A Logbook is a simple method of keeping a record of something over a period of time. I, as an entrepreneur, used Logbook as my monthly letters to share my entrepreneurial journey/experiences with my trusted group of people such as peers, mentors, friends, professors. They enriched me with their love, knowledge, wisdom, suggestions, experience, network, investment etc. all together. With time, many of them become my co-founder, investor, employee, advisor, promoter, evangelist etc. I call them my Support system because they provide mentoring, emotional, informational, instrumental as well as financial support in my slow but steady journey. Unknowingly, in those formative years of my start-up, this logbook & letters together helped me to build and maintain this strongly connected support system to continue my journey in a balanced manner.
What all valuable information one entrepreneur should record in his Logbook and share with the support system. Sharing some of the important points from my own letters.
1. Cover page: Your logo with a tagline of your service. (Taglines are easy to remember and can be changed with time.)
2. Greetings to your mentors, friends, well-wishers and supporters who have trusted/helped /supported you accompanied by a crisp update about your current situation. If you are facing any challenge, where you need their help, it is worth mentioning here.
3. Achievement section: Any AHA moment such as an award, recognition in a competition, new client, new product etc.
4. Chronology of monthly events: Arranging important events such as competition presentations, meetings, product launch, interviews, etc. in ascending order of occurrence.
5. Latest tech developments such as Mobile App, website, product, new features
6. Core team activities
7. New partnerships with organizations
8. New organization connections which either approached you or shown a positive response to your cold emails.
9. Marketing activity done in the last 30 days such as WhatsApp promotion, media PR, paid promotion, newspaper, pamphlet, social media etc.
10. Media coverage happened in the last 30 days with the image & link of the article.
11. The prime focus in coming months (raising investment, product development, business development)
12. User trends & key statistics: One-page tabular data of key parameters showing last 12 months trend depending upon your business to measure the growth. (monthly unique visitors, returning users, page views, pages/sessions, avg. visit duration (seconds), bounce rate, total/monthly registered users, premium members, etc.)
13. Google analytics screenshot: Day to day comparison of this month vs last month
14. Commercials (If you are bootstrapped and looking out for seed fund, angel fund, it is good to put this in your Logbook) (Actual expense vs revenue graph, revenue breakup: product-wise, service wise, actual expense in last 30 days (salary, technology, delivery, rent, server, misc.) and estimated expense in this new month.)
Few suggestions to make your document crisp and effective
1. Always use a word document where you can write descriptive notes of your work. (Page layout: Landscape orientation, 2 Columns)
2. Add as many URLs (media, websites) and images of your meetings with people.
3. Send your letters to your support system keeping them in CC.
4. Send your letters by 1st or 2nd day of every month.
5. Email subject line: [*Startup name*] April 2020 Month Report
6. Upload all reports in a Google drive and share the link with your network, so that, any new person joining your support system can also have access to past Logbook reports.
Note:
1. As a founder, maintain a record of your/team members daily important activities on a Google worksheet. This worksheet will save plenty of time while drafting your monthly Logbook.
2. Keep all those people in your support system, whom you respect, want to learn from and look up to in your challenging times. These letters are one of the best ways to maintain & strengthen the relationship with all your mentors, advisors, friends on a regular basis.
3. Starting up is like farming. The entrepreneur as a farmer not only need an idea (as seeds), hard work, patience and grit but also a supporting environment (to nurture his idea).
Maintaining “Logbook” is a standard activity that I have learned in my Marine engineering profession, where we record our everyday Engine room activities in a diary for everyone reference.
Resource guide: Sharing a word template of Logbook. Download Here