← Every exhibit

Table Table 4 Growth that compounds

Executive Diagnostic Framework and Audit Checklist

Diagnostic DimensionExemplary Maturity (2 Points)Acceptable Baseline (1 Point)Critical Structural Defect (0 Points)
1. Unit Definition PrecisionIndivisible atomic unit clearly defined across all commercial tiersUnit defined generally, with minor ambiguity in enterprise contractsUnit definition shifts between quarters to manipulate metrics
2. Fully Burdened CACIncludes all S&M salaries, commissions, benefits, tools, travel, and overheadIncludes all salaries and media, but omits tooling and travelOnly digital ad spend and commissions counted; salaries omitted
3. Cost-to-Serve BoundaryCaptures all cloud hosting, APIs, CS labor, and technical supportCaptures cloud and primary support; excludes onboarding laborOnly basic server hosting counted; all servicing labor buried in G&A
4. Contribution Payback HorizonCAC payback calculated on contribution cash; $\le 12$ monthsPayback on contribution cash; between 12 and 18 monthsPayback calculated on top-line revenue, or exceeds 24 months
5. LTV:CAC Ratio CalibrationFinite-horizon contribution LTV:CAC sits between 3.5x and 5.5xRatio sits between 2.0x and 3.5x; requires optimizationRatio is below 1.5x (insolvent) or calculated using infinite horizons
6. Disaggregated Cohort AuditingUnit economics calculated separately across enterprise, mid-market, SMBSegmented by customer size, but using shared cost allocationsBlended company-wide average masking unprofitable segments
7. Time Horizon LTV CapsLTV calculations strictly capped at maximum 36 to 60 monthsLTV capped at 7 years; applies moderate discount rateUncapped infinite-horizon LTV assuming 15+ year customer lifespans
8. Channel-Isolated CACPaid outbound, inbound, and partner channels audited independentlyOutbound and inbound separated, but tooling costs sharedBlended CAC combining organic signups with expensive field sales
9. Capital Working Cash FlowMulti-year upfront cash terms ensure positive working capitalAnnual upfront invoicing with occasional quarterly termsMonthly billing in arrears with 18+ month payback creating cash crunches
10. Sales Comp AlignmentSales commissions linked to contract margin and cash collectionCommissions tiered by contract size, independent of CTSSales reps paid full commission on low-margin or churn-prone accounts

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Reference & Evidence

Source: Table from this essay. Sources and interpretation are given in the article.