Hey - Marc here.

Happy Saturday evening, motivated B2B SaaS Founders!

Here's at least one tip to keep in mind as you grow your B2B SaaS company:

Today's issue takes about 5 minutes to read.

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In today's issue, I share some key takeaways from Time Doctor’s co-founder Liam Martin’s presentation at Nathan Latka's conference “SaaS Open 2023” in New York. He shared how they bootstrapped to $20m in ARR using asynchronous work.

Liam is a speaker, author of “The Running Remote” book, metrics-based marketer, and asynchronous work advocate, helping companies scale remotely. He believes that remote work is not just a temporary trend during the pandemic, but a business model that companies need to adapt to right now.

About Time Doctor

Founded in 2012 by remote work pioneers Liam Martin and Rob Rawson, Time Doctor offers software that empowers individuals to perform at their best, regardless of where they work, by measuring productivity. They are now one of the world’s leading time-tracking software for remote teams.

The COVID-19 pandemic brought about the biggest shift in work since the Industrial Revolution, with 45% of the US workforce working remotely by March 2020. Today, between 26% to 44% of the US workforce is working remotely, and by 2027, it's projected that 50% of the US workforce will be working remotely, increasing to 62% by 2030.

Time Doctor's success with the asynchronous work method involves breaking down tasks into smaller, more manageable pieces and allowing team members to complete them on their own time. By adopting this approach, the company has been able to recruit team members from various time zones, increase productivity, and reduce employee burnout.

PS Time Doctor is now global, with a remote team spread across 31 countries and more than 250k active users.

Challenges

Most companies measure culture through how they work together.

Instead, focus on why you're doing the work, what impact you have as an organization, why you're here, why the work you do matters, and why you think this company is doing great things. That's all a deliberate form of communication that most remote companies don't truly understand. Effectively, you need to get your culture locked in order to be able to run remotely.

Advice to Other Founders

Design, deploy, and debug until you get to a perfect process where you're getting no more meaningful feedback.

Most of the time, the process is there not because it's actually any good — but because the founder, VP, or C-level executive just put it in place. Instead of asking your team, “Do you like this process?” ask, “What are three things I can do to improve this process?”

Remote teams should have fewer managers.

Everything that can be documented should be documented so that you are no longer the actual manager of the company. Written documentation can replace meetings and help ensure everyone has access to the same information.

Every employee must have at least one quantifiable metric that they report on weekly.

Ideally, you won’t give everyone the same informational advantage as the CEO of the company. But the reality is that if you arm everyone with that type of information, they start to act like CEOs. They start having a lot more autonomy in their decision-making, and it's not because they're smarter than anyone else; it's because they have an informational advantage.

So, if you implement async, this is what's going to happen. You're going to have greater inclusivity in culture exchange. You're going to have women and minorities become leaders in your organization. Charisma bias disappears.

TL;DR

Liam Martin, co-founder of Time Doctor shares how they bootstrapped their way to $20m in ARR using asynchronous work. This approach allowed for increased productivity and reduced employee burnout. The pandemic caused the largest civilizational shift in work since the Industrial Revolution. By March 2020, 45% of the US workforce was working remotely, and it is projected that by 2030, 62% of the US workforce will be working remotely. If you're thinking remote work is a permanent singular thing that happened during COVID, the harsh reality is that you have to actually adapt to that business model now.

PS Here is a link to the full interview if you are interested in listening to the full episode: How they bootstrapped to $20m ARR using asynchronous work

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See you again next week.

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