We set an ambitious Monthly Recurring Revenue (MRR) goal of $41,398.78 but concluded the month with an MRR of $36,446.85. Key highlights include the utilization of our first full month of Google Cloud Credits and team adjustments, notably the departure of a developer. Our focus has been on integrating Journey.io, including customer engagement and identifying growth strategies in content, viral marketing, and outbound efforts.
Looking forward to December, our objectives are twofold. First, the potential sale of GrowthBar and Inlytics. Second, advancing Journey.io's market presence. This will involve refining website messaging, developing sales pages, creating micro-content with customers, initiating SEO/content strategies with our content partner, and partnering with companies targeting Founder ICPs for self-service.
Our MRR goal for December 2023 is set at $38,269.19, which includes the revenues from GrowthBar and Inlytics. This month is pivotal as we continue to streamline our operations and expand our market reach, keeping in line with our overarching growth and revenue objectives.
Op Co Vs Hold Co
First a couple definitions:
An operations company (OpCo) is a business entity primarily focused on day-to-day operations, like producing goods or providing services. It's the frontline company that interacts with customers and handles the core business activities.
A holding company (HoldCo), on the other hand, doesn't engage in these activities. Instead, it owns assets, often in the form of shares or interests in other companies (like OpCos). Its primary role is to control these assets, manage investments, and oversee the companies it owns, rather than directly engaging in their operational activities.
XO is an op co. today.
XO in 5 years will be a hold co.
At a certain point, we can only operate so many businesses ourselves. We're already looking to sell Growthbar and Inlytics to focus on Journey more and gear up for another potential acquisition in Q1 2024.
We will likely do another larger acquisition next where we can at least hire a full time growth person that will mostly act as a GM for the business (given we think the business primarily needs a growth person). We will still handle engineering, but support, growth, CS, will be part of this person's role. In the past I've called this a JR CEO role. That's essentially what it is.
2023 was a struggle. We sold WorkClout for a gain but everything else was a slog. Even WorkClout was a slog. In some ways, I don't think we could have gotten here without doing some of the things we did, but in 2024 I'm hoping we can start operating more like a hold co. We will continue operating Journey of course (as well as all the rest) but it's a mindset shift as we continue to acquire new businesses.
Have a great weekend,