- Insight: Have confidence in your vision.
- Insight: Strive to create a culture where everyone feels valued.
How She Started: Being a founder is risky. Why did you decide to start your business?
Keisha Hines: I felt like I could have an impact in the tech space. That's number one. I know that I look at technology differently because I've had all these experiences. I've worked in fashion, music, law enforcement, and television among others. That informs my perspective on problem-solving. I knew I could leverage technology in a way that solves problems, and then creates a great product.
Also, from a cultural standpoint, I wanted to create a culture that I felt didn't exist for me. That doesn't mean the places where I worked were bad, but I wanted to create a space where people could bring their whole selves to work. This means that we could have different ideologies and different opinions, but ultimately we're all working for one goal. That goal is to create great products and to be great partners to our clients.
HSS: How did you acquire your first customers and how do you retain your customers?
KH: All our customers have been based on relationships. We don't have a single customer that has been a cold reach. I've had the privilege of working in great spaces and for awesome companies and organizations.
After that, I was just going to bars and restaurants that I knew were notable names. Groups that had 15 to 20 restaurants. If I got in with one food and beverage person, I could get in with all of them. When I was selling to larger places I would tell them this is how much it is per oz to use the crappy stuff you're using, and it's only like 3 more pennies to use what I'm using. But you can charge way more and you're going to have way happier customers that will buy more cocktails because they're going to taste better.
In terms of retention, you need to have a great product and overdeliver. We have been able to solve problems that some of our peers haven't been able to solve. If you do that it makes those difficult conversations about price and cost easier because they understand the value. They understand that when you overdeliver, they’ll see the benefits to their bottom line. I always overdeliver even for the people that I've known for decades. That’s how I've been able to get people to take a risk on Coltrane Hyde.
Servant leadership, to me, is the other part of it. If I can't serve, that means I haven't garnered trust from the relationship. I always make sure I am open, honest, and transparent in my communication. When we've messed up. I've been able to say “We didn't get that right and here's why we didn't get that right. If you allow us to make it right, we will.” Having a relationship that is not transactional is what truly makes it a repeat client and raving fan.
HSS: What is your growth strategy?
We've got this suite of our proprietary products that also complements the suite of proprietary software that we build on behalf of our clients.
HSS: What are your lessons learned so far?
KH: We all hear people talk about the numbers drive the business. Those people are right. You have to know your numbers inside and out. What's your burn rate? What's your EBITDA? What is your customer's payout? Is it net 30, net 50, that's 90 net 120? Do you know the tax flow and the padding? Because just when you think you have enough cash flow there's always that aha or that surprise. The numbers are the Holy Grail.
The second lesson that I learned is don't take myself too seriously and have some grace with myself. The grace that I now have with myself has changed my perspective exponentially because I'm no longer beating myself up around things that didn't go well.
The third lesson I've learned is that the best teams are made of universally diverse and inclusive people. Sometimes we hire what feels comfortable. We hire based on where our experience fits. If I'm the smartest person at the table, that means I'm not doing something right. I've hired a well-rounded, diverse team with diversity in gender, age, region, and experience. I believe that was probably one of the biggest lessons.
HSS: Do you have any advice for female-founded businesses?
Be relentless in this game. Often rooms we go into we are talked over. It's happened to me. It's rooms we go into and the man that comes in the door is assumed to be the founder. Don’t be thin-skinned about it. Sit at the table and know you belong at the table.
Also, ask for what you're worth. Oftentimes, as women we- I can only speak from my point of view- shy away from number conversations or we don't ask for that big number because we think that we're reaching too high. I would say continue to reach high and continue to know your worth and know the value that you bring to organizations. Whether you're a founder, an entrepreneur, whatever that is. Know that you belong in that space.
HSS: Thanks so much for taking the time!
- Insight: Have confidence in your vision.
- Insight: Strive to create a culture where everyone feels valued.
- Insight: Leverage your network to reach your ideal customers.
- Insight: Overdeliver for your clients so that you can retain them and justify your service and build social capital.
- Insight: Take advantage of your success to continue strong momentum.
- Insight: Know your numbers (burn rate, EBITDA, etc.)
- Insight: Give yourself grace.
- Insight: The best teams are made of universally diverse people.
- Insight: Know your worth and that you belong in that space.
I messaged Keisha and we scheduled a time to meet.
I've always been passionate about women helping other women. I created this blog to tell stories of successful female-founded businesses. Hopefully, these stories will help inspire more women to found their own businesses.