Show your board you took their feedback and are jumping into action.
Really appreciated all of your wisdom and feedback from yesterday, and we’ve jumped right into action. I’ve attached a copy of our notes from yesterday’s meeting.
Savings - We had a great morning meeting with our finance team, and have set a new level of urgency around our spend on all fronts. We created a specific project in an effort to quickly identify $X in savings that can be had by eliminating unnecessary services/software and non-performing employees and over-staffed departments quickly. I think we’ll find this $Y in savings by the end of the month. By this time today, we’ve already identified about $Z in savings and the team is pumped. We are also setting a new expectation and culture of frugality across all of our departments and a new billing approval process & expense policy to make sure we are being held accountable for our departments’ spends as well.
Financial Model - We are also accelerating our efforts to get a financial model (even if not perfect) much sooner, and NAME understands how important this is. It’s what she’s starting to work on today and we’re excited to share that when ready as well, ideally this month.
Product Roadmap - We have many ambitions but we are meeting w NAME and team to strategize what the roadmap should prioritize with respect to what revenues it’ll bring and how it will affect margins, churn, and enterprise value and we’re getting more clarity and alignment around this.
In summary, we have a lot of work ahead, and many challenges, but we’re more energized and passionate than ever before. Our team felt really empowered after yesterday, and all hands are on deck, ready to drive results and reach our goals together.
Thanks for your continued trust and confidence.
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