Often times in business we see people ‘stepping up’ and doing what seems like the impossible in the timeframe given. I experienced that in the last 120 days – from May 1 to August 31.
It’s been an incredible 120 days of challenges, new experiences, learning challenges and business success. I am writing this blog not for you but for me. I want to remember this period as a transformational period in my business.
Here’s a snapshot of 13 key projects I have personally lead in the past 120 days.
- Information memorandum. Our business theme for the quarter was “Galloping Horse”. It was all about moving faster. The biggest project was a multi-million dollar capital raising for my software company. The project started with writing an 80 page ‘information memorandum’ so new investors could understand the business and make an informed decision. It had to be ratified by Accountants and Lawyers and we pushed it to the wire for printing deadline. After 10 weeks of writing the printed version arrived with 12 hours to spare!
- 3 new strategic shareholders. As part of our capital raising process I wanted to have some strategic shareholders. I approached 3 key people (Mike Chisholm, Ric Payne and Paul Dunn) in the global Accounting profession. All 3 said ‘yes.
- 54 new shareholders. The capital raising was promoted on July 15 at my annual conference in Bali. We closed the first stage (second stage opening soon) with 54 new shareholders. Of the 54, 13 are team members of PANALITIX and 41 are Accounting firms or individual Accountants.
- Millions of dollars of investment capital raised. As a software company with a global growth opportunity we need capital to grow. With stage one of our capital raising closed we have successfully raised millions of dollars in investment on a $40M valuation. For those that missed out the second stage of our capital raising opens on October 8.
- Complete re-structure of corporate entities. To go from 3 shareholders to 60 takes a different corporate structure. We are now an ‘unlisted public company’ that can accept as many shareholders as we want. The paperwork and meetings around this was a tedious nightmare for an entrepreneur like me!
- Interference from a Volcano. Every year I host hundreds of Accountants from around the world for 4 days at an amazing conference. This year we were in Bali, Indonesia and a very angry Volcano disrupted travel proceedings. We will pulled off the best conference we’ve ever done. You can read all about it here.
- 8 city roadshow. With my book released and selling well we decided to run a seminar tour in 8 cities. Over 600 people turned up to a fabulous workshop (so they told me) on future proofing their Accounting firms.
- 11 educational or promotional webinars. We run webinars every month and in the last I have personally run 11 of them with around 3,000 people in attendance. Each 1 hour webinar takes around 4 hours to write.
- Grew subscriber base by 41%. As a software company we grow our client base every month. We already had a solid base to work from in May and with the theme of ‘Galloping Horse’ the team increased the client base by 41%. At this consistent growth rate (9% per month) we should be at 7,000 subscribers (all Accounting firms) in 3 years. BAM!
- Record revenue month. In July we had our biggest revenue month ever at $1.2m. It’s the first time we have achieved over $1M in revenue. As I said to the team ‘if we can do it once, we can do it 12 times’.
- Acquired a global software and content company. If it wasn’t enough to raise capital, re-structure everything, put on great events, grow the business we also acquired a company. The company we acquired offers software and content to Accounting firms around the world. We’re thrilled to now integrate the clients, content and software of Principa into the PANALITIX family.
- Board of directors and advisers. Our new shareholders deserve a level of corporate governance, leadership and strategy. A proper board of directors and board of advisers has been set up to do achieve that. We will expand the board with some strategic placements as we grow in the UK and USA.
- Over 75 legal transactions completed. We stopped counting the documents signed as part of this 120 day period. There are probably some squirrels without homes due the amount of paper we have used.
And to top it off my wife and I went to the USA for 2 weeks during this time. We visited friends and business colleagues in Las Vegas, Seattle and New York.
It’s amazing what humans can achieve when you put your mind do it. It’s been an incredible 120. I wonder what the next 120 will bring.