Hello and thanks for tuning in to another EcomBalance Monthly Update.
This is a content series that we’ll be running each month to share how EcomBalance is growing.
We’ll share the good, the bad, and the in between as we strive to grow to 1,000+ clients before the end of 2024.
For those of you that are tuning in for the first time, EcomBalance officially launched in January of 2022 and we’ve been growing quickly each month.
If you’re interested, you can read about how we decided to start EcomBalance here: We interviewed 100+ business owners about bookkeeping and here’s what we found.
In this month’s edition, we’ll cover the following…
(1) how our team has grown and shrank in July
(2) how we’ve set up our Org Chart with Team Leads and Bookkeeping Teams
(3) how we published 21 new pieces of content in July
(4) how our leads are converting to paying clients
(5) what we’re aiming towards in August
Every month is a stepping stone towards our long term goals of building an 8 figure bookkeeping and accounting business.
For the past 7 months, we’ve been figuring out how to run this business while spreading the EcomBalance brand throughout the eCommerce industry.
From talking with 500+ eCommerce business owners, we’re confident that there is real need for a monthly bookkeeping service that is reliable, on-time, communicative, and truly understands the eCommerce landscape.
Being entrepreneurs, we’re excited about what the future holds for EcomBalance and we’re working hard every single day to improve our internal systems and processes so that the client experience gets better each month as well.
We don’t want to be just another bookkeeping firm…we want to be one that clients truly enjoy working with and that they find value through.
We want our clients to understand their numbers at a different level so that it benefits their ability to grow faster, manage their cash flow, pay more profits, and eventually get acquired if that’s what they want.
Thanks for being a part of our mission. If there’s something else you’d like to see in these monthly updates, let us know and we’ll seriously consider adding it.
It feels like everyone and their brother went on vacation and holiday during July 🙂
While that may or may not be true, EcomBalance continued to move forward in major ways.
First, we doubled down on our commitment to SEO and content marketing. Being an SEO myself, I know the true value comes from SEO 6-12 months after you put in the consistent effort for 3-6 months.
Going forward, we’ll be producing 30+ new pieces of content per month targeting industry keywords in an effort to drive more organic search traffic to the website.
Second, we further bolstered our team by adding 2 new team members with killer experience running books for eCommerce businesses.
Third, we’ve been working internally to improve our Pricing process. We want to make it easier for business owners to get a custom pricing quote.
In August, we’ll be releasing a new Pricing process that should drastically decrease the friction to getting a pricing quote. Our goal is to make this experience better so that it’s easier for clients to get started working with us.
Fourth, we’ve continued to develop our internal systems and processes. As a company, we use ClickUp for managing all of our bookkeeping clients and in the past month, we’ve tapped into new features.
We’re time tracking for our clients to see how long it’s taking bookkeepers to complete books for our clients. And we’re using new dashboards to see Due Dates more clearly so that we create less stress for the team and we hit due dates earlier than what we share with clients. We want to overdeliver with our promises and make sure our clients are happy each month.
Here’s some key things that happened for the team in July:
(1) 2 New Hires
2 Full time Staff Bookkeepers: As we approached the end of July, we realized that it was time to add 2 more full time Staff Bookkeepers to the team. One came through a referral from 2 of our current team members and the other came through our Recruitment system. They both have experience working with eCommerce companies and they bring a wealth of knowledge and experience to the team. We’re excited to see them blossom and take on their first clients in August.
(2) The Org Chart Continues to Develop
If you read our June Monthly Update, you probably remember me talking about setting up our Org Chart and promoting our first Team Leaders within the company.
In the past month, we’ve been working closely with our 3 Team Leaders to teach them the ropes on how to be a great manager and leader for their team.
Today, the Org Chart has evolved and we have our Financial Controller with 3 Team Leads under her and each of those 3 Team Leads have 2 Staff Bookkeepers on their team.
Here’s what it looks like now:
(3) We’re Getting Time Back for our Financial Controller
The main goal with creating our Org Chart was to create more time for our Financial Controller so she could continue working on building the business and training the Team Leads.
We’re not 100% happy with the progress yet, but we’re making steps towards where we want it to be.
By the end of Q3, she should be in a great position where the Team Leads are running the majority of the team and she is there to support and make final reviews on clients before books are submitted on the 15th of each month.
We added 8 new clients in July 2022. We now have 55 total clients.
Here are stats on how those 8 clients came to be through our lead pipeline:
|# of Visitors to Sign Up Page||290|
|# of New Software Sign Ups||56|
|# of Pricing Forms Viewed||110|
|# of Pricing Forms Started||71|
|# of Pricing Forms Filled||32|
|Pricing Form Completion Rate||45.10%|
|# of New Clients Added||8|
|Conversion Rate on Forms Filled||25.00%|
Conversion Rate on Sign Up Page Visitors
|Conversion Rate on Total Traffic||0.54%|
This month, we converted a much higher percentage of leads that filled out the Pricing form. Overall, we’re seeing 2.76% of users that visit the Sign Up page convert to paying clients and 0.54% of Total Traffic to the website.
If we can increase traffic by 2x and keep our conversion rates around a similar level, we should start to see more clients signing up each month.
Then it’s just a matter of making sure our team can handle the workload. It’s always a balance!
Website traffic stayed around the same level as June for July, but we saw an improvement in Pages/Session and Bounce Rate meaning that users are staying on the site for longer and browsing more content. Below are stats from our Google Analytics account for the month of June.
|Avg Session Duration||2:48|
Our SEO stats stayed similar as well in July. However, we did see an increase in Linking Domains from 69 up to 119. This is a result of our Partnership efforts to build high quality, reputable backlinks to the website. Below is data pulled from Moz.com.
Our Search Performance stats continued to increase. Towards the end of July, Google started ranking us for more keywords and our Total Impressions popped. They went from 24,900 in June to 35,700 in July. The data below is from Google Search Console:
|Top Query 1||ecombalance|
|Top Query 2||
|Top Query 3||
ecommerce bookkeeping services
|Top Query 4||
|Top Query 5||
July marked the first month that we went all in on our new Content Marketing strategy. As some of you may have seen in my LinkedIn and Facebook posts, we’re running a new SEO test I’m calling the Quality Quantity Effect.
The hypothesis is that we will see a significant increase in organic traffic within 6-9 months if we consistently publish 30+ new pieces of content targeted at industry keywords that have low competition and high monthly search volumes…without focusing on building any backlinks.
This month, we doubled down on content creation and published 21 new articles on the EcomBalance Blog.
Here’s the content that we published this month:
|What Is a Profit and Loss Statement?|
|What Is a Chart of Accounts? Examples, How Tos, and Tips|
|What is a General Ledger? Definition and Examples|
|What is a Cash Flow Statement? How to Read It and Examples|
|What Is Double Entry Accounting and Bookkeeping?|
|What is the Accrual Accounting Method and When Should It Be Used?|
|Accrual vs Cash Basis Accounting|
|7 Traits to Look for In a Bookkeeping Service in 2022|
|30 Most Common Expenses for a Business in 2022|
|Partner Spotlight: Educating Individuals on the Value of a Business with Ryan Hutchins from Peak Business Valuation|
|Partner Spotlight: Growing Businesses in All Facets, Holistically, and for the Long-Term with Max Hertan from Megaphone Marketing|
|Partner Spotlight: Removing the Main Blocker for Brands to Expand on Amazon and Shopify with Nick Penev from hellotax|
|3 Tips to Boost Social Media Marketing for Your Amazon Brand|
|The Top 5 Order Management Systems for Ecommerce Sellers in 2022 from Rachel Go|
|What Is A Fractional CFO? from Ben Donovan|
|EcomBalance Monthly Update – June 2022|
|How to Outsource Your Bookkeeping and Accounting Without Headaches|
|6 Traits of a Stellar Amazon Accountant and Bookkeeper|
|What Is the Cost of a Bookkeeper in 2022?|
Social Media Stats
Facebook and LinkedIn continue to be our two channels that we’re focused on growing. In July, we saw an increase in the number of impressions from our posts and our Marketing Assistant has gotten into a smooth groove for scheduling content each day.
The following data is from Facebook and LinkedIn Analytics:
|Facebook – Total Page Likes||351|
|Facebook – New Page Likes||76|
|Facebook – Post Reach||1064|
|Facebook – Post Engagement||94|
|LinkedIn – Impressions||2200|
|LinkedIn – Reactions||27|
|LinkedIn – Comments||5|
|LinkedIn – Shares||8|
|LinkedIn – Total Followers||319|
|LinkedIn – New Followers||72|
Email Marketing Stats
Our email marketing continued to thrive in July. We added another record number of new subscribers to the email list and we’re quickly approaching 1,000 email subscribers. The following data is from ActiveCampaign:
|# of subscribers||801|
|# of new subscribers||105|
|avg open rate||35.75%|
|avg click rate||3.00%|
We’re now in Q3. We’re still on a mission to reach 100+ clients before the end of the year putting us at a $50,000+ MRR rate.
Here’s a reminder of our core Q3 goals:
– Hitting deadlines for our 55+ clients
– Adding 15-20 new clients in August and September to reach 65 to 80 total clients
– Improving our Client Portal and Affiliate Portal experience
– Increasing our advertising, SEO, content marketing, and sales efforts
– Further developing relationships with our 150+ industry partners
– Helping our team to continue to learn and grow
– Continuing to develop the internal EcomBalance company culture
These months are flying by! Thanks for all of your support as we’ve gotten EcomBalance off the ground and into the skies this year.