Why are we trying to win £75K worth of work in 50 days?

To give you some context; we're in week 1 of an unfolding story about how 448 Studio is in the process of winning £75,000 worth of work in 50 days: affectionately referred to as ‘Operation 75 in 50’ ‘75/50’ or ‘Hustle Time’.

Why?

The answer is pretty simple; we need to make £75,000 in 50 days to keep our start-up running.


‘Hang on Dan, didn’t you just receive £100K grant funding from SE? Why do you need £75K? Isn’t that being a bit greedy?’ Yes we did, and we’re over the moon about it, BUT that amount is fully earmarked for R&D of a new hybrid learning tool we’re developing, and it’s also paid in instalments. Get at me if you want to be involved BTW.


So why, REALLY?

To be candid, we had a major setback with our development team (448 Technology) based in Pakistan which has resulted in us closing down the division at the end of the month. This has left us in a precarious position financially (as we bootstrapped the operation) and delayed our Forumm V2 event platform product launch. However, not to sound too negative; we are now using a very experienced full stack developer, and we’re seeing Forumm V2 come to life before our eyes... and should be with your shortly. Ok back to 75/50.


There’s a quote by the former CEO if Intel, Andy Grove, in a book I’ve been reading by John Dorr Measure What Matters, he says:


Bad companies are destroyed by crises; good companies survive them; great companies are improved by them.


We’ll take the last option please.


So how is this going to work?

Our framework for this campaign is based on OKRs which stand for Objectives and Key Results. For the next 50 days… well 42 now; all staff have committed to our company objective which is:


We need £75K in 50 days to keep our start-up running.

Our whole team was asked to write their own Key Results ‘KR’ related to that core Objective in a shared document that everyone now has access to. Once reviewed we asked all staff to print out all OKRs and post them somewhere visible. Here's Murray's take on it (it might be restricted... we thought playing 'eye of the tiger' in the background as we pinned our OKRs up appropriate so just sing that in your head)

And our guys in England taking it VERY seriously.

In addition to our OKRs we have a 15 minute meeting (and I mean really only 15 minutes) every single morning with all 10 members of staff. We start the meeting celebrating any new wins, followed by each team member being asked to answer the following questions.


  1. Name one thing you are doing today to meet the 75 in 50 objective?

  2. How can the team help you?

  3. Name one thing you are personally looking forward to doing today?

A few unexpected results have come out of this daily meeting.

  1. Asking for help - while not always utilised, that question allows everyone to accept they’re not in this by themselves but have the support of the whole team behind them. Many of our team members have had to step out of their comfort zones during 75/50 too, so it’s mega important to show support.

  2. Our meeting strips away anything that’s outside of our 75/50 objective and I’ve seen team members come up with innovative ideas on the spot that could help stimulate revenue. I found this is based on the fact that they have been given the permission to say no to meetings that don’t relate to 75/50, giving them more headspace.

  3. It’s actually fun - no, really - religiously keeping it to 15 minutes and adding in the personal question has really opened the team up a lot, and we’re learning more about each other now than ever before; it sets us all up for the day ahead.

So why am I telling you this?

Lots of ‘why’s’ in this post. One of MY Key Results is to keep everyone on track and accountable, including myself. So this is me holding myself accountable to my professional network, the plan is to write an update each week and post it up on a Thursday.


Here’s our KPI tracker at Week 1

Total Reach outs: 95

Total Reach outs left: 655

Total Business won: £19,600

Total Business left to win: £55,400

Days left: 42


If you want to contribute to operation 75/50 this is what we can offer:

  1. Social and digital media workshops & training

  2. Online event platform - Forumm

  3. Event live streaming / broadcasting

  4. Video editing

  5. Virtual event project management