In early March, I was in California, visiting the campuses of some of the US’ best universities: Stanford, USC, UCLA and UC Berkeley. My team and I were marketing iXperience’s study abroad and internship programmes. The year was going well: we were on track to host 400 or more students in five locations around the world. Our product and entire brand revolved around the transformative power of travel, experiencing new cultures, and stepping out of your comfort zone.
A week later, I was back in South Africa, disconnected from my team, scared for my parents, and confined to my home. We had to close our global campuses and refund around 50% of our students. Our projected 2020 revenue was exactly $0, and we were quickly running out of cash.
It would be a lie to say that we acted with certainty and confidence: what happened after was based on a lot of discussion, debate, and intuition. The principles that our team stuck to, however, allowed us to not only survive, but thrive. We acquired more customers than we previously projected and we are on track to grow.
There will hopefully be very few crises like this one in our lifetime. My intention in this article is to share some of the strategies and habits that we built that I believe helped stabilise our business and put us in a strong position for the future.
Our approach to transforming and strengthening the business through the crisis:
Face the financial reality without fear
• Dynamic scenario planning
This story is from the {{IssueName}} edition of {{MagazineName}}.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
Already a subscriber ? Sign In
This story is from the {{IssueName}} edition of {{MagazineName}}.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
Already a subscriber? Sign In
61% of South African SMMEs Planning For Growth
Mastercard SME Index
Selecting A Collections Partner
Key considerations and insights...
Recipe For Success
Key ingredients for a successful partnership between e-tailers and their software developers.
Our Success. Your Success.
The need for business training to improve bottom-line results in businesses across the country has never been greater.
How Small Businesses Improve Revenues In Tough Times
While many small businesses were able to adapt to lockdown in the short term, new challenges emerged when it came to returning to physical workplaces. Modern workforces, for example, are fragmented, while exposures, health and safety concerns frequently disrupt operations. How do we cope with these and many other related difficulties?
Making An Impact
Every year in August we take the time to celebrate women and reflect on the tremendous efforts they make to shape our society.
The Hidden Value Of Outsourced IT Resources
The IT needs of today's businesses are constantly evolving, making outsourcing a very attractive option that can offer a number of compelling benefits for businesses, small or large.
Networking At Virtual Events
Just because you can't shake hands and pass around business cards, doesn't mean you can't network at a digital event.
7 Questions To Ask A Prospective Digital Media Partner
If you are looking to outsource your digital marketing function to an agency, here are some question to ask before signing on the dotted line.
Riches And Beyond
Empowering the next generation of entrepreneurs