teamwork makes the dreamwork
With 10m+ daily active users (DAU) and ridiculous history of growth, many thought Slack was destined for a stellar IPO. But almost 5 months since WORK hit the market, its stock has lost more than 43% of its value despite beating earnings expectations. So what gives?
Well for one, Microsoft Teams ain’t no joke. They have 13m DAU (making it more popular than Slack) and Microsoft’s massive customer base to sell to—they loop Teams in with Office 365, which has over 200m monthly active users. Slack users, on the other hand, have to specifically pick Slack out of the crowd.
Another looming issue is the legal suits and investigations Slack faces, which claim they misled investors in their IPO. It remains to be seen whether or not Slack will be charged, but that coupled with an unclear path to profitability has investors spooked.
So what does this all have to do with Thanksgiving? It’s the holiday of sharing and being thankful, which fits right in with collaboration. Teamwork makes the dream work, and the software that powers teams can be equally as important, so this week we’re sharing our favorite tools for effective collaboration. Cheers!
🚧 There isn’t a “one size fits all” collaboration tool, so your selection will hinge on what you’re trying to accomplish (for example, are you looking to improve team communication or manage projects more efficiently?). PCMag does a good job of organizing the best collaboration tools based on need—these are our top picks.
Project Management - LiquidPlanner. LiquidPlanner has a killer set of project and resource management features like easy-to-create Gantt charts, roll-up reports, and automatic scheduling. It isn’t cheap, so if you’re looking for a more simple alternative, we’d suggest Basecamp or Zoho Projects.
Task/Workflow Management - Asana. Think of task and workflow management as project management light for tracking progress and ownership. Asana is great for this because it’s lightweight and can handle ongoing tasks, whereas heavier PM tools typically handle singular projects.
Kanban - Trello. PCMag goes with Asana here, but we still think Trello is the king of Kanban, partially because it’s 100% their focus whereas Asana is a much broader tool. Wrike is also a great solution if you are looking for something that blends traditional Kanban with project management.
Messaging - Slack. That’s right, after giving Slack a hard time to kick off this issue, we’ve come crawling back to old faithful. Slack’s falling stock doesn’t reflect product capability, and we just find it easier to use than Microsoft Teams.
🚨 Sound the new buzzword alarm, because here comes “coopetition,” where competitors collaborate to increase innovation and cut R&D costs. It may seem risky to work so closely with the opposition, but recent studies have shown the benefits are worth the awkward ice breakers. Does the idea translate to SaaS businesses? Maybe at the ultra-enterprise level, but generally, we don’t think so. With incredibly high margins and a lower cost of development, the savings earned from teaming up are unlikely to be as significant in software. Though if you think about it, selling your software through a platform like Amazon, Magento, or Stripe is similar to “coopetition”.
🤡 As much as we’d love to find one philosophy or tell-all guide that’s the secret to management success, there is no magic formula. Running a business is a perpetual juggling of trade-offs, and the right choice will depend on your industry, timing, and a bit of luck. Take software, for example. We encourage founders to get their product to market quickly to test demand, then once it’s validated, improve it over time. This works in software, but in other industries where product quality is paramount (like manufacturing), sending a lackluster product to market will destroy your reputation. So skip the generalized CEO guides to success and think about what works for your specific industry and strategy.
🙏 Thanksgiving week is the time to reflect on the things we are all thankful for, and that’s often the people around us. In her TED Talk, Dr. Laura Trice shares the tremendous power in saying thank you, and why we’re so afraid to ask for others to thank us for what we do. It’s really because we’re giving someone critical data about us, which they can then neglect, abuse, or accept, which is kind of unnerving. It takes courage to ask for the thanks you need to hear, and you can do your part by making sure to show your appreciation for those around you.