Keeping Startup Advisors Informed (Email Template)
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).
Other Tips
- Share your Google Analytics
- Run semi-annual advisory dinners (Thx @msuster)
COPY/PASTE
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+ Top 3 Challenges
+ Metrics
+ Whats New / In The News
===================================
> Top 3 Challenges
1. Getting Press
2. Hiring Biz Dev
3. Building Sales Team
> Metrics
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
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8 Responses for "Keeping Startup Advisors Informed (Email Template)"
Good suggestion and format. Would consider including an attachment with ongoing monthle key metrics / dashboard
An excellent suggestion- and the form makes it wonderfully streamlined as well. Mark’s suggestions about including metrics are great too- especially when asking for some of that “advice” that advisors give
Great post! I like this format, and I will definitely use it!
Best,
Cory
Thanks for the tips, will take that into account when I move into investing with others.
Great post, Dan. Will share far and wide and we should use this logic in our propel Basecamp reminders.
Dan,
Thanks for saying this, I’m always confused as to why entreps only use advisors for their functional expertise. I’d say 50% or more of the companies I’ve helped don’t send general updates to advisory board members.
Sending an update every quarter (or, better, every month), allows you to keep advisors engaged and talking about you. Also allows them to use any cross-functional skillsets to help you. For example, “Hey Dan, you’re trying to build a sales team? You should check out THG, we’ve had good experiences with them!”
This is good stuff. Honestly, I’ve been trying to come up with a standard email template that works, but I think you nailed it. It’s got all of the necessary information in bullet point form.
Love it!
Thanks for sharing
Good info here. We tend to send everyone that’s close this type of information on a bi-weekly basis. Every week seemed to be a bit much for everyone. But, we do try to keep our advisors, directors, execs, investors, etc. in the loop at all times. They have given us more insight and help than anyone else, and it’s only because we keep them in the loop. Thx for the post.
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