Transparent Metrics: How Much to Share Publicly?

When you're building in public, the question of how much to share about your numbers often comes up. It's a balance: you want to be honest and open, but you also don't want to make things weird for your customers or give away the farm. The line we draw at Total Ventures is this: transparent metrics in public are honest at the level of "is the loop working?" — direction, not always magnitude. Revenue direction? Yes. Exact ARR? Sometimes. Cost-of-goods-percentage? Almost always. The key is to be consistent and state your approach up front.

Why Share Metrics at All?

Sharing metrics publicly isn't about vanity; it's about accountability and connection. For operators, it can be a powerful motivator, a way to track progress, and a signal to your audience that you're serious about what you're building. It fosters trust and can attract the right kind of customers and collaborators who appreciate that level of openness. It also helps you, the builder, to stay focused on what truly matters: the health and direction of your product.

Building Trust Through Openness

When you share your numbers, even if they're not always soaring, you're inviting people into your journey. This vulnerability builds a different kind of relationship with your audience. They see the real work, the ups and downs, and they become more invested in your success. This is particularly true for products that serve other builders or operators; they understand the grind and appreciate the honesty.

A North Star for Your Team (and Yourself)

Public metrics act as a clear north star. They force you to define what success looks like and to track it diligently. For a small team, or even a solo founder, this external commitment can be a powerful internal driver. It helps keep the focus on the core loops that drive your business forward, ensuring that your efforts are aligned with tangible outcomes.

Drawing the Line: Direction Over Magnitude

The biggest hurdle for many operators is deciding what to share. Our philosophy leans towards sharing the direction and health of the business rather than every granular detail. This means focusing on trends, growth rates, and key ratios that indicate whether your product is gaining traction and whether its underlying economics are sound.

Revenue: The Direction Matters Most

For revenue, showing growth trends is often more valuable than a precise, static number. Are you growing month-over-month? Quarter-over-quarter? This indicates whether your product is finding its market and whether your efforts to acquire and retain customers are working. You might share a percentage growth, or a graph showing the upward (or sometimes flat) trajectory. Sharing an exact ARR can be tricky; it might set expectations too high or too low, or even invite unwanted scrutiny. But showing that your revenue is consistently moving in the right direction? That's a strong signal.

Costs and Profitability: Understanding the Engine

Understanding your cost structure and profitability is crucial. Sharing metrics like cost-of-goods-sold as a percentage of revenue, or even your gross margin, can be incredibly insightful. This tells a story about the efficiency of your operations and the sustainability of your business model. It shows that you understand your unit economics. You don't necessarily need to reveal your exact server bill, but demonstrating that you're mindful of costs and working towards healthy margins is powerful. This is often where the "is the loop working?" question truly gets answered.

Engagement and Retention: The Heartbeat of Your Product

Beyond the financial, metrics around user engagement and retention are vital. How many active users do you have? What's your churn rate? How often do users return? These numbers speak to the value your product provides. A product with high engagement and low churn, even if its revenue is still modest, indicates a strong foundation and a loyal user base. These are the metrics that truly show if people are finding your software worth using.