Table of Contents

💸Financials

<aside> 💡 High-level financial performance of the IDT asset. Track this on a monthly basis to ensure we are consistently hitting profitability

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High-level Financial (P&L and BS) - Link here

• Net Volume - $4,588 for Apr 2022 ($3,759 in Mar, 2022)
  • COGS (Software & Apps, no labor or loans) - -$698.41
• Gross Profit (%) - 85%
• OPEX (all expenses including loans) - -$8,643.73
  • Contractors - -$4,800.00
  • COGS - -$698.41
  • Loans - -$3,145.32
• Marketing - $0
• Net Income - -$4,055
• $ in bank - $18,912.35
• Zero Cash Date - 4.6 mos

🪖Strategy

<aside> 💡 The what and why of the direction of where our company and product is currently and where it should be going

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As mentioned, we have to figure out strategically what we want to do with IDT and potential avenues moving forward. Based on our call here are the options, these may happen in parallel and they aren’t mutually exclusive:

Option 1 - Optimize free to paid conversion

Background

• Currently, we haven’t done a deep dive on qual and quant data gathering (ie: interview enough customers and set-up product analytics) to understand core value-prop, dropoffs, come up with hypothesis, and define roadmap
• As an example, perhaps free trail users who create 3 tasks in 1 day are x% likely to convert to paid plan. If that is the case, we should optimize product (notifications), marketing (reminder emails), etc... to push people to create 3 tasks in 1 day
• I think there are a low-hanging fruit here that won’t require a ton of resources on our end to develop, test, and iterate to increase conversion and ultimately revenue

Next Steps

• Set-up Amplitude to track user behavior in-app so we can drill down to specific net new users who convert.
• Once we know who is converting, cold email them to interview them for a discount or month free.

Option 2 - Focus dev work on reporting

Background

• Based on some initial discussion with our customers from @Will Cheung and I, we noticed that the end-user (although aren’t super happy with the product) are locked in due to 2 things:
  • 1. All their workflow and data are locked in
  • 2. The decision maker (CEO, Owner, Manager) wants to keep using the platform