My Worst Investment Ever Podcast Logan Nathan – Your Supplier Is an Extension of Your Business, Not an Outsider
BIO: Logan Nathan is the founder and CEO at i4T Global. He’s a digital transformation specialist, a serial startup entrepreneur, a board director and advisor, and an angel investor.
STORY: Logan offers time-tested advice on how to launch a successful software product.
LEARNING: Focus on customer experience and satisfaction to win confidence.
“The culture within you as a supplier is vital in building trust with your client.”
Logan Nathan
Guest profile
Logan Nathan is the founder and CEO at i4T Global. He’s a digital transformation specialist, a serial startup entrepreneur, a board director and advisor, and an angel investor.
We won’t discuss Logan’s worst investment story in today’s episode because he shared that in Ep374: Your Solutions Are with Your Advocates Talk to Them. Today we’ll discuss what’s been happening with his business over the last few years. He’ll also offer time-tested advice on how to launch a successful software product.
Logan’s business—i4T Global—provides a Field Services Management platform for people or companies that manage property assets on behalf of their clients. The platform automates most of the work creating efficiency, compliance, and safety easier. In doing so, it brings more tenants.
How to hire and work with the right developers
If you’re looking to hire a developer/s for your new software, Logan’s advice is to go to credible supplier platforms, such as LinkedIn. Here, you can independently verify client testimonials of various developers. This will help you ascertain whether they can do what they claim to do.
Secondly, before you hire a developer, ensure you make them understand your business requirements, not just your technical needs. Agree on what happens if you don’t get what you want, how changes will be made, and the penalty for not delivering on the agreed deliverables.
A frank conversation with the supplier about current and future business requirements is crucial. Agree on what should happen as your business grows and requirements change. Will the supplier grow with you? Do they have the agility to deliver what your business needs promptly?
Focus on the customer experience and satisfaction
Logan believes delivering top-notch customer experience is the key to running a successful software business. His advice is to have a process that allows you to fully understand the customer’s requirements and deliver them as requested. To achieve this, you need a communication channel that collects customer feedback regularly.
To continuously offer services that fulfill your customers’ requirements, you need to understand the changes in your industry. Then reiterate to provide more benefits, even if your customer hasn’t requested them.
How to win the confidence of your customers
Building a relationship with your client will guarantee you a return customer. The best way to build a relationship is to win their confidence by delivering your value proposition. When a customer requests for a piece of change—which will happen often—document the request, understand the business requirement and then deliver it on time, every time. Doing this will show the client you’re reliable and want to stay with you long-term.
Andrew’s takeaways
- Create a minimum viable product (your SaaS product), have a feedback mechanism from the customer, and then ensure all feedback is dealt with promptly so your customer can have a smooth experience with your product.
- When looking for suppliers, first try to independently verify their processes. When you find a supplier you’d like to work with, ensure they understand your business requirements and deliverables.
Actionable advice
- Make sure your supplier understands your business service level requirements.
- Ensure any business you’re dealing with has a culture of fully understanding business deliverables before developing the code.
No.1 goal for the next 12 months
Logan’s number one goal for the next 12 months is to focus on global growth. This means the organization needs to understand different cultures, how to deliver to different time zones, and stay efficient to minimize costs while providing clients with maximum value around the clock.
Parting words
“Your supplier is your heartbeat in terms of delivering your products to your clients. So keep them as an extension of your business, not as an outsider that’s there to just deliver a piece of work.”
Logan Nathan
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Connect with Logan Nathan
Andrew’s books
- How to Start Building Your Wealth Investing in the Stock Market
- My Worst Investment Ever
- 9 Valuation Mistakes and How to Avoid Them
- Transform Your Business with Dr.Deming’s 14 Points
Andrew’s online programs
- Valuation Master Class
- The Become a Better Investor Community
- How to Start Building Your Wealth Investing in the Stock Market
- Finance Made Ridiculously Simple
- FVMR Investing: Quantamental Investing Across the World
- Become a Great Presenter and Increase Your Influence
- Transform Your Business with Dr. Deming’s 14 Points
- Achieve Your Goals