Before starting Crew, I thought investor updates were only for investors.
A way for them to get a quick snapshot of what’s happening at their portfolio companies. That’s it.
When we started sending our monthly investor updates however, I learned there’s a hidden value in writing them.
When you have a company, you’re working a thousand miles a minute to create a great product, build a community, grow, make customers happy, hire the best people. Because you’re executing on these things, it’s easy to not set aside moments to think deeper about the future of your business.
While writing our latest investor update, I wrote about a couple marketing projects we recently launched. Even though we just released them, our team and investors would likely want know how they’re performing. So I dug to find some early metrics on how they were performing. Going through the metrics helped me better understand the immediate impact of these projects and where we should be spending more time.
Creating this investor update is what allowed me to carve out time to closely inspect these recent marketing projects and their value to the company. We could have waited for another time to look at the data closely but there probably won’t be a better time. Writing an investor update made us look back immediately at what we did, find out what worked, and what could have been done better.
This sets us up better for prioritizing what we should be focusing on.
When we create our investor updates, we include:
– Key metrics
– A brief analysis of these metrics
– Highlight what we did in the last month
– Highlight what we’re going to do in the coming months
– What we need help with
By having a beat on each of these elements, we catch on quickly to trends in the most important areas of our business.
If we accomplished a lot in the last month, the part of the update where we “Highlight what we did in the last month” will feel full. If we could have done more, that part of the update will feel bare when we write it.
Even if things seem to be going well, seeing numbers laid out on paper pushes you to think about how you could evolve certain things to the next level.
By the time I hit “publish,” I often have a long list of ideas we could do. I also share our investor updates with everyone on our team. Once my teammates get the update, we often message back and forth about more ideas to improve on something that might not be working or expand on things that are.
Our ideas feed off each other.
Creating an investor update manufactures a moment everyone can rally around. It pushes you to search for novel ideas and not stagnate. This is one of the reasons why we also share public updates for how we’re evolving our product, blog, and customer happiness.
Investor updates aren’t just for your investors. They’re are an opportunity for you and your team to look at your company from a different perspective. They’re one of the best moments for you to reflect and come up with impactful ideas that will move your company forward.
Even if you don’t have investors, create a company update that you share amongst your teammates. Give everyone a moment to reflect on where the business is going and how what you did yesterday and today fits into the future of the business.