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5 Things We Did to Deliver our Most Profitable Month

In the midst of an unprecedented global crisis, our team delivered the company’s most profitable month. How did we do it?

We didn’t wait to make changes in the business. We didn’t wait to make a strategic pivot. We didn’t wait for all the facts . . . we know that day will never come.

Here’s the Top 5 Things we did to deliver our most profitable month . . .

1.    Impact Assessment. Is it a ‘short’ or ‘long’ term impact? You may not have all the facts but you know more than you think. Take your sector analysis (+) economic outlook (+) your business acumen and make your best call. In the case of one of our strategic investments, it’s a long term impact and, in fact, the travel and entertainment sector will be forever changed . . . at least, in my opinion. So, strategically, we are pivoting the business to align with what we believe is a ‘new normal.’

2.    Get lean. Cut the excess. We immediately cut all non-core expenses. This may seem obvious but many folks avoid and put off tough decisions they need to make today.

3.    Look in the mirror. I needed to step up and do better. I had a ‘one-on-one’ with myself and identified all the things I need to do better . . . this included changes I should have already made in the business (pre-Covid) . . . but that’s water under the bridge . . . bottom line, I called myself out and I am holding myself accountable.

4.    Exit ok, Only Focus on Great. Further narrow your go-to-market. Focus on what you do ‘best’ . . . what you are ‘exceptional’ at . . . not what you are ‘ok’ or ‘fairly good’ at. Hyper focus on the former (that’s your core) and stop the latter (non-core) . . . by way of example, this was part of the strategic re-alignment of Airbnb . . . Yes, this may have immediate and short term revenue impact but focus on the big picture. For me, I terminated customer relationships in the non-core sector areas (took the revenue loss) and double downed with investment only in the core sectors.

5.    End each Day on a Positive Note. This is an emotional roller coaster . . . I grieve every day and I am sure many of you do the same . . . but, I end each day accepting this is a new world and I allocate time to think about how to take advantage of the opportunities that will come out of this crisis . . . we know this to be true . . . coming behind every crisis in history is opportunity.