THE BRIEF
I owe my 14 angel investors a monthly update and I keep putting it off. October was mixed: revenue up, but we lost our biggest customer. Draft it so it's honest and short.
Scenario: Founder of a seed-stage invoicing tool for contractors
Package: Investor update draft · $30 · 2 hrs
Three angles, one I'd bet on. Rough on purpose so we can move fast.
THE THREE ANGLES
- Lead with the loss. (My bet.) "We lost our biggest customer. Here's why, and here's why revenue still went up."
- Lead with the growth: MRR up 18%, then mention the loss in paragraph 3.
- Lead with the ask: two intros you need.
Why I'd bet on 1: investors find out about bad news eventually. If they hear it from you first, with a plan, they trust you more. My parents ran a restaurant for 22 years. When the health inspector gave them a B, my dad put the sign in the window himself and wrote "We fixed it" under it. Regulars came back the next day.
THE INVESTOR'S LIKELY OBJECTION
"Is losing your biggest customer a sign that the product doesn't work for bigger contractors?" Answer it before they ask.
THE DRAFT (ANGLE 1)
Subject: October update: lost our biggest customer, MRR still up 18%
Hi all,
The headline: we lost our biggest customer this month, and revenue still grew.
THE LOSS
Ridgeline Builders, 9% of revenue, left on Oct 12. They were acquired, and the new parent uses its own system. It wasn't about the product. Their ops lead offered to be a reference.
THE NUMBERS
- MRR: $41,200, up 18% from $34,900.
- Paying customers: 212, up from 171.
- Churn: 2.1% (Ridgeline is most of that).
- Cash: $1.14M, 19 months of runway.
WHAT WORKED
Our new "pay by text" button. 61% of invoices sent with it got paid in under 3 days.
WHAT DIDN'T
We still can't win contractors with more than 50 employees. They need permissions we don't have yet. That's the next build.
THE ASK
Two intros: anyone at a regional builder with 50 to 200 employees, and a payments lawyer.
Thanks for reading,
Ana
ON THE NAPKIN
Subject line options: "Lost our biggest customer, MRR still up 18%" / "October: one big loss, more growth" / "The honest October update."
Let's go make it real. — Bean
