Our fiscal year just ended in September. And like for most of us in business this wasn't the easiest year that I have had to navigate through. Advertising networks dried up and customer bad debts piled on, revenue targets were missed, cost over-runs and missed deliverables proliferated. But despite all of this we didn't run, we didn't put our heads in the sand, we looked at the situation for what is was and didn't fool ourselves. From this honest, albeit painful perspective, we made tough decisions and adjusted. My thanks to Robert Fritz and crew for teaching us the importance of "reality". Can't recommend him enough and if you can't get to see him in person do yourself a favour and read at least one of his books - my favourite is The Path of Least Resistance for Managers.
How did we adjust?
We restructured our SaaS company, repositioned the offering and lowered our cost base.
We parked a new company with a great product that was about to launch so that we could consolidate and focus our resources. Hopefully to be reborn before the close of this fiscal year.
We invested in our complete digital signage solution product and went looking to make acquisitions (more on that soon if all goes according to plan).
And it all worked. In the end revenues beat budget by 9% and grew by 47% over last year while our digital signage management subscriptions grew by 200%.
My hat goes off to my peers! What a year, what a turn-around.