My hope for you all is happiness, growth, and success.
I’ve been a husband (granted to a few different wonderful ladies), dad, and business operator for 20 years. Here are some practical points from successfully weathering tough times…twice.
On April 1, 2000, I left a well-paying job to start an online survey platform with no customer commitments, no technology and two months of earned PTO.
On March 10, 2000, the NASDAQ Composite stock market index peaked at over 5,000.
Over the following 12 months, my co-founder and I bootstrapped the company to over $1 million in sales and hired six souls.
By the end of the stock market downturn of 2002, stocks had lost $5 trillion in market capitalization since the peak and we lost 93% of our business.
During the following six months we made no changes to our cost structure and subsequently ran out of cash and put $100,000 on credit.
We were forced to rightsize the business and rebuild. It took two years for us to beat our previous highest revenue month.
Fast forward to 2007. When the severe worldwide economic crisis hit, Kristin Luck, Jayme Plunkett and I acted swiftly by cutting executive salaries by a third, lowering everyone’s salary by 10%, and paying sales commissions in stock options as opposed to cash.
In 2009, we grew by 156%, corrected salaries and started hiring.
COVID 19 Pandemic
From an economic perspective, COVID 19 is and will hard. But, we will overcome.
According to McKinsey, “The resulting demand shock cuts global GDP growth for 2020 in half, to between 1 percent and 1.5 percent, and pulls the global economy into a slowdown, though not recession.”
Besides economic impact, this pandemic is redefining us as a culture.
- Companies have been forced to work and operate remotely.
- Families are stuck at home.
- Many of us are re-learning to cook.
- Our kids are having to adjust as well.
This morning I got a note from a friend, “Many of you know that my son was supposed to have a wedding in April, but that has now been postponed.”
Last Friday I woke up, looked in the mirror, and realized I looked like Tom Hanks in the Cast Away during his time on the island. My productivity for the week was crap, there were no workouts, no morning routine, and I went through more than my fair share of whiskey.
As in times past, I reinstated my morning routine with modifications and my workday was a million times better…but I was still missing the moments when you “bump into someone” at work.
So! For this week, I’ll be hosting a virtual lunch from 11:00-11:30 PT via Zoom. All are welcome. This is just a chit chat time for us to connect.
I’d love you to join.
I hope you have a great week! As always, I’d love to hear what you think about this content or if you have ideas on stuff you’d like us to cover. You know where to find me, @jaminbrazil
Peace to you!
About the Happy Market Research Newsletter:
A highly editorialized recap of the week in consumer insights. We cover trends, happenings, and tips in market research, user experience research, and customer experience.