Independence and tenure as an advantage

Up: § 2023 Shareholder Letter Index

We’ve long been focused on remaining independent as a company. This has brought a variety of advantages, one of which is simply the fact that we’re still existing and thriving in a space that has had many products come and go. Not only that, we have remained true to our customer segment where in general the longer term competitors have gone up-market and left them behind. With that said, we haven’t leaned as much into our uniqueness and independence as a competitive advantage as we can. We have some opportunities to ensure that our independence truly acts as a benefit for us in the way we operate.

Throughout 2023 we did a much better job of being bolder about our independence and market position. Our Keeping Buffer Free campaign early in the year was highly successful, and was one of our more punchy messages we’ve shared. And my celebration and reflections in November on 13 years since starting the company were very well received.

Our independence also enables us to move faster at scale than our competitors. We don't have a complicated board approval process to make changes, and we are able to take actions that those controlled by investors simply cannot. In 2023 we leaned into reducing overhead and bringing focus to what really matters, for example in our planning processes. We've dug in and acted more quickly when it's been clear that something isn't working or something could improve. And we've taken more opportunities to rethink and rebuild things from the ground up such as what we did with the new Salary System.

We’re fortunate to have a team who feel a sense of purpose in what we’re building, and who choose to stay and grow with Buffer over the long-term. We are very selective about who we bring on board, and in many cases we find folks who are choosing to apply to Buffer and nowhere else. The strength of mission and cultural alignment is represented in the tenure of our team as of the end of 2023:

• Average tenure: 5 years 2 months
• On the team more than 5 years: 49.4% (39 teammates of 79)
• On the team more than 7 years: 40.5% (32 teammates of 79)
• On the team more than 10 years: 6.3% (5 teammates of 79)

We’re privileged to have the benefit of a long tenured team, who not only have the historical context and ingrained DNA of Buffer over the course of many years, but who have grown personally as we have leveled up as a company. We will continue to invest in the culture and our uniqueness to ensure we attract folks who are finding their new long-term home rather than a stepping stone.