By Nitin Gupta,
EO & MD, Asymmetrique
Around this time last year, my company was literally staring at an abyss. Our client revenues had plummeted to an all-time low, the new sales pipeline was almost dry, and we had lost most of our best talent to competition. Ever since I took over in 2008, I had run like a horse towards my goal of disrupting the advertising industry before competitors woke up to the opportunity presented by the emerging digital world. While I did not feel closer to the goal at the end of any given year, I just kept running tirelessly towards the horizon. I knew in my heart that we would get there, regardless of the inevitable hurdles along the way.
As we entered FY 2015-16, for the first time I couldn’t tell if we would survive beyond the next three months. That too, subject to my personal ability to fund the large monthly cash bleed we were experiencing at the time. Something had gone really wrong.
The situation was grim enough to consider shutting shop. Yet, I wanted to carry on, believing we were close to a turning point. But that would mean betting everything I had on a completely uncertain future. Overwhelmed, I shared my predicament over a quiet dinner with my wife. She heard me out, and without over-analysing the situation, left me with the five most liberating words: “Do what your heart says.”
After deep introspection, I hired an Executive Coach and a Strategic Financial Advisor, each with the purpose of helping me understand my blind spots in life and in business. They helped me realize the obvious mis-steps. For example, the lack of focus on profitable growth had eroded our ability to ride out the economic recession, and the market wasn’t in sync with the new age agency model that we had built. Similarly, we had made the classic mistake of letting our unbridled passion cloud business decision-making and good judgment in client selection. Also, we had not taken care of our loyal employees in the hiring of new talent. As a result, even as the market relevance of our business model grew, we were weaker than ever before in our ability to deliver.
I immediately called for a meeting with my leadership team and laid out three key action points: 1. Come what may, don’t lose clients, 2. Focus only on profitable growth avenues from existing and new clients 3. Take care of your people, and they will take care of clients.
With this broad framework, we all got back to work. The following months were a roller-coaster ride. From hiring an almost all-new team of key employees, to improving engagement with the client, and setting transparent revenue objectives, we narrowed down our focus, got a real sense of client issues with our delivery, and of the funding required to bridge us through the turbulence. I mortgaged my home to ensure that we had the lines of funding open. With the fear of running out of cash put to rest, and a clear baseline of where we were and where we needed to go, the path ahead was finally clear. Leaving no stone unturned, we indulged in a complete Vaastu treatment of our office to ensure a positive working atmosphere.
The results were astounding! In nine months, our monthly revenue flow from existing clients stabilized, and we had doubled our monthly run-rate through new client acquisitions. Our delivery engine was much more robust with much deeper experience in the ranks. Our client relationships were stronger; our clients were our partners in our mission. Now, 12 months later, we’re back in the green and looking at a bumper FY 2016-17.
My learning in business? If you have an honest dream for yourself and your stake-holders, the universe has a plan for you. And God appears in various forms to shepherd you along – as your wife, your mentor, your financial advisor, or even your Vaastu consultant! In God’s world, dawn is indeed after the darkest hour.
Feedback: nitin.gupta@asymmetrique.net
