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BuzzTech

Case Study

Isaac, and the rest of the RightWay team are a key part of my    business and my personal finances.

BuzzTech 

What does your business do?
We provide commercial beekeepers with software and sensors to manage their apiaries for efficiency. 

What goals do you have for the business?
Our goal is to become the global leader in apiculture technology. This means knowing more about beekeeping operations and individual colony growth than any other company. 

What are some of the challenges you’ve faced?
We have pivoted from a family beekeeping business into a sensor business, and finally into an apiary management business. 

Our main challenge has been getting the value proposition right to match what the customers need NOW and not what we think will give them the best outcomes as a business.

The learning process to get a product fit for market has been expensive and time consuming. Inadequate software, rebuilding sensors, and experimenting with batteries have all been significant challenges that have slowed growth.

How did you overcome your key challenge?
Luckily I had some funds to buy back the majority share of the company after the pivot away from offering mainly sensors. This also allowed us to keep operating the company until we were able to generate paying software subscribers.

By changing from outbound to inbound sales and focusing our attention on pleasing a few specific customers we were able to identify the main processes the system needed.

After getting these processes working for our customers and getting them using the software we were able to up-sell sensors and other technology over time.

How important is good planning to your business success?
In the early stages before we had paying customers and any confidence in the long term viability of the business, having a plan was important, but because it changed it so frequently we struggled to stick to it.

Now that we have a sales process, targets, and paying customers having a good plan is critical for the company to keep operating. 

Now that we have RightWay, Xero and LivePlan set up with my forecast and business plan for the next few years we can just get on with doing the work that makes customers happy.

What about you - why did you want to own your own business?
After seeing how bigger businesses operated through the lens of IT infrastructure and then taking over the family business, I knew it was possible to innovate beekeeping as most of the key players are out of touch with technology. 

The idea of innovating, working for myself, and learning more about an industry that I loved really appealed to me and it was not hard to make the call to start BuzzTech and jump in head first. 

How do you find the challenge of balancing work and life?
I work from home 2 days a week and manage to spend at least some of each weekend with my wife and 8 month old. 

Putting in the 60 hrs a week that the business requires as well as time with the family seems to be achievable if external distractions are minimized.

I run regularly and listen to podcasts constantly to keep pushing myself mentally and physically and I feel like my life has enough balance for the stage I'm in. 

How did you start working with RightWay, and how do you find them?
One of my Investors/Board Members recommended RightWay when we were forming BuzzTech. We needed regular financial reporting and help with the businesses financial model initially, however since then we have added other businesses, 2 Trusts and 2 individuals financials to the agreement with RightWay.

How’s your relationship with your business partner – how does your business partner help you with achieving your goals?
Isaac, and the rest of the RightWay team are a key part of my business and my personal finances and I feel highly confident in their ability and advice.

Using RightWay services has enabled us to present the companies to investors and potential acquirers knowing that our financials are sound and we haven't just winged it.

Anything you’d like add?
My business partner Isaac has been instrumental in each account he manages for us and I will be using RightWay for a long time to come because of him.

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Using RightWay services has enabled us to present the              companies to investors and potential acquirers knowing that    our financials are sound and we haven't just winged it.