An exclusive Tech Tribune Q&A with Lil Roberts (founder and CEO) of Xendoo, which was honored in our:
- 2021 Best Tech Startups in Fort Lauderdale
- 2020 Best Tech Startups in Fort Lauderdale
- 2019 Best Tech Startups in Fort Lauderdale
Tell us the origin story of Xendoo – what problem were you trying to solve and why?
Small businesses have been underserved by the traditional accounting industry through the lack of timely visibility of their financials. This has been a pain point I have experienced firsthand in my prior businesses.
After a successful exit from my prior manufacturing business, I wanted to solve a major problem for fellow business owners and reshape an industry through a technology platform.
Xendoo was born so that small business owners would have timely visibility to their financials at a price that made sense, with technology that delivers at the speed of business.
We believe business owners should have time to do what they love, build their business – not do bookkeeping.
What was the biggest hurdle you encountered in your journey?
The continued balance of technology, customer growth, team members, and funding at the appropriate times and stages.
What does the future hold for Xendoo?
Growth in customers and proprietary technology that delivers data-driven insights to help small businesses owners have financial visibility and thrive in their business.
What are your thoughts on the local tech startup scene in Fort Lauderdale?
I love what is happening in the Fort Lauderdale tech startup scene! Fort Lauderdale is a melting pot of culture that contributes to diverse thinking from various backgrounds. The startup scene here is thriving because we have fresh, diverse minds charting a path for the future!
What’s your best advice for aspiring entrepreneurs?
- Have a plan that makes sense. Start by creating a personal scorecard for yourself:
- What industry do you want to be in?
- Who do you want to help? What problem do you want to solve?
- Do you want partners and investors?
- Assign a value to the business you want to build. For example, do you want to grow a business that will have at least $1 million in value?
- Work on your business, not in your business. Eliminate the things that take time away from what you should be doing and focus on building your business. You can do so by hiring talent that supplements what you dislike doing.
- Find a mentor and join a peer group. This will help you see your industry from the outside in. It will equip you with the tools you need to respond to the disruption in your industry.
- Be prepared for success in everything. When you have your financials in order, you will be able to get that loan and even maximize your tax savings.
- There are no good deals with bad people.
- Learn from your mistakes. Don’t wallow in failure!
- Patience pays. When things seem bad, keep hanging on!
- Learn the Power of 3. Reduce your cost of goods sold by 3%, increase your price by 3%. The increase in profitability is exponential!