Investor update template

Investors read many updates. A title that states the result and the biggest miss, such as “ARR up 14%, two goals missed”, tells them how the quarter went before they open the first slide, and it shows that nothing is being hidden.

• The period the update covers, with the end date
• The result in the title, including the miss
• Your company name and the month of sending
• A confidential marker, if the numbers are not public

Most readers stop after this slide, so it has to carry the quarter alone. One headline figure, one sentence on what went better than planned and one on what did not gives the full picture at a glance.

• One headline number, usually revenue growth
• What beat plan, in one sentence
• What missed plan, with the figure
• Cash or runway in half a sentence

Investors compare quarters, so the format must not change. Four metrics with the same definitions every time, such as customers, net new revenue, churn and burn, let them see the trend at a glance. A note that defines the terms prevents questions.

• Four metrics, not ten
• The change against the previous quarter for each
• A short label that says what is counted
• A note defining recurring revenue and churn

The first question about growth is where it came from. A bridge from last quarter's recurring revenue to this quarter's, split into new customers, expansion and churn, answers it in one picture and shows whether growth is healthy or bought.

• Starting and ending figure with their dates
• New customers, expansion and churn as separate steps
• A sentence on the biggest step, such as why customers left
• The source of the figures, for example the billing system

Investors remember the goals from your last update. A table with plan, actual and a green, amber or red status shows that you track yourself and that you report misses without being asked, which builds the trust you need for later asks.

• The goals exactly as written in the last update
• Plan, actual and a status in a table
• At most six rows
• The misses stated plainly, with the figure

A quarter of results is not yet a story. Three lessons, each with one number and one change you made because of it, show that the team learns quickly, which is what investors back in an early company.

• Three lessons, not a long list
• One number behind each lesson
• What changes because of it
• At least one lesson from something that did not work

No investor should have to compute your runway from a spreadsheet. Cash, burn and months of runway with the date they run to answer the question every investor has, and a line about the next round says when you will ask for money.

• Cash on the closing date
• Net burn per month and whether it changes
• Runway in months and the month it ends
• When talks about the next round start

The next update will be read against this slide. Four commitments with a date or a month, and a revenue goal built from its parts, give investors something to hold you to and make the next plan-against-actual table easy to write.

• Four milestones, each with a month or a date
• A revenue goal that adds up from its parts
• Hires or launches that matter to the numbers
• Nothing you do not intend to report on

Investors want to help, but vague offers lead nowhere. Three specific asks, such as an introduction to a named group, a candidate profile or an opinion on timing, can be acted on within a day, and a contact line removes the last obstacle.

• Three asks, each one an action
• The kind of person or company you want to reach
• A start date for hires
• Your name and email