This is the post where I look back at the year 2022 for our software startup Morningscore and tell you about the highs and lows.
Overall, Morningscore is a healthy business with a strong product, happy clients and steady growth – despite a tough world situation that also challenged many of our customers.
But there is a bit of trouble in paradise.
2022 was a year of too many undelivered promises. We set big goals and did not deliver.
Which is why 2022 was also the year of consequence. By mid-2022 everything changed:
Sadly we had to let a part of our team go. It hurt.
And I had to look inwards and change. It’s my responsibility that we reach our goals. And I failed.
So I made a big change, I believe, for the better. I trust myself and my own judgments now. I stopped listening to “experts” and let myself be ruled by others. I took more control of this company.
I don’t like a dictating leader. But I also saw that I have been too weak before.
The team got smaller. No “middle management” left. Just a strong independent team that was finally allowed to run after goals without blocking meetings and protocols.
The goals completely changed too. They were set by me and the team. No external influcence.
And what happened next was almost magical.
For the rest of 2022 we hit one record after the other on revenue, product improvements, happy customers, and happy employees.
I felt confident we would do fine. But I did not expect such a revival!!
So it is with the most positive energy in the history of this company, that the team and I enters 2023 🔥🔥🔥🚀
What we achieved in 2022
- Morningscore went from version 3.0 to version 3.3 🚀
- We reached a revenue milestone of 500k DKK in November 💷
- We reached 823 paying customers 👩🚀
- Subscription revenue increased 34 % 📈
- New visual identity (+ updated SPACEMAN mascot) 🎨
- A lot more stable product 🪨
The Product in 2022
Generally, 2022 brought a lot of polish to the UX and the data in our tool. Also new cool features, but certainly just making the tool operate like smooth butter, has been our focus. And it will continue into 2023, where we will also introduce shiny new toys. Exciting!!
A tradition at Morningscore, is to make cool product release videos. This was our 3.1 release video:
In the 2021 yearly review I said I was excited to get back to fast product releases.
Around Spring 2022 we finally reached the old speed again. And with way more code to maintain at this point, it means we develop fast.
Shipping product improvements is one of the pleasures of life 📦️
If you know your way around SaaS metrics, the data below might be interesting to see.
Key metrics of our results in 2022 compared to 2021 and 2020:
|MRR||From 54K to 135K DKK||From 135K to 250K DKK||From 250k to 334k|
|MRR / customer||320 DKK||420 DKK||450 DKK|
|New customers / month||34||45||45|
|CAC||2.500 DKK||4.800 DKK||4.600 DKK|
|LTV||10k DKK||13K DKK||12k DKK|
|CAC Recovery||7,8 months||11,7 months||10,2 months|
|Churn %||Unreliable data||2,9 %||3,8 %|
2023 will be simple for me and Morningscore
We need to reach:
- 1.000 total paying customers 👩🚀
- 1.000 free trials monthly 🛸
- 500.000 DKK in revenue per month 💷
- Build an even more amazing product with super stability and awesome tools 🚀
- And is tradition, the most important goal is: Be an awesome team and enjoy this wild ride 👽️
How will we do it?
By doing fewer things. And then do them better.
SEO will be our growth engine. We need to reach 15.000 monthly visits from Google.
Apart from that, it’s all about polishing the rocket and getting closer to perfection.
It’s simple. Not easy 👨🚀
We dream of a world where doing good equals healthy business.
That is our company vision. But talk is cheap. Action counts.
Last year I challenged ourselves to reach a total of 20.000 planted trees.
And we did it 😎 (24.528 🌳 to be exact)
This concludes my review of 2022. I wish you a happy and exciting 2023!
to get in on all the action 👩🚀