FounderQuest
Cutting (Almost) to the Bone
Dec 15, 2023
Josh and Ben discuss Honeybadger's revenue struggles and steps they're taking to weather the storm. They emphasize the importance of disconnecting from work during the holidays. Managing revenue losses and minimizing impact on employees are also discussed. They highlight the importance of focusing on quality content in marketing. The potential performance of the economy and personal flexibility in managing stress are explored.
36:27
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Quick takeaways
- Cutting expenses and prioritizing revenue growth are crucial steps to stabilize a company's financial situation.
- Saying no to distractions and focusing on what matters most is essential for business success, along with maintaining a frugal mindset and adapting to changing circumstances.
Deep dives
Addressing Financial Challenges and Making Adjustments
The podcast episode begins with a discussion about the financial challenges faced by the company, including spending more than anticipated and declining revenue. The hosts emphasize the need to make adjustments and cut expenses to stabilize the situation. They mention cutting back on contracting work, reducing expenses with service providers, and even taking pay cuts themselves to prioritize supporting their team. The hosts also highlight the importance of focusing on revenue growth, particularly through the upcoming release of a new product called 'Insights' which has received positive feedback from beta testers and is expected to generate expansion revenue.
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