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I also spend time in the morning reading. The more data you gather, the more likely you'll be successful in the long term. Every Monday, I have a 10 a. We go through key metrics and talk about longer-term projects, like Room Service, a new product that involves partnering with local restaurants to have a fine-dining experience delivered to your door.
These meetings help catch me up on what's happening in the company and help me prioritize my week. I also hold a biweekly meeting with our competitive-intelligence team, which is made up of about eight people. Their job is to research the competition—who else does what we are doing?
Are they doing things differently? It's important to know what the landscape looks like so we can fill in any gaps and improve our products. I'm very involved in how the product works. For instance, we just launched a product in D.
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We partnered with more than 70 restaurants and imported their menus into our system. Now members can order takeout and delivery through us.
It was a concept I really believed in, so I sat in meetings three times a week for months with various teams to help figure out what to build, how it would work, and how we would promote it.
So far, it has been really successful. We are planning to expand it to other metro areas. And I've been using it to order my lunch. I'm constantly looking for patterns in the numbers. Basically, we bus people to a shooting range and serve them whiskey afterward.
I'll send an e-mail to the head of sales to find out how we approached the merchant and put the package together, so we can try to replicate it in other markets.
I carry a little leather Moleskine notebook with me everywhere. It's filled with lists, like numbers I want to discuss, agenda items for staff meetings, or the biggest threats to our business. If I have an idea, it goes in there.
I often flip through my book at night. If there's a good idea, I will type it up and send an e-mail. I go through one notebook every month, sometimes more. I meet biweekly with my chief of staff, Michelle Morris. She helps me figure out if we can build scalable business models around the ideas I'm interested in pursuing.
We have an internal research team that does surveys and focus groups, and a team that pulls together all the pertinent financial variables.
So we can figure out how successful a product, like Room Service, might be. If we can get x number of restaurants to sign up and drive y number of orders per day, and the average order size is going to be z, then we can figure out if it's a business worth pursuing. We started with 30 employees, inand now we have about 5, As we have grown, we have had to become systematic about hiring.
We didn't have a true onboarding process three years ago. Now, new hires are flown to D. We have a lot more of those types of tools than we did several years ago, which makes it a lot easier to deal with the scale of our growth.
Preserving our company's culture is incredibly important to me. When we started growing so fast, we realized we needed to be proactive. About two years ago, we got a group of people together who had been with the company for at least a year and asked, "What makes this place tick? It's something we say all the time. I truly believe that if you're not nervous about one or two decisions every day, you probably aren't trying hard enough.
We have acquired 11 companies since we started, eight of them in That has kept me very busy.Do It In DC Speed Dating
Basically, I'm interested in acquiring companies when it's easier to buy than to build. Before we make any moves, we rigorously examine each company, including the leadership team, the financials, and the company culture. I'm as interested in the office vibe as I am in its output. For instance, I really liked the vibe at Ticket Monster, a Korean company we acquired last year.
Their offices looked like ours. If we swapped LivingSocial employees with Ticket Monster employees, no one would notice a difference. After each acquisition, we fly a few members of our HR and business development teams to the location to do on-site training on our company values, benefits, and history.
Now, more than half of our employees are outside the U. I'm usually gone for one week a month. I also do a day trip or an overnight trip once a week, most often to New York City, San Francisco, or Seattle, where we have offices as well as partners and investors. Since we have grown, I've tried various things to stay connected to employees. I used to do a weekly lunch with new hires.
Then I tried flash cards to remember names. I even put an ice cream freezer in my office and invited everyone to stop by. But I've come to realize that it's impossible to spend quality time with every person at LivingSocial. Instead, I look for ways to make sure that my view and values permeate the culture.
One thing I try to do is spend time with each of my direct reports and each of their direct reports, even if it's only 15 minutes a month. I can have meaningful conversations with 80 people. I don't always hit everybody every month, but I strive to. I'm also a big fan of shadowing. I go and sit with one of our consumer advocates once a month for 30 to 60 minutes and take calls from our members.
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