Binbox
OVERVIEW:
Binbox, headquartered in metro DC, is the leading provider of IOT-enabled smart-locker solutions for venues – stadiums, arenas, commercial office spaces, schools, restaurants and convention centers. With only the touch of a phone, sports fans, concert goers, employees, students and convention attendees use Binbox for safe and contactless storage to “store their stuff.”
After experiencing hyper growth followed by a near shutdown triggered by the pandemic and then a sudden re-opening, Daniel Flynn, cofounder and CEO, called TechCXO in need of a Chief Operating Officer to bring order to chaos.
THE CHALLENGE
- Exponential growth, 30x increase in QOQ revenue
- People, processes and systems struggled to keep up
- Internal company friction was at an all time high
- Competing to become the market leader in contemporary storage
- Customer experience needed to be made better
- Hit hard by the COVID19 pandemic lockdown; focused on survival
- Customers closing ceased operations, revenue stalled, cash crunch
- Sudden re-openings brought new pressures to replenish inventory and re-staff
- In need of experienced, hands-on leadership to re-organize and lead staff, steady operations, plan and execute on growth revitalization
TECHCXO ENGAGEMENT ON-DEMAND, FRACTIONAL COO:
- Steve Subar, Partner, Executive Operations, retained as fractional COO, to stabilize field operations, create hardware and software products roadmap, mature software engineering process, oversee sales, improve customer support, build a long-term business model and drive process improvement
- Provided on-demand services with real-time results
- Applied a high degree of professionalism in a high-stress, emotionally-charged environment
- Built upon and improved a business model to turn around the company while putting in place a 5-year plan to achieve stakeholders’ objectives
RESULTS
Steve had an immediate impact retooling and optimizing Binbox processes. He formulated an overall plan encompassing each functional department and organized staff to execute on their specific objectives. Steve quickly identified the root cause of critical problems, re-organized managers to focus on their specific responsibilities, fostered effective and healthy communication, applied the right amount of pressure at the right time, and led the team to resolve key issues. Ultimately, Steve enabled the company to successfully operate through this very challenging time while building the foundation to sustain operations and accelerate profitable growth.
“TechCXO delivers immediate, meaningful impact; it’s an impact driven return on investment and result.”
Daniel Flynn, CEO
Binbox
