We were flourishing for a long time. Hence we never realized that our downfall had begun. We thought we will keep getting projects as we always did. Of course, that was not true and shit did hit the roof one day.
However, the reality hit the roof when a series of below events happened and we lost a lot of money:
- Wasted $40,000 in a Fin Tech conference in Las Vegas by getting a booth.
- We never built redundancy around our sales team in US. One day, the only person we had decided to move on.
- Had to write off $140,000 for one of our customers as we acted as partners during their downfall. But we never verified if it was true. We wrote off the money and they chickened away.
- Few of our own team members lured our long term customer, for whom we might have discounted over $300,000 in their bad times, into work with them directly by exaggerating the situation. We decided not to take action against them and focus on positive things instead of dwelling into the negative energy of being revengeful.
- A few large projects did not renew.
- Sales tanked!
- Did not let go of team members and bore the cost.
When this happened, we immediately pumped up our sales efforts and made back to back trips to London, Canada, and US. After speaking with more than 50 prospects, we realized that we were not getting the kind of projects we sought. People are very much uncomfortable with time zone difference and outsourcing. We always thought to ourselves that we had passed that barrier as none of our projects ever went downhill. We always delivered and communicated on a daily basis with most of our customers.
Hence we decided to move to Canada. However, our team was confused. Why are we spending more money in Canada while we have not yet paid the salaries for the team? Valid question, but we were in a catch 22. We took up a team meeting, called in a renowned strategist and decided as a company that it is the right thing to do.
We also realized that the team we built is an overkill for the projects we had. We have exceptionally talented teams and the projects we got for them were not even close to the challenge they would be excited about.
More so, we landed a few deals to give us some breathing space and a decent runway. So now we are truly rebooting. We have leaned down our costs, moved out of expensive offices into what is needed and focusing on building a strong team to deliver excellence to our customers.
So now, we seek brilliant projects for an ace team we have and will continue to build. We hope Vancouver is where we will find them and we are more than committed to deliver.
This is a long story told in short. If you would have been here, you would have sensed the insecurity that people worked under and yet performed and never backed out from their responsibilities.
Idyllic is more than lucky to have such a team in place and we are committed to coming back strong again!
Thank you, team. Greetings Vancouver. Hope you have the right things in store for us.