🥳 Celebrate

In 2022, un co generated roughly $600k in revenue. In 2023, we have generated $1.4m from Jan to August and are on pace to do roughly $3M of sales this year.

With that, we’ve been also been improving ROAS MOM from 1 ROAS in January to 1.4 in August.

In terms of our bottom line (pnl) - we’ve been able to improve our net operating margin significantly over the course of the year, too. This is due to increased marketing efficiency, as well as tight control of expenses.

Q1: -40%

Q2: -26%

Q3: -12%

At our current state, we are losing about 20k a month. We have a clear path - with learned levers - to get to profitability by Q1 ‘24.

There’s certainly a lot to celebrate!

❤️‍🩹 Learn

• We’re currently in a creative lull. We’ll spend a lot of time here today, but ultimately the departure of Jack halted our creative backlog - which in turn - dramatically affected our FB performance. I learned we should have responded to Jack’s success as soon as it happened - getting more creators in the door and trained - rather than waiting for him to leave to decide what to do.

  • Additional learning - finding good creators is hard.

• Carolyn’s tendency to “do the work for someone” rather than delegate and manage effectively prevented the team from being aligned on priorities this month.

  • For the past two weeks, we’ve run our first All Hands meetings. They’re improving every week, have been well received by the team. I think they are pushing people to prioritize / think about company goals more in their work, as well as get more comfortable with numbers (the analytical side of the biz).
  • 📢 Shout out Nak: his time and feedback has been a tremendous help here!

• Inventory

  • Currently out of inventory on Amazon and will be OOI on Shopify tomorrow. Waiting for SFI shipment (hopefully last time this happens in near future…)

• Team → we’ll get into team roles in each OKR (and talk individually about Abby, Jane, Micole), but for now:

  • Major issue is timing of all my teammates. It’s hard to work when timing is so siloed, but honestly highlights more the importance of good OKR / Task management.

  		General notes
  Sam	Part time: T/R/F	She’s a 9/10. A great fit to the team. She’s built transformational models for the business and provides a FB acumen that’s truly unparalleled.

  We need that same rigor applied to creative and building a robust process for sourcing, testing and finding winners here. Also need to push collaboration side of this more (share learnings, etc.). | | Abby | 4a-1p | Managing all FB optimizations, but signs off mid day - so I take over. She’s a 6/10 on FB right now. Couldn’t trust her with account. (mainly bc she can’t be reached when she’s not working - doesn’t have same urgency a full-time buyer would have…) | | Jane | 9a-6p (wants to change from 3p-11p) | Managing all email, SMS and sign up. Not sure how much time she has / doesn’t have. She’s doing great work regardless. (Can I give her more?) | | Micole | 9a-6p | Getting a lot better in last 2 weeks - but I just reviewed 10 tickets tonight and there were formatting and comprehension issues. | | Paul | n/a T and F - which is fine | Total shift from working w him before (frenzied and confusing), to then laying out clear goals, timelines and expectations with him. In the past 2 weeks, I’ve felt really happy he’s managing this side of the biz… |