Boards stop caring about “efficiency culture” when cash tightens. They ask which numbers still work if growth slows 20%. We keep a short list we will defend in that room—nothing that requires a footnote the CFO has not read aloud.
What stays on the slide
- Gross margin after direct support and infra allocated honestly.
- Net new ARR per euro of sales spend with a three-month lag, not same-month vanity.
- DSO and concentration: top ten customers as a percent of receivables.
What we cut from the deck
Vanity “logo walls” without contract value. Engagement metrics that do not tie to renewal probability. CAC built on blended spend that hides a broken channel.
Where this breaks down
When customer success is “free” in the model but payroll is real. When churn is reported quarterly but decisions are monthly.
Our read
Downturn metrics are boring on purpose. We would rather show an ugly honest bridge than a beautiful lie that dies in diligence.