CFO THOUGHT LEADER

602: A Creative Agency Weathers the COVID Storm |Peter Mair, CFO, CMD Agency


Listen Later

Mair: It was  probably in the first week of March, we had to close our Seattle office and have people work remotely. And it was about the second week in March that we did the same for our Portland office. We have the good fortune of having had a lot of experience working remotely as an agency. A lot of people have flexible schedules, a lot of the work we do is digital. But (COVID) is impacting us. It's still unclear as to what the second quarter's revenue is going to look like, but we're projecting it it'll be down probably by 25% at least. We know from a couple of large events that our clients we're sponsoring have been canceled, so that has a direct impact on some of the projects we were doing. But we also see there are some opportunities for us to use our services, to help in this sort of environment and get the messaging out in paid and social media, in ways that don't require a physical conference or event.

So it's going to be interesting. We were... I got to say this in the nicest way, we strive to not have to close the business or seriously cut back staff. We had a relatively small riff of about 5% of the population last month and we imposed a salary reduction, sort of a tiered salary deduction, depending on how much your annual salary was, to avoid a more broad riff, if you will. And we have recently applied for relief through one of the Cares Act programs, the payroll protection program to be specific. But it's going to be largely based on how much revenue we continue to generate while we're in this sort of remote environment.

...more
View all episodesView all episodes
Download on the App Store

CFO THOUGHT LEADERBy The Future of Finance is Listening

  • 4.5
  • 4.5
  • 4.5
  • 4.5
  • 4.5

4.5

122 ratings


More shows like CFO THOUGHT LEADER

View all
The Official SaaStr Podcast: SaaS | Founders | Investors by SaaStr

The Official SaaStr Podcast: SaaS | Founders | Investors

171 Listeners

Masters in Business by Bloomberg

Masters in Business

2,168 Listeners

The McKinsey Podcast by McKinsey & Company

The McKinsey Podcast

391 Listeners

PwC's accounting podcast by PwC

PwC's accounting podcast

178 Listeners

Coaching for Leaders by Dave Stachowiak

Coaching for Leaders

1,473 Listeners

Accounting Best Practices with Steve Bragg by Steve Bragg

Accounting Best Practices with Steve Bragg

261 Listeners

a16z Podcast by Andreessen Horowitz

a16z Podcast

1,101 Listeners

HBR IdeaCast by Harvard Business Review

HBR IdeaCast

178 Listeners

The Accounting Podcast by Blake Oliver & David Leary

The Accounting Podcast

336 Listeners

Inside the Strategy Room by McKinsey & Company

Inside the Strategy Room

169 Listeners

All-In with Chamath, Jason, Sacks & Friedberg by All-In Podcast, LLC

All-In with Chamath, Jason, Sacks & Friedberg

9,897 Listeners

CFO Weekly by Personiv

CFO Weekly

43 Listeners

Business Breakdowns by Colossus | Investing & Business Podcasts

Business Breakdowns

352 Listeners

Planning Aces by Brett Knowles & Jack Sweeney

Planning Aces

1 Listeners

HBR On Strategy by Harvard Business Review

HBR On Strategy

75 Listeners

HBR On Leadership by Harvard Business Review

HBR On Leadership

162 Listeners