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Honest feedback - monitoring finances (idea)

Discussion in 'Accounts and Finance' started by yemi, Apr 5, 2018.

Would you pay for a mobile app that lets you monitor finances in real-time

  1. Yes

    1 vote(s)
  2. No

    2 vote(s)
  3. If it's free

    0 vote(s)

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  1. yemi

    yemi Member

    Hi All,
    If you could have a mobile application that lets you monitor your budget/finances in real-time would it be something you would pay for?

    It would let you monitor sales, expenses, cash, open receivables, and debt in real-time.

    1. You don't have to wait until month-end to see your numbers.
    2. Get alerts.
    3. Run reports and charts anytime, directly in the app.
    4. Easy to read visualization for non-numbers people.
    4. Share with accountability partner or business coach to track progress.
    I'm a financial planner and analyst with 13 yrs experience and I've automated financial reports for large corporation but would like some honest feedback from small businesses on this idea (and prototype) before investing more money into it.

    Please let me know what you think and what would be the biggest challenge.

    Thanks in advance
    diego david likes this.
  2. evolvingdigital

    evolvingdigital Member

    Sure, I think most business owners would be interested, but it all comes down to cost-benefit analysis. Without knowing the cost (can be a range) I can't compare your solution/value proposition to alternatives.

    Can you give us a little more information on your monetization strategy?

    Aleks Radonjic
    Founder & Principal Consultant | Evolving Digital
  3. yemi

    yemi Member

    I appreciate your feedback, Aleks.

    One of the reasons for the feedback request is to determine if there is enough need for this product to justify the investment. I originally designed it for art galleries at a target price of $99 - $299 per month, but to become profitable, there needs to be greater demand.

    I've gotten interests from business coaches but I'll rather get feedback from business owners directly.

    Below is a link to some screenshot to get an idea of what it does.

    Thanks again

  4. Edvin

    Edvin MVP Member Top Contributor

    Hi Yemi,

    The comp looks great.

    As a perspective small business owner, I'm not sure the value of paying for mobile app report to review my financials; after all, I will be at my desk/office daily. Perhaps the value of the mobile app is industry specific (i.e. on the go business owner).

    However, I do want to say that part of your job (as an entrepreneur marketer) is to turn a nice to have into a perceived need. If you "build-it then they will come" doesn't really work for most businesses.
    You obviously have inside knowledge; so, providing anecdotal use cases examples of the reports leading to strategic corrective actions or avoiding fines is a good place to start.

    You certainly need a strategy to market your mobile app (for example).

    If you want to gauge the demand, then look at number of similar mobile app downloads and ranks. This research paper can be helpful in projecting mobile app demand for similar apps.
    You can also use tools like google keyword planner to estimate traffic and demand.

    Lastly, I can't help thinking that with access to financial data you can easily add financial projections, which is something that I don't think most small business owners do.

    Good luck with your endeavor.

    Last edited: Apr 7, 2018
    VirtualGlobalPhone and djbaxter like this.
  5. evolvingdigital

    evolvingdigital Member

    Thank you for providing more information. First of all, the user interface is intuitive, so that's great. However, I think you have too many features for version 1 (MVP).

    On the market, demand, and possible customer - I don't have experience around art galleries, but thinking out loud, your App may be a good fit for the restaurant industry.

    Use Case: You are an owner/chef of a small restaurant. It's 10pm, you just closed your restaurant and are ready to go home, but instead you have to sit down in front of a computer and go over your sales data & metrics. This is an unpleasant task that will likely take 30min-1h, and you have to do it every night.

    Using your App, an owner/chef can easily check financial information between orders, during a quick break, or on the way home. No need to stay back and run financials. Personally, if I got home 30min-1hr earlier every night because of your App, I would be more than happy to pay $99 or more per month.

    With regard to the market, there are more than 1 million restaurant locations in the U.S, so market size is a lot bigger (I assume) than your current target market (art galleries).

    Finally, I think your ideal customer/business owner 1) spends most of their time away from a computer, 2) is not tech savvy, and 3) operates a low margin business - where they need to keep a close eye on financials.

    Founder & Principal Consultant | Evolving Digital
    w. www.evolving-digital.com
  6. yemi

    yemi Member

    Thanks for the feedback, Edvin.

    I agree, the app would not work for hands-on business owners. I would target owners who aren't financially savvy or rely on bookkeepers. Instead of spending hours on financials and updating plans, you can have a computer do the work on an hourly basis. It's all based on data, so a machine can learn to perform the tasks.

    The app would be able to project/forecast based on historical data and user input.

    The pipeline section of the scorecard is what the app has projected for the month, making it easy for business owners to spot (also alerted) potential risks and take action to prevent fire drills.

    I'm essentially trying to automate the role of a corporate financial planner to benefit small businesses that can't afford to hire one.
  7. yemi

    yemi Member

    Your feedback is a gem. Thank you!

    Your analysis of the restaurant industry makes a lot of sense. I'll look into it. Art galleries also operate on slim margins and the industry has one of the highest bankruptcy rate.

    Planning is vital in business but a lot of owners might not have the time or expertise to update plans frequently, so a machine can be trained to update plans with actuals and forecast the remainder of the month/year, on an hourly basis.
    This would save owners time and give them more accurate financial picture.
    I need to be able to articulate the benefit and get an idea of what it would be worth to businesses.

    Thanks again for the feedback.


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