Investor update

Purpose

Investors back founders whose word has held up, and they notice quickly when it has not. Every update adds to or subtracts from that record. This skill writes the update so that last period's commitments are checked first, the numbers come before the narrative, and the asks are specific enough to answer.

When to use

• A monthly or quarterly update to investors is due.
• A note is needed about a miss or a change of plan.
• A fundraise is underway, and investors need progress.
• A diligence question needs an answer in writing.

Route elsewhere when:

• The question is the board deck and meeting. Use board-meeting-prep.
• The question is the financial model. Use revenue-metrics.

Inputs

• The commitments made in the last update, word for word.
• The actual results for the period, with plan and prior period figures.
• The metrics frame the company has agreed to use, in a fixed order.
• Any asks: introductions, decisions, or help.

Procedure

1. Set the audience and register. Existing investors, the full board, advisers, prospective investors, or a diligence answer. The audience sets the length and tone.
2. Open with the say-do ledger. Restate each commitment from last period exactly as it was written. Mark each one with a true status: done, partial, missed, changed, blocked, or dropped. Do not rewrite history. A missed commitment marked missed is more credible than one quietly removed.
3. Give the numbers before the words. Use the agreed metrics frame, in the same order each time: outcomes, leading indicators, and cash position with burn and runway. Show actual, plan, prior period, and the variance. Where a favorable number has an unfavorable one beside it, show both.
4. Write one headline. One sentence that carries the update and that an investor could repeat accurately to a colleague. One thesis per update.
5. Build the body. Wins first, ordered by importance, stated as facts. Then risks, each with what is being done about it. Then a short look ahead.
6. Make the asks answerable. One to three asks, each specific: who, what, and by when. An ask such as "any ideas welcome" cannot be answered.
7. Run the honesty check before sending:
   • Does every commitment have a true status?
   • Is every favorable number shown beside its unfavorable counterpart?
   • Does the headline match the numbers?
   • Is every risk paired with an action?
   • Would the founder be comfortable if an investor compared this with the last update?

Output

• The update, in the order: headline, say-do ledger, numbers, wins, risks, asks, and look ahead.
• The honesty check result, with any item that failed and its fix.

Quality bar

Every commitment from the last update appears with a true status. Numbers appear before narrative, in the agreed frame, with plan and variance. The headline is one thesis. Each risk has an action. Asks are specific. Watch for missed commitments left out, favorable numbers shown alone, and asks that cannot be answered.