When a small business loses its biggest client, this usually leads to the downfall of the company and ends in closing their doors. But one man refused to give up and became one of the best success stories we here at The Failure Blog have read yet!
Back in 2008, Matthew Kaseeska’s technology outsourcing company was booming. Their annual revenue was around $1.3 million and had 15 employees. Things were good. Until the rug was pulled out from under their feet. Their largest client, which was about 20% of their total revenue, decided to change leadership and left Kaseeska floundering. His own personal finances immediately started to suffer. But instead of closing their doors or cutting salaries, he cut his own pay by 20%. After laying off 3 employees and hiring a new sales manager, he hoped new business would come their way.
Instead, Kaseeska reported a monthly loss of $80,000 and went through $200,000 in reserves to pay his employees. He decided he needed help. Kaseeska enrolled in Entrepreneur Organization’s Entrepreneurial Masters Program which provided him with his moment of clarity. After the economic downturn, he realized he needed a different approach. Everyone was looking to save money. He did an overhaul of his fee’s and retooled his marketing efforts. Now, the company is booming again, better than before. He needed this failure to find success!