Having a balanced cash flow is critical to keeping SMEs healthy and growing smoothly. Konrad Kwiatkowski, Co-Founder and the CMO of Packhelp, shares his story about how Revolut Business helped him to improve cash flow management at Packhelp. With Revolut Business, you can take control of your cash flow and focus on what’s next for your business.
What is Packhelp?
Packhelp is an online marketplace for custom branded packaging. We offer tailored packaging solutions for all types of businesses, ranging from small startups looking for low quantities and fast turnaround, to D2Cs in need of fully customisable packaging, all the way to big companies in search of data-driven supply chains.
Our customers commonly mention how easy it is for them to create stunning packaging in our online editor tool. They’re also really happy to find one place where they can purchase packaging for all their needs. Finally, my personal favorite, they explain how impressed they were by the final outcome of their unboxing experience. We help them to not only create packaging, but also optimize their costs, and after purchasing bespoke packaging they realize the tremendous difference it makes with their own customers.
What are our challenges?
Given that our company has grown from 6 to over 140 employees in the last 3 years, we needed to find ways to be extremely agile in running the business. In addition, it’s safe to say that Packhelp has been a tech-savvy business from the very beginning. The result is that our business operations have performed smoothly and efficiently with the help of modern tech stack. Managing our finances also falls under this umbrella.
Before we switched to Revolut Business, payment flows were always a challenge, as many employees working in distributed teams at Packhelp need access to cash on an everyday basis. For example, senior management and salespeople travel a lot for meetings and events, content managers have outsourcing budgets, and our developers use multiple different SaaS subscriptions. They all need an easy way to manage their budgets. We used to work with traditional banks, which saw our finance team manually make transfers, or share one debit card across the company – it just wasn’t very efficient.
And then we discovered Revolut Business
Many of us at Packhelp had been personal users of Revolut for quite some time. We discovered Revolut Business soon after it launched, and were pretty keen to start using it. Being able to have similar flexibilities to the retail experience while at work was something we could not let pass by.
Today, we use Revolut Business to manage all our corporate cards and outgoing payments. Our Finance and Accounting teams benefit from great reporting and quick access to real-time data from the Revolut account. Managers can easily supervise corporate spending, and limit or block cards in seconds. We have amazing clarity as to where we spend and invest our funds, which is crucial.
Our employees that have budget spends get their own personal virtual or physical cards and use them according to their needs. They don’t need access to the main account and don’t have to involve our finance department in the process.
We really enjoy that Revolut has a simple yet intuitive app that makes the entire user experience seamless and enjoyable. It’s a fantastic refresher from traditional banking systems with complicated procedures.
We’re currently at the enterprise plan and also considering adding Revolut Business at the checkout in our online editor to accept payments from other Revolut users.
Thanks to Revolut Business, our payment flows are more transparent and independent. We’ve saved the finance team a lot of time as they’re no longer involved with small recurring bills.
If I could go back to when we first started out…
With so many things that happened in the last 3 years, I have learned so much. If I could go back and give myself some advice it would be the following:
- Learn the best ways to stay focused, time is of the essence.
- Start learning how to manage a team early on. Growth can happen fast and when you least expect it.
- Prioritise your projects. Early on you might be tempted to jump in and do it all, but you need to prioritise. Evaluate time and available resources, plan what projects can be done and which ones will have the most impact.
- Data, data and more data. Look into your data as much as possible. You will find so many hidden answers there.
Several rituals and habits I can recommend to stay on top of your game:
Over the last 3 years I’ve learned that time is my most precious resource and it needs to be managed accordingly. Some habits that help me are:
- Try “block-planning” your days. This will help you divide up your day. For example, blocking out your mornings for meetings, 2 hours for emails, and then have your afternoons free for your own quiet work and be able to fully focus.
- Staying in shape. This is a big one. I try to exercise 3 times a week without excuses. It helps me keep my mind sharp.
- Stay hydrated and drink tons of water. Your body and brain will appreciate it. Also, with spending long hours at your desk you must get a great chair. Oh, and don’t forget to take breaks!
- Set daily goals for yourself. It’ll help keep you motivated.
- Find the right productivity tools for you. I enjoy Todoist for smaller planning and Asana for bigger projects. They can also be synced to your devices so you can access them anywhere.
- Create a routine that works for you and stick to it. Having this normality will keep you in check and put your energy into the most important things. For example, switching up your eating schedule will end up affecting others habits, and therefore your entire concentration pattern.
Would I describe us as a small business?
This depends a lot on how you define a small business. Packhelp already has almost 150 people so I don’t think we’re a small business in this context. Although we implement processes and specific workflows as we grow, we want to stay as flexible as we used to be as a small startup.
Other businesses and brands I look up to
- The North Face: I like how they repositioned their brand in the recent years, and how they managed to expand their target audience by collaborating with brands like Supreme and HYKE.
- Nike: I like that the uniformity and consistency of the brand across all touch points, campaigns, and of course products.
- BMW: In my opinion, they do the best marketing in the automotive industry. The values behind their campaigns, strong communication, value proposition and USPs. They’re innovative, consistent, and bold all at the same time. And I love their new logo, it was a very good move.
- Apple: It’s one of the most valuable brands in the world. Apple manages to attract new customer groups and keeps them loyal with how they have differentiated themselves in the market. They’re also very innovative - stores, top notch product packaging, great buzz marketing campaigns.
- Spotify: Found the perfect sweet spot and positioned themselves with an amazing target market. Plus, they have very nice branding across their touch points and manage developed data-driven campaigns really well.