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EcomBalance Monthly Update – June 2022

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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.

 

As you’ll see below, we’ve been focused on…

 

(1) building out the foundational team
(2) launching the first version of our client and affiliate portals
(3) getting our marketing off the ground
(4) creating internal systems and processes
(5) keeping our clients happy with our bookkeeping services.

 

We’re only 6 months into growing EcomBalance and we’re already running into obstacles that we ran into years into our last businesses.

 

We’re growing fast while also trying to keep a check on our capacity so that we can provide a high level experience to every single client that decides to work with us.

 

Thanks for your support. I hope you enjoy this update.

 

Best,

 

Connor Gillivan
CMO, Co-founder

 

Overall Updates

 

June. What a month to finish out Q2.

 

It feels like it was just yesterday that we were starting Q2 and here it is coming to a close.

 

When we set out on Q2, one of our big goals was to hire, hire, hire so that we’d have a team large enough to handle 100+ clients.

 

June was a big part of that as we added our final 2 full time Staff Bookkeepers to the team and set up a new Org Structure with Team Leaders.

 

Coming off of May where we added 11 new clients, we wanted June to be a bit slower for new clients. We still added 4 new clients and we’re super excited to be working with them.

 

The end of every quarter is a great time to reflect on what you set out to achieve and what you were actually able to get done.

 

It’s common that not every goal is achieved, but I continually am surprised by the amount of work we’re able to get done as a team only 6 months into starting the company.

 

I’m excited about what Q3 holds for us as a team and I’m optimistic about us reaching a level of scale that will allow us to reach 100+ clients by the end of the year.

 

Team Growth

 

Here’s some key things that happened for the team in June:

 

(1) 3 New Hires

 

Full time Integration Manager: To help onboard and integrate new clients as they signed up to work with us. We’ve learned that this is one of the largest bottlenecks when it comes to running an online bookkeeping business and we decided it best that we have someone full time focused on growing it.

 

2 Full time Staff Bookkeepers: Our goal all along has been to grow quickly, but while also not overwhelming the team too much. It takes time and effort to onboard new clients and get them caught up to where we are then only managing their monthly books. By hiring 2 more full time Staff Bookkeepers, we put our Bookkeeping team at 8 total full time Bookkeepers with our Financial Controller overseeing everyone. With 8 full time Bookkeepers, we could easily add at least 8-16 new clients per month and it not overwhelm the team.

 

(2) New Org Structure

 

Once we got the team to 8 full time Bookkeepers, we realized a problem that our Financial Controller’s time was being consumed by managing the 8 bookkeepers on her own.

 

We realized that we needed to fix that and so we worked together with our Controller and others on the team to build a new Org Structure that better fit the current situation we were in as a company.

 

Here’s what it looks like now:

 

 

Now, our Financial Controller has 4 Team Leaders underneath her that manage 1 Staff Bookkeeper directly.

 

When Staff Bookkeepers have questions and concerns about their clients, questions first go to their Team Leader. If the Team Leader doesn’t know the answer, they go to the other Team Leaders. If and only if no one on the Team Leader team can figure it out, they bring the issue to our Controller.

 

Our new Team Leaders are also now responsible for not only their own clients, but the clients of the Staff Bookkeeper they are directly managing.

 

We did all of this to remove everything going to our Controller when something happened.

 

This was a major improvement and has helped the team grow in multiple ways since we implemented it. It’s a new Org Structure that we’re continuing to improve and build upon as we run into different situations.

 

Client Growth

 

We added 4 new clients in June 2022.

 

Here are stats on how those 4 clients came to be through our lead pipeline:

 

# of Visitors to Sign Up Page 207
# of New Software Sign Ups 43
# of Pricing Forms Viewed 195
# of Pricing Forms Started 115
# of Pricing Forms Filled 66
Pricing Form Completion Rate 57.40%
# of New Clients Added 4

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Traffic Stats

 

Website traffic continues to increase month over month. Below are stats from our Google Analytics account for the month of June.

 

Total Users 1,722
Pages/Session 1.92
Pageviews 4,802
Bounce Rate 65.79%
Avg Session Duration 2:00
Direct 560 (31.2%)
Search 497 (27.7%)
Social 541 (30.2%)
Referral 112 (6.2%)
Email 13 (0.7%)

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SEO Stats

 

Similarly, our SEO stats continue to improve month over month. Below is data pulled from Moz.com.

 

Domain Rating 25
Linking Domains 69
Inbound Links 215
Ranking Keywords 48

 

Our Search Performance stats also continue to improve. The data below is from Google Search Console:

 

Total clicks 484
Total Impressions 24,900
Average CTR 1.90%
Average Position 48.8
Top Query 1 ecombalance
Top Query 2
ecommerce bookkeeping services
Top Query 3
ecommerce bookkeeping
Top Query 4
ecommerce accounting services
Top Query 5
bookkeeping services for small businesses

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Social Media Stats

 

As of this article, we only have 2 social media channels set up: Facebook and LinkedIn. They are trending upwards and to the right as we improve our content calendar and posting strategies.

 

The following data is from Facebook and LinkedIn Analytics:

 

Facebook – Total Page Likes 275
Facebook – New Page Likes 28
Facebook – Post Reach 486
Facebook – Post Engagement 82
LinkedIn – Impressions 2300
LinkedIn – Reactions 64
LinkedIn – Comments 29
LinkedIn – Shares 13
LinkedIn – Total Followers 247
LinkedIn – New Followers 105

.

Email Marketing Stats

 

By adding a new lead magnet to the website (Download our Finance Meeting Agenda) and optimizing our website design on certain pages, we were able to add more leads than we’ve ever added. The following data is from ActiveCampaign:

 

# of subscribers 696
# of new subscribers 225
avg open rate 37.25%
avg click rate 3.09%

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What’s Next?

 

We’re at the start of Q3.

 

This quarter is all about…

 

– Hitting deadlines for our 50+ clients

– Adding 15-30 new clients 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

 

Cheers to another stellar month ahead!

 

If you’ve enjoyed this update and want to get them every month, subscribe to our newsletter and follow us on Facebook and LinkedIn.

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Connor Gillivan

Connor Gillivan

CMO and Founder of EcomBalance. Founded FreeUp (acquired in 2019). Founder of Outsource School. Published Author. Investor.

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