Business update - Sep '20

Business update - Sep '20

We fell into the trap of perfection vs done

tl;dr

Now at $350 MRR (up from $240 last month). Another slow month for us. I think we fell into the classic trap of trying to be perfect vs launching faster. Our web app launch was delayed by almost a month.

Increased pricing to $28 per manager per month didn't have any negative impact. Free 30 day trial to paid conversion % is holding at 12%+ which is another good sign.

KPIs

  • MRR --> $350$ (+ 110)
  • Active teams --> 31 (+ 7) (5 referrals from current customers, 2 via Twitter)
  • Active users --> 409 (+ 76)
  • Free 30 day trial to paid conversion % --> 12.3%
  • Churned paying teams --> 0
  • NPS --> n/a
  • Runway - March 2021 (- 0)

Biggest wins

  • Launched the new web app. First baby step towards removing dependencies on Slack

What’s not working well

Our web app launch got delayed by almost a month. I think the lack of front-end skills is definitely hurting us. We also wasted 1-2 weeks in trying to polish features which we should not have.

Plans for October

  • Step up content marketing engine again. Write at least one SEO article every week again.
  • Automate the rest of customer support work e.g. custom question and timing requests from customers
  • Shift to Stripe vs Gumroad (finally)

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