Reporting takes time and effort. But — if done right — it can be extremely rewarding and pays off in the end! Here are five reasons why keeping track of your metrics and reporting regularly is totally worth it:
1. Be your own target group! Reporting is meant to keep all your stakeholders in the loop on what you are up to. Of course, investors are one of the most important stakeholders when it comes to reporting. But you and your team need to be up to date on your latest developments as well. Knowing your numbers and having one place to share them facilitates internal communication and makes sure that everybody is on the same page!
2. Reporting is a great mirror! We all know it: reporting and putting your current situation in numbers/words is the hardest when something is not going according to plan. As hard as it might be: reporting is exactly what you need in those kinds of situations. It forces you to address your problems before they turn into bigger problems. Next time you really don’t feel like writing an update to your investors or your team, know that it is exactly what can help to understand and react!
3. Get help! Your investors know as much about you and your current plans and challenges as you tell them. Keep them engaged so that they can help you out. That’s what they are here for!
4. Receive follow-up investments! Regular reporting increases your chances of successful future funding. Always think of the long run and keep in mind,
“If you keep your investors engaged with honest updates they will reward you by participating in future rounds.” (Jason Calacanis)
5. It doesn’t have to be hard! We believe reporting should suck less. That’s why we created investory.io. It saves time by using APIs to your data sources, calculating KPIs and building meaningful graphs. It guides you through the process with predefined KPIs and ready-to-use update templates. Don’t make your life harder than it has to be and let us do some of the work for you!
Did this post remind you of an outstanding update you should write? Do it right now and earn the rewards later on!
Would you like to tell your startup story to investors? Send your case to firstname.lastname@example.org.