The relationship afterwards.
WHAT CHANGES
You have obligations to people who are not customers or staff.
WHAT THEY EXPECT
Regular information Honesty about problems Involvement in significant decisions Progress toward what was presented
WHAT TO ESTABLISH
What information, how often, in what form.
WHAT A REGULAR UPDATE SHOULD CONTAIN
Key numbers What happened What is difficult What you need What is next
HOW OFTEN
Monthly or quarterly, consistently.
WHY CONSISTENTLY
Investors interpret silence as trouble, correctly most of the time.
WHAT TO DO ABOUT BAD NEWS
Send it promptly.
WHY
Investors handle bad news; they do not handle surprises.
WHAT TO ASK THEM FOR
Introductions Advice on specific questions Help with hiring
WHY ASK EXPLICITLY
Investors rarely volunteer help, and most will give it when asked.
WHAT TO AVOID
Updating only when you need something Presenting selective numbers Overstating progress
WHY OVERSTATING IS FATAL
The next update must exceed it, and the gap becomes visible.
WHAT TO DO IF THE PLAN IS NOT WORKING
Say so, with your assessment and options.
WHAT TO EXPECT
More useful support than you feared.
WHAT TO RECORD
Decisions requiring their consent, and that it was obtained.
