Having a strong relationship with your investors can accelerate your startup’s growth and success. It’s in investors' interest to help you succeed, put you in the right rooms, provide guidance, and potentially more resources.

BUT (!!!) you must build a strong and trustworthy relationship with them first. And one really good way to strengthen relationships is to use your investor reports the right way.

First, let me tell you what not to do:

There’s nothing worse, from an investor perspective than not hearing for months from a founder, and suddenly being shocked with bad news. I strongly recommend avoiding disappearing for months at all costs, especially if there might be some bad news coming.

Be proactive; tell them upfront that there might be some bad news coming, and they might be able to help you.

So here are a few practical tips for your future investor reports, based on what I have found quite effective:

Email Over PDF: When sending your investor updates, go for a well-formatted email instead of a PDF attachment. Very often, investors read these reports on mobile, and scrolling through a PDF on a smartphone can be annoying. Keep it simple, focus on the essentials, and put it directly in the email body.

Don’t think that creating fancy slides is the way to go. A nicely formatted email is more than sufficient. It saves you time and makes the information easier to consume.

Address the good, the bad, and the ugly: Honesty fosters trust. Use these updates to talk about challenges and setbacks. It's important to communicate the not-so-good news. This transparency is what builds deeper trust with your investors. And the more trust you have with them, the more likely they will help you.

Ask for help: Many founders miss out on taking advantage of their investors' network and expertise. Be specific about the help you need. For example, if you're looking for introductions, provide a list of companies and ask your investors to add their names if they can make an intro. The more concrete your request, the better.

Highlight investors: Finally, always give a shout-out to investors who've helped you since your last report. This is your chance to give back – acknowledging their help not only shows your gratitude but it shows that they are valued and appreciated, improving their reputation among other investors. And of course, it also motivates them and others to continue supporting you.

Remember, investor reports are more than just updates – they are a strategic tool to cultivate trust, seek support, and build a community of engaged backers. Use them wisely!