The Secrets to Building a Global Platform and Ecosystem with Xero's Global Chief Strategy Officer Damien Tampling
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This document discusses strategies for building a global platform and ecosystem. It emphasizes thinking big but staying focused. Key metrics for a financial and operating performance update are provided, showing subscriber growth and increases in annual recurring revenue, total lifetime value, operating revenue, and EBITDA. It is noted that this only touches the tip of the iceberg in terms of potential. The rest of the document provides advice on strategies for continued growth, including obsessing over talent acquisition, understanding what makes a company different, being open and helping others grow, focusing on key metrics, showing a clear path to profitability, embedding practices early, and maintaining focus on commerciality and profitability.
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The Secrets to Building a Global Platform and Ecosystem with Xero's Global Chief Strategy Officer Damien Tampling
- 1. The Secrets to Building a Global Platform and Ecosystem Thinking BIG, but staying focussed 1 Damien Tampling Global Chief Strategy Officer Xero @Xero
- 2. My last four years Xero’s financial and operating performance highlights for the half year ended 30 September 2022 Subscribers 3.496m + 483,000 net subscriber additions or 16% YOY + 225,000 net subscriber additions in H1 FY23 APRU $35.30 + 13% YOY (6% in constant currency) AMRR $1,480.8m + 31% YOY (23% in constant currency) Total lifetime value $13.0b + 3.1b or 30% YOY Operating revenue $658.5m + 30% YOY (27% in constant currency) EBITDA $108.6M + $10.5m YOY Net loss -$16.1m - $10.2m YOY Free cash flow -$15.6m + $9.2m YOY
- 3. Only touching the tip of the iceberg Today
- 4. Obsess over who and how you bring on talent 1. Screening a. CV Screen b. Hiring manger review c. Telephone review 2. Background & Case 1 a. CV Screen b. CV deep dive c. Case 1 – structured problem solving 3. Case 2 a. Case 2a – Structured problem solving b. Case 2b – financial acumen 4. Leadership review a. EGM of other area/region b. XLT member 0. ABILITY TO LIVE OUR XERO VALUES: #HUMAN, #TEAM, #CHALLENGE, #OW NERSHIP & #BEAUTIFUL
- 5. Understand what really makes you different or better? Profit Model Network Structure Process Product Performance Product System Service Channel Brand Customer Engagement Configuration Offering Experience The way in which you make money Connection s with others to create value Alignment of your talent and assets Signature or superior methods for doing your work Distinguishi ng features and functionality Compliment ary products and services Support and enhanceme nts that surround your offerings How your offerings are delivered to customers and users Representat ion of your offerings and business Distinctive interactions you foster Source: Deloitte, The ten types of innovation 3 is better than 1; 5 is better than 3
- 6. Be open and seek ways to help others grow on or alongside you Karma What you put out will come back to you in unexpected ways. Give only what you don’t mind getting back to you
- 7. “All we have to decide is what to do with the time that is given to us.” Be focused and deliberate
- 8. Be clear on your North Star metrics
- 9. Be able to show a clear path to profitability Now, more than ever
- 10. Good business and most certainly building an ecosystem is about sharing ideas, value, tools, with partners. Embed your hiring practices early Know what makes you different Remain focussed, be deliberate - make it your mantra Find what metrics matter most and pour over them Understand the commerciality of your investments and maintain a line of site to profit - It’s not a 2023 thing, but good business practice Takeaways
- 11. Thank You
- 12. 7 Strategies for Optimizing Growth with Profitability 12 Prashanth Prakash Founding Partner Accel
Notas do Editor
- I’ve worked for Xero for the last four years – a global cloud accounting platform Over the last four years we doubled subscriber and operating revenue, tripled annualized monthly recurring revenue; and more than quadrupled subscriber lifetime
- Today - only touching the tip of the iceberg Is so much we could talk about at a very tactical level, but for a room this size and with the time we have there too much of a risk of going to niche, so today my advice is more a set of observations, principles and ideas from my time as an entrepreneur, investor and executive With more time, other topics could include: Sales incentives, hiring, product strategy, development practices, managing legacy code, building ecosystems, sales channels, rev ops, entering new geo markets, the key to great partnerships, what makes a good term sheet, pitfalls in due diligence, understanding how businesses are valued, budgeting and planning at 1m, 10m, 100m and 1bn+, the science and art of negotiating, managing dilution, setting up advisory boards, investor reporting, culture, OKRs, crisis management, Employee Share Plans / Incentive programs,
- People pipelining, screening and nurturing Would contest, your employees are more important than you customers – if you get the former right, they will take care of your customers
- Doblin’s 10 types of innovation model Reasons that innovation and/or a business can only be different in one of 10 ways and those that are multiples of these ways have shown to be some of the most successful in the World
- Be open; share more In Hinduism and Buddhism an action, seen as bringing upon oneself inevitable results, good or bad, either in this life or in a reincarnation Also sometimes used as a word to describe the cosmic principle according to which each person is rewarded or punished in one incarnation according to that person's deeds in the previous incarnation. So why is this relevant to starting and scaling a company, to SaaS, to this conference, to my presentation In building a business, a good business, a sustainable business including an Ecosystem or other platform a focus on sharing and helping others is critical I’ve found a different but very useful way to think about this is anchored in “what are you sharing” and a model a former mentor termed over 20 years ago – Karma business Karma business is an idea grounded in “what comes around, goes around”; reciprocity About being open and sharing The model had four parts – Sharing, Refining, Proposing and Delivering – which leads to trust and more Sharing. I truly believe this is an important concept at the core of the best organisations, companies, the best software and many modern day ecosystems. So in your business and business model – how do you share value, share knowledge, share networks Relevant to this conference because at its core I view it as about sharing – not promoting companies or products, but sharing knowledge and experience
- Perhaps more focus could be achieved from drinking more coffee, prioritizing more sleep or setting clear goals ☺ but removing distractions is the single because driver and an area of I spent a lot of time on as a Founder, Investor, Chief Strategy Officer and dad – making choices about where you spend your time is critical, so to get others better than you in areas As a founder or even a large company executive you can be: Unfocussed – everything is a good idea or a possibility; leading to a clear case of spreading peanut butter (to lend a well trodden term) and most likely lacking deliberate Focused, but not deliberate enough e.g. focused on half a dozen things, but some of them you are lead to without much thought or because it “pays the bills” or because saying no is hard or doing nothing feels uncomfortable. You see this a lot with products, customer types and even new market entries Focused and deliberate – invest in a few things and concentrate their efforts; very deliberate about what they do and don’t do; where they’ll go and where they wont go; canreference what they say no to as much as what they say yes to
- Understand your customers behavior from the process they go through to even consider your domain, you and your competitors, hopefully your product and then from there, their engagement with it. Understand what you can control and what you cannot. Obsess over the moments that matter in this journey and in particular be clear on the most important of these that you know are critical to influence early and measure as they are the best of the best lead indicators for further downstream results e.g. conversion, greater usage, cross selling, upselling, referrals etc Don’t track everything equally