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Hari kiran

Insight guru • 6d

GIVE AWAY ALERT!!!! - A BOOK OF MY CHOICE FOR 1 WINNER WHO GIVES AN APPROPRIATE ANSWER (I would be the judge and jury for all the answers) TO MY QUESTION. QUESTION:: You are the founder of a small bootstrapped company who provide tech services to va

Rishi Chavan

Inquisitive • 3d

I’d first level with my team and board about exactly where we stand. Time is money, so I’d call a quick meeting, lay out the numbers, the competitive threats, and our available cash, making it clear there’s no room for business as usual. I’d explain right away that only essential, profitable projects will move forward; clients looking elsewhere due to cost will get immediate offers with price adjustments or bundled value, but only if their business actually helps the bottom line. With employees demanding raises, I’d be fair but firm. I’d identify who this company absolutely can’t afford to lose maybe 10 or 15 people out of 50 and take care of them with selective raises or retention bonuses. For everyone else, I’d clearly state there won’t be across-the-board salary increases now, but I’d commit to revisiting this in six months and make sure they see real efforts in upskilling, especially in AI. This is about survival, and the team deserves honesty and a sense of direction, not empty promises. Knowing we can’t ignore the AI threat, I’d pull together a small, sharp group from my current team to quickly prototype an AI add-on or new tool, no perfectionism allowed. I’d also immediately start looking for a quick partnership or small acquisition in the AI space. At the same time, I’d tighten all non-essential spending if it doesn’t directly protect revenue or build our future offering, it’s paused or cut. I’d keep the board fully looped-in, using my independent directors for their experience in past downturns and press them for leads or introductions to potential new clients. Through it all, I’d make sure communication is open and frequent, clients, board, and staff should never be in the dark about what’s going on or why.

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Hari kiran

Insight guru • 3d

Well crafted answer and great solutions . * Putting the problem in front of the board members for suggestions and considering their ideas is a vital thing. When any company becomes large in size, a founder can't be the sole person who would be able to manage everything. A founder can't be the only problem solver in the organization and sometimes a third person perspective can bring outside the box ideas which can help in the long run. *Your solution about the discussions with the employees makes absolute sense. It is important to honestly confess about the situations and using only those people interested to join the journey with the company during the hard times would not just avoid draining the margins for the company in the name of incentives also allows us to understand who are really interested to stay loyal to the company. *Strategic acquisitions to combat the new advancements in the market is a very underrated idea. It's important for the founder to understand that, he/she can't build everything from the scratch. Sometimes, using the cash in bank to acquire new companies can give the required push and momentum. Using the experience of the team from an already established company would allow the founder to use his focus more on other issues. Acquisition should be a symbiotic addition but not something that creates new problems and this happens only when the company being acquired is informed about the reasons & responsibilities very clearly.

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