Welcome again to Matt Rose of Prestige Quoting Limited. I first interviewed Matt in April 2016, when he’d just set up his business. We then chatted in April 2017 – and you’ll see why I’ve got his interview in a bit early this year when you read on! Matt did really well in his first year, and when I asked him how he intended to progress the company, he replied ” I’d hope that employee number one would be on board and the business will have seen some growth, both in terms of clients and revenue.” Let’s see how he’s getting on!
Hello again! Are you where you thought you’d be when you looked forward a year ago?
Yes and No. There have been lots of changes in my personal life over the last 12 months. What with marriage, moving house and a baby on the way in April, it’s been a (fun?) challenge managing all of those life events as well as the business. Some people have said I’m crazy that I’ve done arguably the 3 most stressful things in life, all within 12 months. I’d be inclined to agree!
The business has seen steady growth (10-15%), but I haven’t got employee number one as yet.
What has changed and what has stayed the same?
It’s still just me in the business and business is continuing to steadily grow.
In particular, my recurring revenue has grown 25% (some of my software follows a subscription model, so having a (95%) guaranteed level of income by just keeping clients happy is useful)
The need for what I provide to small businesses (quotation systems) is still relevant and I’m getting plenty of enquiries.
I’m offering new services to existing clients. I have a ‘QuoteWerks MOT’, where I’ll go onsite for half a day to review a client’s usage of the system and recommend tweaks and efficiency savings. This gets me in front of the client once more, I provide some value and get paid.
What have you learned? What do you wish you’d known a year ago?
One good client is better than two bad ones. I’m now in a fortunate position to, a certain extent, be able to pick and choose my clients. When clients are evaluating me and my services, I’m also evaluating them.
Will they be a good fit for me? Are they willing to pay a fair price? Are their expectations realistic? Would working with them be profitable? Will I enjoy working with them?
These are all questions I, subconsciously(?), now ask myself.
Any more hints and tips for people?
Don’t be afraid to ‘sack’ a client. I’ve had to choose to no longer work with a few clients over the past 12 months. This wasn’t an easy decision as they helped me get to where I am today, but either their expectations no longer correlated with what I could offer or they were unwilling to (nearer to) my new rates.
In these cases, I was able to refer them to another company to aid their transition.
And … where do you see yourself and your business in a(nother) year’s time?
Hopefully maintaining steady state. With my first baby on the way, I’m not quite sure what to expect and how this will impact my business. With my Wife able to take a year in maternity leave and supportive grandparents, I’m hoping the business won’t be affected too much. A lot of my clients have been able to give advice and, due to my good relationship with them, will be very understanding if I can’t reply in the timeframes they’re accustomed to. I think a key is to set expectations from the outset.
It’s such an exciting time for Matt and I’m sure we all wish him the best of luck in this upcoming year! I agree with his comments about picking clients carefully, and it’s great that he has people he can refer them on to – this is something I do, and I’m much more comfortable saying “I can’t look after this project but you might want to try this person, who will be a better fit for you”.
If you’ve enjoyed this interview, please see more small business chat, the index to all the interviewees, and information on how you can have your business featured (I have a full roster of interviewees now so am only taking on a very few new ones). If you’re considering setting up a new business or have recently done so, why not take a look at my books, all available now, in print and e-book formats, from a variety of sources.