Kinnevik
the leading solution for businesses to book corporate travel fair value stake how does a travel management company not just survive but thrive in a global pandemic we spoke to founder and of about how he steered through the covid crisis what was your first reaction when covid hit the world in march of in march we were growing year on year three weeks later we had a negative revenue day negative revenue we needed to return more money than what we had col that day overnight we had to acknow ledge that our world had changed completely we went to war mode the leadership team and i met on a sun day afternoon and simply deleted the with our yearly goals we stood up by the and wrote down three new priorities survive emerge strong and turn lemons into lemonade tell us how you made sure the company survived the crisis we needed to make sure we had enough cash to outlive the crisis all replaceable or luxury expenses were immediately cut to zero rent fruits coffee we needed to be brutal and get rid of everything that we could buy or rent again in the future the one thing that we cut was it took a lot of effort to build our ama zing team and i going to let it all go to waste people are not interchangeable each of us is unique so we fought hard to save every job we could and avoided layoffs we had sales representatives and travel agents who had no work to do as no one was traveling in we did a very aggressive performance review across the organization covering all roles which enabled us to cut costs while keeping the best people even in roles that had no work to do at the time as a side effect is that my team now knows that i did everything in my power to keep their jobs and that our values are not mere virtue we stick to them even when things get tough imagine how much we are as a team now because of this in addition to cutting costs by over percent we also raised a convertible note from existing investors i negotiate the terms too hard we needed cash and i going to be short sighted and fight for paper valuation at the expense of cash in the bank two years on we now know that not only survived but emerged strong how did you do it we always knew that the meetings that mat happen in person and that people will go back to wanting to connect in real life so we decided to not stop selling but kept adding customers as fast as we could even though no one was traveling we set up their accounts did and crossed our fingers that one day they would use the product i used to tell my team that we like a real estate company buying buildings to rent in the future we know that tenants will want to live there but right now we can rent the assets future revenue was our north star metric we called it travel budget under management in addition to adding customers we also used the time to double down on our pro duct we hired more people in product and engineering and increased our product velo city quiet times have their advantages and we used it to build for the future as a result of our resolve to emerge strong from the crisis we have tripled our margins kept building a great product added more customers than ever and increased future revenue finally how did you manage to turn lemons into lemonade crisis means opportunity once we had we would survive and emerge strong we lifted our eyes from the immediate and looked for these strategic and rare ties that the crisis enabled for us firstly crisis means lower valuations and we acquired four great companies at a discount during this period secondly traveling during covid was really complicated with all local rules and so we built a travel restrictions and sold to third parties thirdly as we saw remote work and increasingly international team as a trend that was likely to last beyond the pandemic we built an planning tool to enable people to meet in person a few times per year so where is today i fortunate enough to have a great team and fantastic investors that supported us throughout the crisis today our revenue is compared to before the pandemic our margins are the team is than ever and the product is in a category of its own ona | Kinnevik
Company
Deck Type
Sector
Industry
Deck date
July 2022
Slide
15 of 46
Related slides by other companies
Snowflake
Results
March 2023
definitions | Snowflake
Asos
Results
October 2020
fashion with integrity | Asos
Snowflake
Results
November 2022
definitions | Snowflake
Snowflake
Results
September 2022
definitions | Snowflake
Other recent decks by Kinnevik
See all presentations (24 decks)
Results
July 2023
Results
July 2023
Results
April 2023
Results
April 2023
Search Thousands of Presentations by World Leading Companies
Trending:
Addressable Market
Ecosystem
Beauty Market
WACC
NFT
Management Team
Investment Highlights

Stay in the loop

Join our mailing list to stay in the loop with updates and newest feature releases

Presentations

Start Up
IPO
SPAC
M&A
Investor Day
Results
ESG
Credit
Investment Banking

Explore

Presentation Collections
Slide Collections

Company

Blog
Contact us
© 2021-2023 Slidebook.io