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.
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Honeybadger's Revenue Struggles
- Honeybadger experienced revenue struggles due to increased spending and decreased revenue.
- They realized this issue a month prior and had to make painful adjustments.
Impact of Recession Talks
- During the 2022 recession talks, customers cut costs, impacting Honeybadger's revenue.
- Although new customers and upgrades continued, downgrades and churn outpaced them.
Create a Budget
- Create a detailed budget to gain control over finances and reduce anxiety.
- Itemize all expenses and build up to see your profit margin clearly.