Depending on the stage of your business, different levels of reporting will be valuable. But whatever stage you are at, an outline of your next strategic milestones is essential.
Investors back your business, because they believe you are on your way to create a great company, which will give them a healthy return on their investment. You are creating this return every day by moving the business towards hitting the next set of milestones. Examples are:
- First user
- First paying customer
- Launch of new enterprise feature [X]
- First $100k in revenue. First $1m
Spell them out in your board pack, and provide a comment on progress made and when you are likely to hit them. If done right, this will provide a great tool for the founders as they steer their company, and for their board as they think about how to help the business grow and succeed. And if you keep pushing and pushing and the milestones are not coming closer, then you know it may be time to consider a rethink of the strategy and a pivot of the business.