Rapidly implementing investor feedback immediately builds an emotional tie between the investor and your company. Maybe they didn’t invest capital, but they invested an idea, and now their idea is a part of your idea.
This step is straight-up not about whether to communicate. It is about what to communicate. Stress is uncertainty about and the inability to affect the future, so telling stakeholders how bad the future might be without giving them something to do won’t make them feel any better.
“Do you think investors are stupid?”
You would not believe how many times I have posed this question to my clients. And every time they talk about approaching investors with “quick wins” and meaningless metrics, I am forced to ask them again.
If you have a problem, do you honestly care HOW it gets done, as long as it works? Spoiler alert: the correct answer is no. Sure, you probably have conditions of satisfaction — the solution can’t cost more than X dollars, or require new software systems, or disrupt your supply chain. This is all a part of what success looks like. Once that’s defined, if your team can get the job done with helper monkeys in cute little vests, more power to them.
There are several reasons why business owners are afraid of asking questions. I’ll tell you right now, all of them suck. But here they are:
* They’ll get answers they don’t want.
* They should already know the answer.
* They’ll frustrate the other party by asking.
Your goal in this first meeting is not to have your counterparts think “dang, we have to acquire them right now” but “wow, this is a really thoughtful person who I can see working with on a regular basis.” The barrier to the former is insane. The bar for the latter is simply being yourself and taking the occasional breath so that the other person has an opportunity to speak.