Tips on Scaling a B2B SaaS Product: tBOJ Podcast with Matt Goebel
August 9, 2024
In a recent episode of The Business Owner’s Journey podcast, Woven’s CEO Matt Goebel shared valuable insights into scaling a SaaS platform specifically designed for multi-unit businesses and franchises. Matt’s entrepreneurial path is a testament to resilience, learning from past failures, and strategically navigating growth challenges.
The Road from Failure to Success
Before Woven, Matt’s first startup, Plan the Day – a wedding planning platform – failed to gain the necessary traction. Reflecting on this, Matt noted that the product itself wasn’t the issue; rather, it was the lack of scale and substantial funding that made it unsustainable. This experience shaped his approach to Woven, where he strategically focused on serving a specific niche: multi-location businesses and franchises.
The Power of Bootstrapping and When to Raise Capital
Matt initially chose to bootstrap Woven, maintaining control and focusing on sustainable growth. This decision allowed him to refine the product without external pressures. However, as Woven grew, the need for capital to accelerate growth became clear. Matt eventually decided to raise funds, not just for financial reasons, but to form strategic partnerships that would help scale the business. This move highlights a critical point for entrepreneurs—knowing when to bring in external resources to fuel growth.
Balancing Product Development and Growth
A recurring theme in Matt’s journey is the delicate balance between product development and growth. For a B2B SaaS company like Woven, this balance is crucial. Matt emphasized that while growth is essential, it cannot come at the expense of product innovation. Woven’s success has largely been due to its ability to innovate continually while expanding its customer base, ensuring the platform meets the evolving needs of multi-unit businesses.
Transitioning from Founder to Leader
One of the most challenging aspects of scaling a business is evolving from a hands-on founder to a leader who empowers others. Matt candidly shared how he had to recognize when he was becoming a bottleneck in Woven’s growth. This realization led him to step back and allow his team to take on more responsibility, fostering a culture of trust and collaboration. For Woven, this shift was vital, enabling the company to scale beyond what Matt could achieve alone.
Targeting the Right Customers
Woven’s primary target audience is multi-unit businesses within the service industry, particularly franchises with at least 20 locations. These businesses often struggle with managing complex, fragmented operations, and Woven offers a comprehensive solution to streamline these processes. However, Matt also expressed an ongoing interest in finding ways to support smaller franchisees effectively, reflecting his commitment to addressing a broader market.
Matt’s story is a source of practical advice for entrepreneurs, especially those in the SaaS and service industries. His journey highlights the importance of resilience, strategic decision-making, and the willingness to evolve as a leader. Woven’s success is a testament to the power of focusing on a niche market, balancing growth with innovation, and knowing when to leverage external resources for scaling.
Listen to the full podcast episode here.
