A few months ago I had lunch with my cousin who runs a property management company. He started telling me that he was having a hard time growing his business. So I asked him a few questions. I realized his challenge wasn’t in sales, it was that he didn’t understand his market or the “unit economics” of a customer. In the technology world – my world – we consider this the holy grail of measurement: How much revenue do you make from a new customer and what did it cost to get that customer?
So I walked him through a simple exercise that I’ve done with hundreds of entrepreneurs. Here’s how it works… first question:
As a startup advisor and angel investor, one of the first things I try and teach every entrepreneur, is the importance of keeping advisors and investors in the loop. With that in mind, I’ve created an email template that you should consider using.
Benefits of sending update emails
- Have you’re advisers solve problems for you
- No surprises, surprises are bad
- Let your advisers celebrate your successes
- Good news will go farther [lets us promote you!]
Best format and frequency
- Put your most important challenges at the top
- Short and sweet
- Make it “Skimable” [bullets!]
- Every 3 weeks (or if there’s any major issues news).
+ Top 3 Challenges
+ Whats New / In The News
> Top 3 Challenges
1. Getting Press
2. Hiring Biz Dev
3. Building Sales Team
1. Revenue / Target
2. Return Usage / Retention
> Whats New / In The News
1. [Source] – [Title] [Shortend URL] 2. Hired Rails Programmer (@username)
3. New Customer – Fortune 500 company