements Sales Capital Management℠ projects that help B2B companies adopt new go-to-market (GTM) strategies and enhance their bottom line. He is a sought-after guest speaker and panelist who frequently shares advice about why KPIs matter for early-stage companies and what investors look for in the metrics. 
What You Will Learn: 
[00:01] Intro and what is in for you in today’s show with  John Thackston 
[01:24] John’s entrepreneurship background and journey with the SOAR Performance Group 
[02:29] What are KPIs 
[03:50] When should early-stage companies start tracking their KPIs 
[05:12] The four most critical KPIs startups should track 
[07:50] Tools that can be used to help in tracking those 4 metrics 
[12:46] KPI benchmarks for startup companies 
[14:02] Factors that hold companies from monitoring their KPIs 
[20:20] How to note lagging and leading indicators in a company 
[23:17] Filtering the necessary data from the indicators 
Standout Quotes: 
“Key Performance Indicators (KPIs) are metrics that show whether the business is performing, in what way, and in what periods of time.”- [02:29] 
“When the foundation of your business is solid, it becomes easier when you start to scale.” [04:04] 
“The four essential core KPIs for a startup company are revenue, pipeline, retention, and efficiency.” [07:09] 
“Most startups run the risk of not scaling up well especially when they start adding more KPIs to track” [28:11] 
Let’s Connect! 
 
John Thackston 
LinkedIn: https://www.linkedin.com/in/john-thackston/ 
Website: https://soarperformancegroup.com/ 
SOAR LinkedIn: https://www.linkedin.com/company/soar-performance-group-inc-/  
Rachelle Kuramoto 
LinkedIn: https://www.linkedin.com/in/rachellekuramoto-atlanta/ 
BIP Ventures 
Website: www.bipventures.vc 
LinkedIn: https://www.linkedin.com/bipventures/ 
Instagram: https://www.instagram.com/bipventures/ 
Twitter: https://twitter.com/bipventures 
YouTube: https://youtube.com/@bipventures