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- ♞ Mastering the Monthly Update
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Mastering the Monthly Update
I’ve written many newsletters about different strategies for raising venture capital, and recently, when reviewing them, I realized that the one thing that I recommend the most is a monthly investor update.
Today, I want to dive into more details as to why you need to send monthly investor updates. If you are reading this and haven’t already done it, then drop what you are doing and write one TODAY. No exceptions, this habit will drastically increase your chances of success.
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When should you start sending monthly updates?
I recommend that as soon as you start a company, you should make a list of investors and start to send them monthly updates. You can build this list by connecting with investors at events, online or your existing network.
Why should you send monthly updates?
1. For investors, it shows them that you aren’t going away and allows them to see your progress. The biggest problem founders have when raising is that VCs get the impression that the company is waiting for money to move forward. If a VC has received monthly updates for the past 6+ months, they will have experienced your progress and understand that you are already on an upward trajectory.
2. For you, it’s a chance every month to zoom out and see how the “business” looks. Sometimes, as we deal with putting out fires every day, we forget to contextualize the company within the larger VC ecosystem. Each month, Having this chance to analyze where you are and what value proposition you provide to investors can help you make better strategic decisions.
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Onwards and Upwards,
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