Keeping Startup Advisors Informed (Email Template)

Posted in 2009 under leadership, metrics, startups, RSS feed for comments
6 Comments

Dec29

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
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> 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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6 Responses for "Keeping Startup Advisors Informed (Email Template)"

Mark MacLeod December 29th, 2009 at 10:23 pm
Good suggestion and format. Would consider including an attachment with ongoing monthle key metrics / dashboard
Tim Van Loan December 30th, 2009 at 5:41 am
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
Cory Levy December 30th, 2009 at 6:19 am
Great post! I like this format, and I will definitely use it!

Best,
Cory
Stocks on Wall Street December 30th, 2009 at 8:35 pm
Thanks for the tips, will take that into account when I move into investing with others.
Jeff Roach December 31st, 2009 at 4:18 am
Great post, Dan. Will share far and wide and we should use this logic in our propel Basecamp reminders.
Tyler Willis December 31st, 2009 at 8:30 am
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!”