Today on The Startup Chat, Steli and Hiten talk about company updates and the idea of updating people about the status of your company on a regular basis.
Company updates are a great way to keep stakeholders up to date about your business, and as a founder or CEO, you might be thinking of doing this, even if you don’t have investors.
In this episode, Steli and Hiten shed some light on what makes a great update, why doing so could be valuable for you and your business, and they share some tips on how you can present your updates in a meaningful way.
Time Stamped Show Notes:
00:25 – Hiten talks about the idea of updating people outside of your company on a regular basis.
02:29 – Steli talks about a time when he did weekly updates to investors at his company.
05:06 – Steli talks about what company updates currently look like at Close.io.
07:18 – Why it’s important to have a reason to send out company updates.
07:53 – Why almost no company survives the 6th-month mark.
08:24 – The most challenging thing about sending out updates.
09:31 – Steli gives examples of people whom you could be updating about the status of your business.
12:27 – The worst and most powerful thing that can happen from sending updates.
15:32 – Hiten talks about what makes a great update and what distinguishes it from a bad one.
19:57 – Steli talks about giving feedback to those you update, especially if you tried out their recommendations or ideas .
Never do an update if you’re not committed to being consistent.
Keep your updates structured and easy to read and understand.
Always give feedback to the people who respond or gives tips to your updates.
Hiten: Hey everybody this is Steli Efti...
Steli: ...and this is Hiten Shah and today on The Startup Chat, we're gonna talk about company updates and this idea that you should be updating people outside your company, about your company, on a regular basis. And we'll talk really quickly about different levels of this because I think this is becoming more and more popular and obvious. Something to point out is, this isn't just for investors, and if you have investors, this is also for self funded companies and we'll talk through that. One of the reasons this is an important topic to me is, two things. One, I used to listen to Ernie's calls and read the transcripts and learn a lot about companies and public companies. Also, S1's, at one point in my life ... Just to learn about how they thought about themselves and also learn how to communicate about your company to the outside world. I just find a lot of curiosity. The second way I learned it is, when I got funded for my company, I needed to figure out how to do good company updates, and all that. And what I'm realizing now, in today's world, meet, to talk to, or hang out with that could give you feedback on your company. And so putting them ... Obviously with their permission, or knowing that they'd be cool with it on a list, so that you are updating on a monthly . Even if they aren't official equity holders or advisors to you, can be very valuable. So, I just wanted to talk about that cause I'm seeing this trend and I think it's good for all of us.
Hiten: It's interesting, I think that when you think about investor updates with sending regular company updates, it can feel like a chore, from a founders perspective. Like, "Oh my God, I have to write this update and tell everybody how things are going." When you have investors, your kind of forced to it. And often times companies will do-
Steli: I mean there's probably still ranges from terrible job to exceptionally good job at it. And we will digest a little bit ... We'll go into the detail of what makes a good update,