PandaDoc's operating framework, communication habits for teams from 0 to 750 people, and the KPIs behind a $1B valuation
Mikita Mikado · PandaDoc
Published September 1, 2022Mikita Mikado, CEO of PandaDoc, shares:
- Panda Operating Framework
- Communication hacks for 0-750 FTE’s
- KPI’s we used to hit $1b valuation
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Mikita Mikado describes PandaDoc’s move from bootstrapping to scale through recruiting, giving teams context, making metrics accessible, and operating as a global software company.
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“um i had to meet more than like hundreds of people i'm not kidding and i've heard all that wonderful feedback uh some it was helpful but uh but worst of all we didn't really have a life like we worked 16 hour days and i wouldn't say was very rewarding so now how the heaven looks like again we're fraught from heaven a lot could be done”
“we launched things like education budgets that every employee can use at their discretion on things like conferences books courses and so on so forth that's pretty typical we allocated certain amount of equity so that people can find advisors mentors for themselves we um enabled our like enabled all of our managers to have board access they got to reach out to”
“how we aspire the work to be done and how we aspire what we aspire the culture within the company to be and when i say aspire we're human beings we sleep all the time so at the very least this document uh became a way for my co-founder and i to call each other on [ __ ] as well as like our employees because we shared it with a team right to call us on hey mikita”
“is how you communicate around it so the cadence of meetings meetings around those kpis meetings around the ocrs was another important um revelation that uh and implementation that we've done within the company that helps to set that written that set us into motion set us into running and then finally the last thing”
“people people are who aren't allowed to leave kyiv right now are literally going down to the bomb shelter six times a day every time their rates go off you know a lot of them are staying behind out of choice to volunteer you know not all of them are fighting but they're like delivering food delivering clothes driving from town to town to make logistics work or to bring food in uh it's it's crazy stories and then i woke up on sunday morning and found out that the head of finance for se”
“Only $1m Raised First $5m ARR”
“Sharing the Company Culture Code”
“Transparency, Inclusion and Belonging”
“Accountability & Smart Goal Setting”
“Holistic reviews and feedback from:”
Video
6 Tactics We Used to Go From Bootstrapped to Unicorn - Slide Deck
Mikita is a software entrepreneur, CEO, and Co-founder of PandaDoc. When he is not working, you can find him catching waves on a surfboard or hanging out with his two daughters. Mikita’s commitment to solving issues created by document workflows, coupled with his immigration to the U.S., led to a leadership approach that personifies his values—cherishing freedom and the ability to be successful.
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Each slide with a short explanation of what it shows. Open the slide text for its exact wording.
24 passages
March 2022 March 2022 | Mikita Mikado, CEO of PandaDoc Mikita Mikado CEO of PandaDoc 6 Tactics We Used From Bootstrapped to Unicorn … and still no gray hair
PandaDoc reached $5m ARR after raising only $1m, while revenue climbed from $750k in 2012 to $62m in 2022. The line chart shows steady growth, with a sharper rise between 2020 and 2021.
Only $1m Raised First $5m ARR 2007 2010 2013 2015 2016 2017 2018 2019 Org Charts Technology Intelligence Added to App Exchange Intent by Category Ideal Customer Profile, ReachOut Extension Enrich Launch, RainKing Integrated Corporate Hierarchy, Intent by Topic Combined Platform, Form Complete, Workflows Only $1m Raised Investment
PandaDoc groups its operating framework into team context, growth, and rhythm. The slide connects smart goals, communication, inclusion, and talent growth with KPIs and the systems behind a 25x ARR multiple and $1b valuation.
Smart goal setting Panda Operating Framework How the engine works… Communication hacks for 0-750 FTE’s Inclusion and belonging on team Talent acquisition and growth 25x ARR multiple wasn’t “accident” KPI’s we used to hit $1b valuation Our systems for: Learn, grow repeat TEAM CONTEXT GROWTH RHYTHM
This section covers effective communication through content and transparency, setting up the company practices that follow.
The Right Context: Effective Communication Content and Transparency
PandaDoc’s mission is to help innovative organizations scale by removing workflow inefficiencies and bureaucracy. The statement centers the company on making business processes easier to manage.
Sharing the Company Mission Help innovative organizations scale and win by eliminating workflow inefficiencies and bureaucracy.
PandaDoc’s vision is to build an intuitive platform for automating agreements, transactions, and other document-driven workflows. The statement describes the product direction in terms of simpler processes.
Sharing the Company Vision Build the most intuitive platform that automates agreements, transactions and other document-driven workflows.
A company culture code is presented as a shared document linking PandaDoc’s mission and vision with growth and culture. The laptop image shows the principles being recorded in an accessible format.
Sharing the Company Culture Code
PandaDoc shares its annual and long-term strategy in a document described as more than 20 pages. The example is a 2019 strategy presentation, suggesting the plan is written out for employees to review.
Sharing the Company’s Annual and Long-Term Strategy A document that talks about our strategy for the year at length (20+ pages long).
This section introduces a data-driven approach to company operations, leading into examples of plans and metrics used to track progress.
The Right Context: A Data-Driven Approach
Board-approved operating plans guide internal planning and progress tracking. Directors can access the company-wide plan, while managers can access plans for their teams; the spreadsheet example tracks forecasts, actuals, and variance over time.
Building a Comprehensive Operating Plan Board-approved operating plans is how we plan and track progress internally. Most directors have access to company-wide board-approved operating plan. Most managers have access to their teams operating plans.
PandaDoc invests in data, processes, and tools so teams can use detailed metrics. The screenshot shows account counts split by sales-assisted status, with both categories contributing to steady account growth over time.
Detailed and Accessible Metrics Metrics site, tools and teams We invest heavily in the data, processes and tools needed for every Panda to be successful
This section introduces transparency, inclusion, and belonging as parts of workplace culture. It frames the following practices as ways to build an award-winning workplace.
The Right Context: Transparency, Inclusion and Belonging Building an Award Winning Workplace Culture
PandaDoc describes investing in employees through onboarding, learning, feedback, and team bonding. The goal is to give each person access to key information and help them feel included.
Transparency, Inclusion and Belonging Investing in Each Panda From onboarding to learning to feedback and bonding, we make sure each Panda has access to key information and feels she/he belongs at PandaDoc
The onboarding approach pairs clear content and accountability with learning resources and certifications. Buddies, founder introductions, and a personal introduction exercise add human connection to the process.
Onboarding Content and accountability Content, LMS, HRS, Certifications Buddies, meet-the-founders, “Who am I”
Employee learning is supported through an education budget for conferences, courses, and books, alongside advisers, consultants, and the board. The slide presents these as complementary resources for development.
Learning EDU budget: conferences, courses, books, etc. Advisers and consultants Board
PandaDoc gathers feedback through anonymous surveys, external review sites, team pulses, eNPS, regular one-to-ones, and performance improvement plans. Workplace recognition graphics sit alongside the list as examples of external and employee feedback.
Feedback Anonymous surveys Market (G2, Capterra, Glassdoor) Team pulse eNPS per team / department / company Weekly or bi-weekly 1-1s PIPs
The company lists offsites, virtual gatherings, informal hangouts, and investments in personal growth and wellbeing as ways to build connection. A collage of team photos reinforces the emphasis on shared experiences.
Bonding Offsites Ripped Pandas, PandaPics, Virtual get-togethers Hangouts Investments in personal growth and wellbeing
This section turns to rhythm and rigor, focusing on accountability and smart goal setting as part of the operating system.
Rhythm and Rigor: Accountability & Smart Goal Setting
Teams with defined roles and useful benchmarks focus on KPIs such as sales. The slide says those measures can connect to compensation and inform operating plans, while the spreadsheet provides a planning example.
KPIs Well defined roles and teams with decent benchmarks primarily focus on KPIs (e.g. sales) In such cases KPIs are tied to compensation and help informing our operating plans.
Teams and individuals use OKR progress to track projects with less tangible outcomes. PandaDoc keeps compensation separate from OKR progress, as shown alongside a shared company objectives spreadsheet.
OKR Progress Teams and individuals that work on projects with less tangible outcomes track performance through the progress on OKRs. Compensation is not tied to OKR progress at PandaDoc.
The meeting rhythm combines monthly KPI and OKR reviews with quarterly organization planning, productivity reviews, and incubation reviews. The schedule creates regular checkpoints for both performance and planning.
Meeting Cadence Monthly KPIs Review Monthly OKRs review Quarterly Org planning Quarterly productivity orgs review Quarterly incubations review
This section frames organizational development as a cycle of learning, growth, and repetition, closing the rhythm and rigor portion of the talk.
Rhythm and Rigor: Learn, Grow, Repeat
Performance reviews combine feedback from managers, peers, and direct reports. The slide connects this broader view with opportunities for career growth, mentoring, and internal mobility.
360° Performance Reviews Holistic reviews and feedback from: Managers Peers Reports Opportunities for career growth, mentoring and mobility
Mikita Mikado thanks the audience and closes the presentation. The final card identifies him as PandaDoc’s CEO.
March 2022 | Mikita Mikado, CEO of PandaDoc Mikita Mikado CEO of PandaDoc
