What are rocks?
Rocks are goals that Kickfurther set for the quarter and review on a weekly basis with our entire team. In brief, the idea is you have a limited amount of time, represented by a glass jar. You can input four items into the jar: rocks, gravel, sand, and water.
Businesses have big goals that will require a lot of time and effort. These are rocks. There are smaller goals, weekly to-dos or tasks that take less time. Those are represented as pebbles. There are daily tasks that need to be done to keep the business running. These are analogous to sand. Finally, there are the little tasks that take time but cannot really be planned. Those are the water.
If you fill the jar in the wrong order (water, sand, gravel, then rocks), you will find that you have run out of space. To get everything in the jar you need to get the rocks in the jar first, then the gravel, then the sand, and finally the water fills the cracks.
That's why Kickfurther establishes big hairy audacious goals (BHAGs) that we call rocks, and focus on them every week to see if we are on track or not. Now onto our current rocks!
Kickfurther Rocks for Fall '15
1) $600k of monthly deal flow funded - Deal flow is the key metric for Kickfurther. Deal flow is equal to how many opportunities and the size of the opportunities we put on our marketplace. When we bring on new companies we see all other relevant statistics for our business increase. $600k of deal flow puts us on the path to break even by early 2016 and begin our Series A round.
2) 3000 activated users - Increased deal flow requires increased user acquisition to fill the opportunities. As some of you may have noticed we failed to fund YogaRat and Exogal on our marketplace, which both required a lot of funding. Both companies were very qualified and Exogal even generated their own press around their Kickfurther opportunity. Increasing the number of activated users means we will have the capacity to bring on more great companies like the ones mentioned above, and to successfully fund their opportunities. Since then we have been able to fund a $100K opportunity and other $50K+ opportunities, which is incredible.
3) 19/20 payback events have a payback and an update within the 1 week processing time - This is the UX statistic we are working on. More than anything else, our users crave information from businesses they have partnered with. The money coming in is great too. We have several plans on how to improve this statistic, including making businesses link their bank accounts ahead of time in order to receive funds.
4) Fully automated onboarding and legal framework - The experience with Allergease (decided after being funded not to continue and we reimbursed the users) taught us that we need to have a contractual protection before we launch an opportunity. By automating the workflow for the documentation of each opportunity, we free up valuable resources in the sales and marketing team to hunt down more deals. This will also help keep us organized and provide brand consistency for our client experience.
So these are the things we are focusing on for the next three months. While they are all BHAGs we think they are also pretty SMART.
So what do you think about the rocks? We would love to get your feedback.