How to Do More with Less in an Economic Downturn
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On the product and technology side, leading indicators can tell us to accelerate certain investments or build out certain teams. You should also recognize people come from different technology and product backgrounds that influence their decision making. Ultimately executive leadership needs to project a unified vision of where the company will be in three years. This will hopefully constrain some of the whiplash the company may experience today.
Here are some learnings from the conversation:
- Grow responsibly. In today’s current economic climate, B2B Saas companies are in a constant planning motion and looking deeper at the numbers. Those who do it well don’t lose sight of execution.
- As stewards of the business, have empathy. For some, it may be the first time a colleague is experiencing a recession, or their fifth. Recognize that there are global and local factors impacting individuals in your company. Look at the relationships you have in the business and treat them with extreme care.
- Get hacky. An element of scrappiness is beneficial. What is the hacky approach to a process to get to the root of the thing that you want to accelerate? Before you’re public, pick what you truly need to pour dollars and people into.
- Prioritization framework = Impact + Confidence + Effort. When you’re constrained, consider thinking about an initiative by this framework as it relates to impact on the organization, capital investment, or starting or distributing a product.
- Automate low value work. Find a way to get digital leverage to free up time in doing repetitive tasks.
- Take care of yourself. Find ways to make keep yourself healthy — you will show up better up in life and work when you do the things that keep you spiritually, physically, and mentally fit.