The Culture That Helped Build A $1 Billion Company

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Wix CEO Avishai Abrahami reveals the ways that company transparency brought his enterprise to a market cap of $1 billion dollars

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The Culture That Helped Build A $1 Billion Company

  1. 1. DON’T THINK HOW TO BUILD THE BEST COMPANY CULTURE Think about building a system that will work best, for you and your team, and will move the company forward.
  2. 2. THE KEY IS… MOTIVATION In an old Zen parable from 1,000 years ago, an old man walked by a stonemason and asked him what he does. The man replied, “I’m making a brick”. As he walked by another man doing the same thing, this time the mason replied he’s constructing a wall. He then met a third mason, who told him he’s building a temple, a place for people to pray and find hope and for the poor to find nourishment. In other words: your own concept of your craft can drive your work forward.
  3. 3. WORKING FOR THE GREATER CAUSE   Creates motivation, commitment and collective thinking within the team. Helps retain your workers’ commitment in later stages.
  4. 4. CEO GUIDELINES   The company you have is the result of the team you build, not the product. As CEO, your main task is to make sure everybody focuses on the company, instead of their own egos.
  5. 5. HIRE THE SMARTEST PEOPLE A wise person once said, “if you bring a lot of excellent people to work together, you will find that excellent things happen without you having to do anything”    Hire the best and smartest people – you need teams comprised mostly of A+ employees It’s better to hire smart employees with motivation than average employees with experience. This is because: - After a few months, the smart employees will become great, while the average employee will still remain average - A+ players always strive to hire other A+ players. B players always hire employees that are weaker than them “If your organization is growing by 100% each year, employees must improve by 100% each year, just to stay in place” (Janet Holian, VistaPrint)
  6. 6. Ultimately, the team you build is the company you build. “At a startup, you can often be tricked into thinking you’re building a technology company and so you focus a lot on the product. But ultimately, what you’re really building is a team to build the product and then the company”. (Keith Rabois)
  7. 7. DON’T LIMIT YOUR TEAM’S INTELLIGENCE   If you bring intelligent people on board, and don’t give them all the information needed, what did you achieve by that? If you only give them information that you consider to be important, you are aligning the company to your own level of intelligence, which isn’t necessarily the highest one there
  8. 8. If you limit information, you are building a team that is about:  Classes = who knows what  Hiding information = secrets  Information leaks= investigating it is a waste of time and energy, and is detrimental to company morale
  9. 9. When you don’t limit internal sharing of information:  It’s about collaboration  It’s about finding information required to do your job  It’s about an open and honest company
  10. 10. WHY KEEP SECRETS? If you are a web company, the following numbers are very important to you:  Conversion rate from free to paying users  Cost of lead, translating to cost of paying users  Support problems If someone else has this data, in effect they know everything about your business. However, if your company is working well, all employees are constantly working to improve those numbers. This means they must be exposed to those numbers to begin with. Therefore, if the core of your business has to remain exposed to everybody, what else is there to keep secret?
  11. 11. DEALING WITH PROBLEMS    Worst-case scenario - everyone thinks of bumps as someone else's problems. Better scenario - everyone takes responsibility, thinks of it as their own problem, and blocks others from interfering. Best-case scenario - everyone considers it “our problem”, and makes sure it is solved The only thing worse than that is when people who should solve the problem – don’t even know it exists
  12. 12. THE ACTUAL OFFICES    Offices have glass walls . The doors to all the rooms remain open. Always. The office entrance has a display of all the relevant data
  13. 13. SHARING INFORMATION  Each month, we conduct a company meeting in which we present the main and most important things that happened at Wix  We share our problems and our plans with everybody  We also make sure everyone is drunk afterwards ☺
  14. 14. DAPULSE Everybody in Wix can use daPulse, must be on daPulse and has a profile with their photo on daPulse, so they could be easily recognized You can try daPulse for free >>
  15. 15. PROJECT Each team posts a weekly report to daPulse, including marketing and sales, product, customer reviews and more. Everything is available for all to see, learn and consume. A daily operational meeting is uploaded into daPulse after taking place – so everyone can see and be part of what is happening that day. You can try daPulse for free >>
  16. 16. PRODUCT BOARD A central products and projects board is available for all. It includes projects that the entire company is currently working on, their status and whether their delivery is delayed or on time.
  17. 17. PROJECTS COMPLETION Once a project is completed, we load the information onto daPulse. For instance: Template Creation – the designers will load the info onto daPulse; Product – the business results will be loaded onto daPulse You can try daPulse for free >>
  18. 18. HOW DID DAPULSE CHANGE THE WAY WE RUN MEETINGS? Now, meetings are all about what we’re doing next, not what we did.
  19. 19. WHERE TO START? STAGE 1  Choose the most important KPI for your company. Is it conversion? Is it the number of sales?  Make it, and all of its components, visible to everyone  Make sure everyone knows it is the most important KPI for the company
  20. 20. STAGE 2 Make sure all the projects are listed, including dates and stages, so everyone will know what is going on within the company on each level  Sales and Support know if and when there is a change in the product  Everyone can see product designs and comment on them
  21. 21. STAGE 3 Share customers feedback  What is good?  What is bad? How did your product improve someone’s life? Remember the temple from the Zen parable?
  22. 22. STAGE 4   Schedule a monthly meeting in which you share with everyone what took place and what is planned The good the bad and the ugly - include everything
  23. 23. For more information on daPulse, click here To learn more about the Culture of Transparency, click here

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