Layoffs, no food at the bank, a promise I can no longer keep, and the opportunity of a generation
Three Things I Learned in SaaS, Sports, Tech & Live Events 11.9.23
Three Things I Learned In SaaS, Sports, Tech & Live Events
The sky isn't falling; it's been falling for a while.
I’ve been a start-up and growth CEO through two downturns, here are five things I learned this week:
1. I can't live up to that promise for the first time in ten years.
We're a unique place to work. We focus on attempting to hire people who have goals that align with what we do here - as outlined in our 11 interview questions. It's a simple pitch: Come join us, and if you achieve your goals, we'll both be successful. And if your goals change, come tell me, and I'll get you another job.
It's been true for a decade plus. We have great people, and companies are always hiring great people. I know plenty of CEOs/owners/decision makers looking for good people I can call anytime.
For the first time in a long time, I can't make that promise. They're not hiring. In fact, they're calling me.
2. Sponsorships employment is bad and getting worse
I've been in live events for twenty-four years. I've seen more high-level sponsorship and events execs laid off in the past six months than I saw in the past ten years combined. Just got word today from two more big company customers that layoffs are coming.
One good friend introduced the idea of re-selling her company's unused tickets to recoup lost costs. She saved her company north of a million dollars. They laid her off. If you're those impacted, it's not just you; it's everywhere.
3. There's no food for the needy
Twice a month, every month since late 2018, a handful of us have been working in this room. The amount of food fluctuates throughout the year. In the summer, it usually looks pretty empty, like this photo. The problem: I took this photo last week.
November is usually overflowing. We call it "food mountain" when we get so much food we can't store it all in this single room. The volume has been so consistent the church has approval to build a warehouse.
Donations are down 70%. We keep waiting for them to recover - and they aren't. Most of the food you see here was purchased by the food bank as opposed to donated. It's dire. And it's not just our food bank.
4. Keep it quiet or don’t?
We're doing good as a company. That's hard and dangerous to write in a post highlighting how bad it is out there. We're feeling it, too, as it's harder than ever for us to keep growing, but we do. It’s a conversation often if we continue to share our adventures and the truth, that we are growing and hiring, or do we cut it off to be sympathetic and empathetic to those who are hurting.
We’re really proud of our hard work. The blessings aren’t lost on us. We share it. Building this company almost killed me. Most people are happy to share and celebrate what we're doing.
But
I've learned that when you share you are doing good when others aren't, you put a target on your back. Even if there is no validity. When people get desperate, they'll justify just about anything. We learned that during Covid and the lessons are useful now.
4. Now is the time to build a great company.
It's easy to lament hard times. But if you have a great and necessary product, now is the time to lean in. The field is frozen. Talent can be shaken loose. There isn’t fake money sloshing around driving up your CAC. Expectations are realistic.
Now is the time. Get to it.