Income Report October 2016

Monthly Update & Income Report – October 2016

It’s been a whole month already since our last monthly update and income report. This is very cliché, but time flies.

This month has been tough for us for a few reasons, more details below.

Our no-BS articles in your inbox

Join our fight against bad marketing. Follow our journey to build a business we can be proud of.

Powered by ConvertKit

Key Numbers

Situation

We are now four people, working with five different clients.

The Slices Consulting remote team.
The Slices Consulting remote team.

Gross Profit

Gross profit is the difference between our revenue and our expenses (before tax):

Slices Consulting Profit October 2016
Slices Consulting Profit October 2016

While September was a good month, October has been our worst month in term of profits, ever. We lost €4,209 this month.  However, this was planned. We chose to stop working with two clients last month to spend more time in working with our ideal clients.

Recurring Expenses

This is the amount of stuff we pay every month. This includes salaries, accounting costs and operating expenses.

Slices Consulting Recurring Expenses October 2016
Slices Consulting Recurring Expenses October 2016

We hired our Web Developer, Julia, and our expenses grow and as we grow.

One-Off Expenses

We call one-off expenses the things we pay for that are difficult to plan. It mostly includes expenses related to client work like user testing, usability tests, development, graphic design, etc.

Slices Consulting One-Off Expenses October 2016
Slices Consulting One-Off Expenses October 2016

October wasn’t our worst month in term of one-off expenses, but it came pretty close.

We paid upfront for many services related to client research, which explains this high number.

Taxes

None this month.

Our no-BS articles in your inbox

Join our fight against bad marketing. Follow our journey to build a business we can be proud of.

Powered by ConvertKit

What we’ve done

This month has been tough on everybody, and on me particularly.

I transitioned from client work to business work

We decided that I would spend less time in working with clients and more time in working on the business.

On paper, this sounds good. But many things have been tough to handover to other team members such as each client’s context or all the little things that I took for granted that aren’t obvious to others.

We hired our developer

We welcomed Julia to our team. She’s the brightest developer I have ever met.

We worked hard to induct her in the best way possible. We used our existing documentation to go through the company and client history, the way we work, the tools we use, the books we love, etc…

Oh and we got an Hawaiian shirt for her pug Zeus:

Zeus, the Pug Investigator.
Zeus, the Pug Investigator.

We spoke at Predict Conference and 3XE

I spoke at Predict Conference in Dublin on the 4th of October.

Marco and I spoke at 3XE in Dublin on the 13th of October. It was Marco’s first keynote in front of that many people and he nailed it.

We planned our next retreat

We decided to go to Cancun, Mexico in January 2017 for our company retreat. We originally wanted to go to Washington DC but we decided against it: the weather will be quite bad in January and the next American President will be inaugurated, in Washington DC, on January the 20th, filling the city with visitors and traffic.

We chose Cancun for many reasons:

  • the weather will be nice this time of the year,
  • it’s close enough to the US (where both Serina and Julia live) and Europe (where Marco and I live),
  • flights are reasonable,
  • and accommodations are cheaper than in the US.

A lot of client work and some website improvements

Serina, Marco and Julia had to work hard on our different client projects. There wasn’t much time left for anything else.

So much in fact that we haven’t used Slack that much and preferred to use Basecamp instead to communicate around client projects. Using Basecamp prevents us from interrupting each other and focusing on what matters.

We started to work on two side-projects

Our strategy to grow is simple: to spread the word about what we believe in. Writing transparent and valuable content is our top priority.

With this mind, we started to work on two side-projects. More on those below.

What’s next

Documentation work

Julia shares my passion when it comes to documenting everything. Documenting the way we work enables us to be more productive, to onboard new team members easily, and to deliver consistent good results for our clients.

We’re doubling down on this and Julia is in charge of improving our documentation.

Project Andromeda

This is Marco’s project to reduce the amount of time spent making sense of qualitative data like surveys, website polls, chat transcripts, etc…

The more we can reduce the amount of time analysing data, the faster we can deliver results to our clients.

Transparent Nation

We believe that transparency is the best way for makers, leaders, marketers and companies in general to get noticed, to be trusted, to get new ideas, etc…

That why we’re launching a movement called Transparent Nation. There will be 3 parts to Transparent Nation:

  • a selection of transparent people and companies for inspiration,
  • a selection of the best transparent content sent by email (bi-weekly or monthly),
  • a guide to encourage more people to be transparent.

The first landing page for this project will be published next week to gather interest.

We’re also building lists of journalists, makers, experts who are interested in transparency so we can reach out to them.

We’re identifying Facebook groups, Slack communities, Medium publications, Subreddits, pre-launch communities, that could also be interested in this project.

We’re planning to launch Transparent Nation V1 mid-December, using Product Hunt and Hacker News as the main platforms.

No-BS Marketing Podcast

The second side-project I’m involved in is a podcast for digital marketers who are tired of marketing BS and lingo. They refuse to interrupt or trick people, pollute the Internet with irrelevant ads, or copy the competition.

Instead, they want to help their company grow by being ethical and by caring about people. They want to become better marketers using a respectful, no-BS, structured way of marketing online.

I’ve interviewed three no-BS marketers so far and we’re planning to launch the podcast in January.

Our no-BS articles in your inbox

Join our fight against bad marketing. Follow our journey to build a business we can be proud of.

Powered by ConvertKit
  • Looking forward to the podcast Louis!

    • Thanks, I think you will really enjoy it. And thanks for reading/scanning the full article!

  • Tristram Dyer

    Really Great article again. Love the honesty! Cant wait for the podcast

    • Thanks Tristram, you won’t be disappointed… (hopefully)!

  • Jérémie karege

    Keep working hard !

  • Karl Murray (Aresskincare)

    Perseverance man well done

  • Jillian Morkan

    Great post as usual Louis!

  • Susan Donohoe

    Love your honesty and for speaking in plain English. I always take the time to read your posts and am never disappointed with the content.

    • Thank you Susan! In this day and age it means a lot.