CrewPay Whatupdate No. 20
Hello, crew.
two by 200 Update
(200 active contractors + releasing 1099 services and QBO integration by 12.31 )
- 61 active: 30% of goal
- 1099: in development
- QBO: in development
Team Accomplishments & News
- Not this week
Product Accomplishments & News
- Product Update: https://docs.google.com/presentation/d/1qowqpqHpvcogkbB7e9x0qSYGc-zhqE3fXmO40Y5AUT4/edit?usp=sharing
Sales, Marketing & Customer Success Accomplishments & News
- Sales outreach
- Fundraising discussions
- Marketing website revisions
- Digital advertising planning
Revenue & New Clients
- 22 transactions last week (356 YTD)
- $48,938 sent last week ( $1M YTD)
- 0 new companies, 0 new contractors
- 11 companies, 8 active in the last month
- 79 contractors, 61 active in the last month
-
Totals:
- MRR: $305*
- ARR: $3,660*
- MRPC: $37.5*
*billing to all starts in October
- MRR: $305*
Closing Thoughts
Last week I spent some valuable time with Troy, one of our investors.
We talked about the amount of money to raise. If we went all out on what we’d like to do over the next 12-18 months, we’d need to raise close to $400k. This number enables us to reach a cashflow positive state in less than two years, assuming a 33% month-over-month growth rate.
While these numbers aren’t outrageous, they are aggressive. Moreover, with our current valuation, we’d be diluting heavily.
So, we started talking about modifying our ask to a smaller amount. We want the number to be enough to get us through the next six months to test our “selling season” assumption but not too much. If validated and something we can capitalize on, we’ll be able to create a success story and generate a lot of momentum. This will make the next selling season easier to capitalize on. If we know we can acquire customers at $X and the LTV is $7+X, then we can go into next November from a position of strength.
I like the idea of right-sizing our fundraising in order to scale up. Let’s build upon wins not guesses.
Speaking of wins! Not sure if you noticed but last week we crossed $1,000,000 in payments sent. Congrats team!
Have a great week.
Ever,
David