Beyond 8 Figures Hired a Chess Coach, Grew His Business: Lessons from Growing from Phil Alves of Dev Squad
Entrepreneurs often view strategy and tactics as essential elements for propelling their startups toward success. Today, Phil Alves of DevSquad and DevStats sits down with A.J. to shed light on the nuances of strategic planning and tactical decision-making and how to balance these two vital aspects. They also explore the significance of tactical focus in business, how to build operational excellence, and why a good work-life balance is vital for every business owner.
About Phil Alves:
Phil Alves is currently the CEO of DevSquad and DevStats. He became a successful business owner very early on at 18 after teaching himself to code and becoming an SEO powerhouse—ranking a post at #1 on Google while still in high school. From there, he grew his first venture to a 10-employee size business, then sold it all before he could legally buy a lottery ticket.
Phil's relentless zeal for entrepreneurship didn't stop there. He moved to the US from his home country, Brazil, seeking further education, and settled in Salt Lake City, fore-fronting a new adventure by founding DevSquad. Over the years, he successfully grew his startup into a 100-person cross-functional team operating in the US and Brazil. Alongside, he’s been instrumental in leading numerous startups to multi-million dollar exits and developing digital products for major establishments like ADP, Box, and the US Ski and Snowboarding team.
Key Insights
- Make the most out of your team’s capabilities. Leverage the unique skills and expertise of your team. When you invest in developing and expanding their skill sets, you boost your business's tactical adaptability. This makes you more equipped to adapt in the face of changes, keeping you at the forefront of your industry's curve. (05:34)
- Balance autonomy and direction. While giving your team autonomy is key, it's equally important to provide strategic direction. The right balance between the two can improve productivity and bring fresh ideas while moving towards the same business goals. This helps your team be happier, perform better, and feel more motivated. (08:33)
- Reduce the downs in your business. Every business experiences peaks and downs. However, consistently striving to reduce those downs can strengthen your business and make it more resilient. This involves proactive risk management, where you identify potential problem areas, analyze their impact, and take measures to prevent or reduce their occurrence. (14:56)
- Build a strong acquisition channel. A strong customer acquisition channel ensures a constant influx of potential customers, allowing businesses to focus on delivering quality products and services without fear of losing current customers. Instead of limiting yourself to one method, use multiple platforms to widen your reach and secure your customer base. (23:23)
- Find a good balance between life and work. While professional accomplishments are important, they should never override the value of personal well-being. So, aim to find the right balance between work and personal life to avoid burnout and feel more fulfilled. (31:45)
Phil’s best advice for entrepreneurs:
“Every business has ups and downs, but what you're trying to do [...] is reduce the downs. And also, you're going to be able to know better how to behave into those downs because you know it's not the end, and things are going to turn around.” (14:56)
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