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TweetShareShare Just about everyone who’s running a startup right now is in some stage of concern about the future . With COVID-19 changing work styles and forcing program cancellations, a down economy with decreased spending and budget lifts, cashflow management is super important.
We’re putting plans in place to cut non-essential expenses, explore revenue opportunities that won’t scale, and work to simulate our company running at 75% or even 50% of where we are today. Everyone is experiencing so much uncertainly and hardship on a day-to-day basis. We must ensure our team can breathe a bit easier knowing that we can make it for 12 months without growth if forced.
Must haves are things that are building our loyal customer base and nudging up retention numbers. To that end, we’re looking at creating unique experiences, like offering virtual, in-home hair consultations and creating “self-care kits” and focusing more on digital, and a bit less on brick and mortar placement right now.
No one was happy, admittedly, but I was very clear about my plans for the next three to six months. When you run a startup it’s so important to be very transparent and to work with people who understand your plans and trust you. On Friday of last week, as the public health crisis escalated here in San Francisco, I had an all-hands to announce these changes and re-emphasize the importance of each person stepping up to be proactive. We have always run lean – mostly because we had to – but we now look at each expense through the lens of “will this help us in 30-60-90-180-360 days?” The smaller the number, the higher it is on the list – for now.
We’ve invested in backstock to last us the next six months or so, just in case. We don’t have the space for it, but we’re gonna find the space for it, ya know? We’ll store it in my bedroom if we have to.
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