Successfully Communicate with Investors
Rick Smith is the co-founder of Crosscut Ventures (http://crosscutventures.com/). You can watch more content here on Docstoc.
- Have timely communication with your investors, no surprises at the board meetings.
- Don’t wait until you think you have all the answers. I don’t know is an ok answer.
- Make it collaborative, not antagonistic.
So I think many times a founders and CEOs have promise communicating with their investors and their board and I want to talk about three tips that I would have for any aspiring entrepreneur in how to better communicate with your investors.
Number one, timely communication, okay, be active on that, stay ahead of the curve. If something happens good or bad let your board investors know and as aside note to that don’t wait for the board meetings to give that information, all right. If there something happens pick up the phone, send an e-mail, call your investor now, no surprises at the board meetings. So, number one timely communication.
Number two, don’t wait until you think you have all the answers ‘cause you may not, right, these are startups, these are tough businesses, right, to get off the ground and get running. I don’t know is an okay answer. If you don’t know yet what the effect of the latest Google changes or whatever it may be that’s okay just tell us, I don’t know we’re going to figure it out together and that’s really the third point is this is – let’s make this collaborative not antagonist, right.
We’ve already made the invest in your company, we’re already there for you bring us in to the full, bring us into the tent, tell us all the new when you get it, let’s sort through the answers, let’s figure out the strategic directions we may need to go and response to whatever it is and whatever issues it is that we have and we can all work together.
So those are the three tips I would have for any aspiring entrepreneur. Timely communication, I don’t know is okay and make it collaborative not antagonist.