Business update - December '20

Business update - December '20

Got our first paid churn, ouch!

tl;dr

Nov + Dec were slow months for us. We averaged ~ 10 work hours / week. Not for lack of motivation, just figuring a balance between lifestyle, ambition and sustainability.

Also, after 6 months, finally got our first paid churn. And that too 3 accounts together! :(

  • VP of Product at large ed-tech company --> leaving the company
  • CEO at 500 employee startup --> unknown, WIP figuring the reason
  • CEO at software agency --> company doing lay offs

KPIs

  • MRR --> $543 (+ $26)
  • Active teams --> 38 (- 12) (loads of trials expired after PH launch)
  • Active users --> 617 (- 112)
  • Free 30 day trial to paid conversion % --> 6.1%
  • Churned paying teams --> 3 (+3)
  • NPS --> n/a
  • Runway before we need to hit ramen profitability - April 2021 (+0)

Biggest wins

None really that I can be proud of. Maybe just a little more confidence in ourselves as a founder. We are very happy with the slow, sustainable approach that we have taken.

What’s not working well

  • How to make more $ per employee from current customers
  • Finding time + right strategy to become something more than a cute Slack app

Plans for next month

  • Give managers ability to view past reports on browser
  • Give employees ability to answer checkins on browser

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Flat revenue growth; almost the same MRR as last month

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Our first month of gross MRR decrease

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Business update - January '21

We are ramen profitable now!

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