Bank Failures Hit b2b2dot0

Written June 4th, 2009 by
Categories: CEO's Blog
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I received a surrealistic email last week from the President of Advanta, b2b2dot0’s Corporate credit card provider.  He basically said his bank was going out of business in FOUR days and he was sorry for any inconvenience this would cause our company!

Sorry!  Inconvenience!  Four Days!  Holy Moly!
Advanta_letter
Not only were we going to lose our $50K revolving credit line (which comes in handy from a cash flow perspective), but since we’re big believers in the SaaS business model, many of our operations could be interrupted if we didn’t act fast.

My friends at Advanta had now set my agenda for the next couple of days.  I had to develop and execute a “What do you do when your bank goes out of business” continuity plan…in real time.  But we’re Agile here at b2b2dot0. We love a good challenge 🙂

Thanks to the internet, getting a new credit card isn’t all that hard (maybe that’s part of the problem here??).  Then again, that’s what I said several months back when I got the Advanta card.  This time around I decided I would go with a brand name bank that would have no chance of ever going bankrupt…like CitiBank?

Twenty Four hours later my application was approved and a much reduced credit line reestablished (but that’s a whole other story).  Now remaining  was the small task of updating each and every one of my SaaS providers with this new credit card information.

Sometimes even small tasks require a bit of decision making.

I could have deferred this last task until it became relevant…i.e., when each of my online service provider’s payments came due and my Advanta card would be rejected.  Or, I could invest another hour in the project and be a little proactive by navigating to each of 6 or 7 websites and remove the task from my ever growing backlog of tasks.  I chose the latter since I really wanted closure on this issue.

Just when I thought I was done, a new requirement surfaced, I needed to set up this new credit card as an account in Quickbooks and establish the electronic connection between the two websites.  Easy enough.  All in a day’s work.

I quietly thanked Mr. Moore for the excitement that he brought to my life and was happy to move on.

Until a couple of days later I stumble across this headline:

“Dow Jones Boots GM, Citibank”

 

Deja vu all over again????

Sam