How web consultancy Symbiosys is launching a product portfolio

Wilmington’s Symbiosys Consulting has spent the past 15 years doing web consulting for clients. Now it’s launching its first app, RezBoard, a scheduling tool for hospitals.
I sat down with Stewart Belsham, Symbiosys Consulting CEO, who shared startup advice and three tips for moving from client work to launching products.

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Dave, CPA (SoftwareCPAs): What the heck does “No Foosball” mean exactly?

Stewart, CEO (Symbiosys): Ha, yeah that’s one of my mantras, i.e. don’t spend like a startup. Have you noticed that once a young company gets a little money, they quickly buy things like fancy offices, kegerators and expensive CPAs?

D: I’m going to ignore the CPA jab, but yes. They don’t see the extra costs coming down the pipeline and end up making foolish purchases.

S: Here’s a good example: The cost to take a software product to market is about 10x the cost of building a working prototype. It almost always works out that way, but you’ll be hard pressed to find a financial projection with a ratio anywhere near the 10-to-1 mark.

D: Ouch. Launching a software product is expensive and most don’t break even. So I have to ask, why would you disrupt your service offering and build a product portfolio, starting with RezBoard.com?

S: Good question. This is a big change for us. Currently, we get all of our work from our relationships. Our average size contract is over $50,000 and we generate a decent profit. RezBoard customers on the other hand, will be strangers for the most part. They’ll come from Google Ads, Channel Partners, beta users and word of mouth.

Our average price will only be $30 per month, and we’ll get to break even in hopefully a couple of years. So, you’re right: maybe I’m a masochist … kidding. The key for us is developing the experience and exposure to a whole new type of customer. The skills we are nurturing are invaluable for the next evolution of Symbiosys.

D: What’s the secret sauce for making it work?

S: I’ll give you three ingredients…

1.  Know your customer

Our SME, Dr. Worth, helped us realize early on that we were not solving problems for hospital administrators or department heads. Our customer is the Chief Resident, and the problem is scheduling headaches. It seems obvious, but it’s a common mistake. Knowing who your customer is makes every decision easier.

2.  No building by committee

If you want to attract and retain good employees, you have to have a collaborative style of management. People need to have input and feel heard. Far too often this type of culture leads to no one having true ownership. You can’t build a product by committee. Every area needs someone accountable who will take responsibility for setbacks, even if some people need to wear multiple hats.

3.  Re-ground constantly

When you’re in the throes of it, it’s easy to find yourself off path. You need a strong board of outside advisors, like yourself. It is also critical to have beta users that will become our product zealots. Having them accessible is very important. We always ask them, What didn’t you like? People hate to give bad news, but you can’t be afraid to seek that out.

Dave, CPA (SoftwareCPAs): One last question. You said “beta user;” don’t you mean beta tester?

Stewart, CEO (Symbiosys): Oh, our beta users are actual prospective customers, not testers. When we ask them to test the product, it had better be near flawless. We want their engagement because they’re our first round of customers and champions, and will of course be covering the cost of that new foosball table.