SwagUp Team Coronavirus Update

What follows is an internal note we sent the SwagUp team on 3/12 regarding COVID-19

Hey Team,

As you are all aware, the Coronavirus (COVID-19) is top of mind for everyone at the moment…the media, our customers, suppliers, our team etc. So I thought it would make sense to address it head on and how it relates to our business.

There’s no telling just how long this will last. If early signs from abroad are any indication of what we will see here, I’d anticipate for the situation to get progressively worse over the next few weeks before stabilizing 4–8 weeks out. However, I’m no doctor and we should be prepared to handle all of the different potential situations that could arise.

As a first step, we have shifted to having all non-fulfillment staff work from home as of tomorrow. The fulfillment team will be operating as normal ensuring that our customers do not face any disruptions in service when working with us. We’re super appreciative of all of the work the fulfillment team does, especially in this moment. As leaders, we will be with you at HQ side by side!

Looking forward, predicting the economic impact of this virus is challenging. There will be obvious difficulties such as holding events, in person meetings, and traveling, which will have their ripple effects. More broadly, general uncertainty will have people and businesses hesitant to make any sort of moves, until they get a better sense of what might transpire, putting decision making in a holding pattern. Given that, I wouldn’t be surprised to see general business activity drop 20–50% over the next month or two.

Early signs for SwagUp are promising. Although some revenue has been lost to cancelled events or reprioritization of projects, leads remain strong with over XX today alone, while approaching $XXXk in sales for the month, less than half way through. Luckily we have a lead surplus issue, so decreased activity could mean we have more time to focus on what’s most important. With that said, we are not making any adjustments to the 2020 Operating Plan at this time.

That’s not to say things might not get more challenging!

In situations like these, all we can do is make the most of the things that we can control, such as:

1. Work hard to fill in the gaps created by weakened demand

2. Make sure our existing clients are happy, get on video calls with them to check in…but also give them space

3. Make the most of every opportunity that comes our way

4. Stay positive and be a source of strength for those around you, including clients

5. Creatively adapt and come up with new strategies to win

6. Continue building a world class product/platform

Practically speaking, we will likely hold out on aggressively hiring until we have a more clear idea of what’s to come. Additionally, there may come a time where it makes sense to cut back on unnecessary expenses, if needed. The situation is fluid and we will continue to adapt our approach as things play out.

The underlying fundamentals of the economy are very strong, companies want to continue their momentum of the last 10 years, and we are in a good position, but we’d be naive not to acknowledge the reality in front of us and must be ready to roll with the punches. We’ll come out on the other side stronger and closer than ever before!

Thank you to everyone in the SwagUp family for being a part of this journey, time to roll up our sleeves and get to work. Let’s do this!

Best,

Michael, Helen, Artem, and Dak