CrewPay Whatupdate No. 12
Hello, crew.
Focus on the road, not the wall. Ben Horowitz, The Hard Thing About Hard Things
Team Accomplishments & News
- BAU
Product Accomplishments & News
- We have several key features in development and limited runway and will be executing a plan within next 2 weeks.
Sales, Marketing & Customer Success Accomplishments & News
- We had what seems like 4 new companies sign up, invite contractors and process a few payments, late last week.
Revenue & New Clients
- 8 transactions last week (232 YTD)
- $20,802 sent last week ( $644k YTD)
- 5 new companies, 8 new contractors added
- 12 companies, 11 active in the last month
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70 contractors, 39 active in the last month
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Totals:
- MRR: $190*
- ARR: $2,280*
- MRPC: $17.27*
*not charging right now but estimated if we were
- MRR: $190*
Closing Thoughts
Last week we had our monthly meeting with Lou Anne and Troy from First Launch Capital. It went well. One of the things we discussed, and they encouraged our team to think about, is what resource position we want (CrewPay) to be in by late fall, when businesses are starting to think about 1099 contractors, W9s etc.
After the meeting, I immediately thought about a Q&A session I attended back in 2011. The speaker was the founder of an NC funded startup that had just hit a big milestone in their business. He was asked what he’d do with $50k, $500k and $5 million.
His answer was less important than the exercise. The question is about capital allocation. Where do we deploy resources (monetary, human, etc.)? Which areas will have the highest business impact for the highest priority objectives?
Answers to these questions are what I’m thinking about as we burn the trail toward fall.
Ever,
David
P.S. Oh, you want to know what the answers were?
He said it depends on the stage of the business. When they took a seed round of funds, they raised around $100k. It all went towards product development. With that money, they built the first version of the product and acquired initial customers. These initial customers allowed them to focus on what the product needed to be for its ideal customers.
With their angel round of $250k, they invested mainly in marketing and some product enhancements (optimization and experience).
With the $2 million series A and known growth strategy, they invested the majority in sales and growth, with a some going towards new product development.