World News
5 growth lessons we learned while scaling from $2M to $3M ARR on August 11, 2023 at 6:30 am
Every million dollars added to your annual recurring revenue (ARR) feels like another World Cup kick that lands on target. The reality is that it usually takes many on-target goals to scale through every additional million, and these do not get any easier.
I’ve worked diligently to not only keep track of all the lessons I learned while scaling my startup that I co-founded two years ago, but also to share them with you. In a previous article, I discussed what I learned during my $0 to $1 million ARR journey. This one will be no different.
While it may seem that not much changes between each successive million, you would be surprised at the mistakes one can make in this latest stage of startup growth. I’ll share why hiring earlier is frequently better, why consistently allocating 10% of revenue to marketing throughout your expansion is key, and the importance of strategic partnerships.
1. Don’t wait too long to hire experienced talent
Apart from select software startups, it is no secret that as you scale up, it becomes necessary to increase your staffing levels. I learned this lesson during my own startup experience and unfortunately made key hires too late, leading to stagnation in our growth as the team quickly became inundated with too much work.
You must keep track of everyone on your team and their bandwidth consistently during the high-growth stages, because workloads can vary dramatically month to month, and even week to week. At my startup, we weren’t doing this. Some individuals on the team were assigned tasks that should have realistically been shared by at least three employees, which inevitably led to errors and lost clients.
Hiring experienced talent that has already accomplished what you’re seeking to do is vital and should occur as soon as your cash flow allows.
In addition, hiring experienced talent that has already accomplished what you’re seeking to do is vital and should occur as soon as your cash flow allows. The moment we made hires for our C-suite was the moment we began to break through numerous plateaus of growth, as their experience pushed us forward. When possible, make these key strategic hires sooner than you might otherwise realistically think you need to.
As a gauge on hiring for your team, ask yourself the following two questions:
How is the weekly bandwidth of everyone on our team?
If we brought on X hire, how much faster would our growth be?
2. Set aside 10% of net revenue for your marketing budget
As our CMO, the budgeting for our marketing team falls directly under my domain. I am a firm believer that 10% of net revenue should be applied directly to marketing expenses. This includes paid acquisition spends, influencer deals, blog content writing and tools.
In B2B specifically, if you constantly spend the same amount while revenue is increasing and everything else stays equal, you won’t have enough volume to support the sales team. For example, we spent the same amount for six straight months, even though our revenues had increased 50%, leaving our sales team with the same lead volume.
We expected to continue driving more closed deals, but that was a huge misconception as marketing spend stayed the same.
Make sure that you have a clear directive within your startup on what percentage should be allocated to marketing each month to avoid stagnation.
Hire experienced talent early, allocate 10% of revenue to marketing, and continue dividing team responsibilities as you scale.
News
Terror Attacks in New Orleans and Las Vegas Linked
The start of 2025 has been marred by two horrific terror attacks in the United States, one in New Orleans and another in Las Vegas, both occurring on New Year’s Day. These incidents have left communities reeling and have raised concerns about potential connections between the suspects involved.
In New Orleans, a truck driven by 42-year-old Shamsud-Din Jabbar plowed into a crowd celebrating on Bourbon Street, resulting in at least 15 deaths and over 30 injuries. Eyewitnesses reported that Jabbar, a U.S. Army veteran from Texas, deliberately targeted pedestrians while flying an ISIS flag from his vehicle. Following the attack, he exited the truck armed with an assault rifle and opened fire on police officers before being killed in the ensuing confrontation. Authorities discovered improvised explosive devices (IEDs) within his vehicle and in the vicinity of the attack site, further confirming the premeditated nature of this act of terrorism.
Simultaneously, a separate incident unfolded in Las Vegas when a Tesla Cybertruck exploded outside the Trump International Hotel. The driver, identified as Matthew Livelsberger, also had a military background and was reported to have detonated the vehicle packed with firework mortars and fuel, resulting in his death and injuring seven others. Investigators are exploring whether Livelsberger and Jabbar had any prior connection, as both men served at the same military base at different times.
While the FBI has confirmed that they are investigating both attacks as acts of terrorism, they have not established a definitive link between the two incidents. However, similarities in their execution—both suspects rented vehicles from the same company—have prompted further scrutiny into their backgrounds and any potential accomplices.
As investigations continue, authorities are urging anyone with information about either suspect to come forward. The tragic events have sparked discussions about security measures in public spaces, particularly as cities prepare for large gatherings in the coming months.
Bolanle Media is excited to announce our partnership with The Newbie Film Academy to offer comprehensive courses designed specifically for aspiring screenwriters, filmmakers and actors. Our services now include acting classes. Additionally, we are introducing film reviews by experienced critics and professional press article writing covering industry news and trends. Whether you’re looking to craft compelling stories, enhance your acting skills, or gain insights into the film industry, our resources will equip you to thrive in this competitive field. Join us today to unlock your creative potential and bring your artistic vision to life!
Politics
Donald Trump Named TIME’s 2024 Person of the Year
Donald Trump has been selected as TIME magazine’s Person of the Year for 2024, marking his second time receiving this distinction. The former president, who won a historic comeback victory in the 2024 election, was chosen for his significant impact on global affairs and American politics.
TIME editor-in-chief Sam Jacobs explained the decision, citing Trump’s “comeback of historic proportions,” his role in driving “a once-in-a-generation political realignment,” and his reshaping of both the American presidency and the country’s global role. This recognition comes after Trump’s unprecedented achievement of reclaiming the White House after losing reelection four years earlier.
The selection process involved an extensive interview with Trump at Mar-a-Lago in November, covering a wide range of topics including the economy, foreign policy, and his plans for a second term. Notably, TIME took the unprecedented step of publishing a comprehensive fact-check alongside the interview transcript, examining 15 distinct assertions made by Trump.
Trump’s relationship with TIME has been tumultuous over the years. While he expressed honor at receiving the title in 2016, he has also criticized the magazine’s selections and even claimed he refused a potential Person of the Year offer in 2017. Despite this, Trump participated in the process this year, granting TIME access for an in-depth interview.
To commemorate the announcement, Trump rang the opening bell at the New York Stock Exchange (NYSE). This event marked a significant moment in Trump’s career, as it was his first time participating in this Wall Street tradition.
Trump’s selection as Person of the Year reflects his continued influence on American politics and his ability to reshape the political landscape. As the country prepares for his return to the White House, all eyes will be on how Trump’s second term might further impact both domestic and international affairs.
Bolanle Media is excited to announce our partnership with The Newbie Film Academy to offer comprehensive courses designed specifically for aspiring screenwriters. Whether you’re just starting out or looking to enhance your skills, our resources will provide you with the tools and knowledge needed to succeed in the competitive world of screenwriting. Join us today to unlock your creative potential and take your first steps toward crafting compelling stories that resonate with audiences. Let’s turn your ideas into impactful scripts together!
Film Industry
Jay-Z Denies Allegations Amid Lawsuit
Jay-Z, the renowned rapper and music mogul, faces serious allegations in a recently amended civil lawsuit. According to ABC News and NBC News, the suit accuses him and Sean “Diddy” Combs of raping a 13-year-old girl at an MTV Video Music Awards after-party in 2000.
The lawsuit, initially filed in October 2024, was updated on Sunday to include Jay-Z as a defendant alongside Combs. The plaintiff, identified only as “Jane Doe,” claims she was assaulted after being driven to the party following the awards show.
Jay-Z, whose real name is Shawn Carter, vehemently denies the allegations. He released a statement on X calling the lawsuit a “blackmail attempt” and questioning why it was filed as a civil case rather than a criminal one. The rapper expressed concern about the impact on his family, stating he and his wife Beyoncé would need to discuss the situation with their children.
Combs, who is currently in federal custody on separate charges, has also denied the accusations through his attorneys. The lawsuit alleges that an unidentified female celebrity was present during the incident but did not intervene.
The case has garnered significant media attention, with both artists’ reputations at stake. As the legal process unfolds, the music industry and public await further developments in this high-profile case.
Bolanle Media is excited to announce our partnership with The Newbie Film Academy to offer comprehensive courses designed specifically for aspiring screenwriters. Whether you’re just starting out or looking to enhance your skills, our resources will provide you with the tools and knowledge needed to succeed in the competitive world of screenwriting. Join us today to unlock your creative potential and take your first steps toward crafting compelling stories that resonate with audiences. Let’s turn your ideas into impactful scripts together!
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