First off, thanks for choosing to with work with us! We're excited to support you as you improve your portfolio reporting and monitoring processes.
We know that a top priority of yours is getting your companies to adopt the new reporting processes you're going to implement with Visible.vc, smoothly. This article covers the best practices for doing just that so keep reading.
Step One: Setting up your account
Your account manager will be in contact with you about the best way to upload portfolio information and set up your metric infrastructure.
Step Two: Notifying your companies
We suggest notifying your companies about the adoption of Visible.vc two weeks before your first 'Request' is due.
Here is some sample copy you can use for this email communication.
Step Three: Communicating company options and the WHY
Be sure you and your companies are clear that your companies do not have to sign up for an account with Visible -- but they can if they want to.
More information about the different ways companies can engage with Visible when their investor also has an account can be found here.
To provide your companies with education about the importance of sending investor updates, you can invite them to attend one of our 'Investing in Investor Updates' webinars which includes a demo of our product for founders at the end. More detail and the shareable registration link can be found here.
Step Four: Sending out your first Request
Requests are how most investors using Visible collect portfolio metrics and qualitative information from their companies on a regular basis. More info on Requests found here.
We understand you want to feel confident sending out your first Request to companies. Here are some options you can choose from to give you peace of mind:
Send yourself a test Request to see how it will look like from the companies' perspectives. (You have the option to do this from within the platform as the final step when you are setting up the Request)
Consider doing a 'trial Request' by sending a Request to just some of your most engaged founders with whom you have developed rapport. They can provide you with feedback on your metric definitions, number of metrics, etc.
Reach out to us at Visible.vc and we'd be happy to review how you've set up your first Request and provide recommendations.
Step Five: Sending One Off Reminders
It's easy to set up automatic email reminders to reduce the 'chasing' that is sometimes needed for companies to complete their reporting.
For the first Request, you may also need to Send One Off Reminders to make sure no one slips through the cracks. (This is especially important for the first Request because it's your best opportunity to set the right reporting expectations with companies). Here's how you can Review the Status of Requests across the portfolio.
Step Six: Checking in with companies
Consider checking in with your companies, or at leasts some of them after the first Request has been completed to see if they have any questions. You'll want to make sure all your Request questions and definitions were clearly understood so you can Edit the Request if needed before the next reporting cycle.
We've designed our product to be founder-friendly and intuitive; however, it's still a good idea to implement these best practices. This will ensure you get high adoption rate which will in turn produce regular, accurate data that you can use for your own internal and external reporting.