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CoverStory
critical to the success of the enterprise, it was against
our instinct to turn away any opportunities that came
across our desk. We knew we had to establish clear
goals and primary objectives and place opportunities
that did not align with those goals on the backburner
in order to maintain focus on our specific target. Once
we established those parameters, it became easy to
prioritize the opportunities that yielded the highest
return and positioned us for the greatest long-term
success.
Another challenge we had was redefining how we en-
gaged with our employees in a remote work environ-
ment. While we experienced minimal disruption mov-
ing our employees to a work-from-home environment
from a technology standpoint (all of our systems were
already in the cloud and our employees were already
accustomed to working with them), we experienced
new challenges such as training new employees and
managing new projects that in the past were conducted
in person.
To adapt to the new environment, we simplified our
processes and implemented an operating system that
gave our staff tools and protocols that systematically
improved communication and collaboration company-
wide. Doing so established the operational backbone
that has streamlined and improved everything from
new employee training to interdepartmental project
management and product development. Our team has Mark Dunn
more face time with their colleagues now than they did
before which has encouraged interactive dialogue that
promotes collaboration, accountability, quick resolu-
tion to problems, and a greater sense of teamwork.
2. We would have been more deliberate about our
allocation of the Paycheck Protection Program funds if
we knew we had more than an eight-week forgiveness
period. At that time, when we received the PPP money,
the direction from the government was that, among
other things, the funds would need to be spent during
an eight-week period for them to be forgiven.
As a startup, we benefited from the funds but did not
want to add debt service to our expenses, so we made
quick decisions in order to get the biggest bang for
our buck. Halfway through the eight-week period, we
received new guidance that we would be able to spend
the money over a 24-week period, but our plan was
already in motion. Had we known that we had a longer
forgiveness period, we would have planned out our
spend over a longer period, and it would have saved
our resources and reduced organizational stress.
3. We experienced rapid growth amid the pandemic and
have spent the last six months preparing for continued
scale by reinforcing our infrastructure and building
a scalable framework for our entire organization.
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Not only have we re-engineered key aspects of our
technology to make them faster, more reliable and
easier to use, but we have taken the same approach to
onboarding new partners, adding new integrations and
even digitizing the merchant onboarding experience.
By simplifying our systems and processes, we created
the frameworks to rapidly onboard and deploy custom
solutions to ISOs and ISVs in 2021.
4. I believe that we will see historic highs for merchant
attrition and margin compression in 2020, as businesses
have scrambled to find ways to reduce expenses and
maintain continuity. Now more than ever, in the
absence of value, small business owners view payment
processing as a commodity, and their loyalty is only to
the provider that can provide the lowest price. As such,
there will be continued consolidation among processors
and super-ISOs as they look for ways to bolster EBITDA
to increase enterprise valuations.
In order to stay competitive and profitable during this
paradigm shift, my advice to payment professionals
is to look toward integrated solutions that add value
beyond the transaction. By doing so, they will create a
stronger relationship with both merchants and vendors,
which increases value, reduces attrition and gives you
the competitive edge to win more business faster.
Field Guide Enterprises
1. When mid-March caught me by surprise like
everyone else, I thought, oh boy, what's this going to do
to the business? The shutdown didn't look like it was
going to help a small consulting/coaching practice. But I
couldn't have been more wrong. It turns out that a major
disruption like the pandemic causes businesspeople to
re-evaluate their direction and think about new plans.
After a couple of months of reaction time, many people
in our industry started mapping out a new direction.
And they started reaching out to get an outside opinion.
As a result, I picked up a number of new clients and
my business is good. Plus, I added a new consulting
partner, Juan Ortiz, who brings a wealth of experience
in building sales organizations and agent networks. At
this time I have an awful lot to be thankful for.
2. I wouldn't have worried so much. I lost a lot of
sleep with my mind turning over what might happen
next. That time was wasted. A crisis really is a big
opportunity when viewed from another perspective.
3. First, get the vaccine when it's available. Second, get
back to visiting clients and working face to face. But
the Zoom calls are here to stay. Being able to see the
person you're talking to adds another dimension. I
foresee almost all calls being either Zoom or Facetime.