Leaving your day job and running a startup full time comes with a whole new set of responsibilities that you might not have thought of. From hiring your first employees, setting up payroll, firing your first employee (no they all aren’t going to work out) to writing regular investor updates there are a lot of new things that come your way.
Writing regular investor updates is something that took some getting used to for us but in the end has been incredibly important for our business. Every investor is different, some want monthly updates, some weekly, some quarterly, they key for you should be to make sure that you are actually sharing important information that helps you investors understand where you are, and sometimes more importantly, where you’re going.
This week, Aaron Harris, a partner at Y Combinator wrote what I think is probably the single best post I’ve ever read about investor updates. Aaron makes some great points, my personal favorite and one that we do quite often is:
“When you finish an update, go back and read it. Does it have relevant data? Does it have your asks? Is it short? If not, rewrite it.”
So if you’re a founder, there’s one article you should this week and it’s this one.