Monthly Update

What it is

One page, once a month. Your mentee reports goals, one key number, a win, a difficulty and what they need.

When to send it

Start it in the first month. Its value is the trend, and the chart starts with the second update.

• From the startthe first month sets the baseline
• Before each meetingread it first, then meet
• When meetings driftback to goals and numbers

Filling it in

Ten minutes, in four steps. Goals, your number, the month in words, then asks and next goals.

1. Mark last month’s goalsDone, partly or missed, for up to five goals.
2. Enter your key numberThe change since last month appears as you type.
3. Write the month, then askA win, a difficulty, a lesson, then what you need.

Reading the answers

Read the asks first. The asks show where you can help this week, so start there.

• Goals donedone, partly or missed, last month
• Since last monththe change in their key number
• Askswhat they need, in their words

Questions to ask

Ask, then ask once more. People who ask follow-up questions are liked more (Huang and others, 2017).

• Why did the missed goals slip?then: what would you change?
• Is this still the number that matters most?then: what would replace it?
• Which ask can be met this week?then: who else could help?

Why it works

In a randomised trial with startups in India, founders advised to set goals, meet regularly and get frequent feedback grew more and failed less over two years.

Sources

• Chatterji, Delecourt, Hasan & Koning (2019). When does advice impact startup performance? Strategic Management Journal 40(3):331–356.

How a tool works on Mentornity

1. 1The mentor picks a tool from the library and sends it with a short message.
2. 2The mentee fills it in step by step; the answers are saved as they go.
3. 3Both see the answers, comment on any part and agree the next steps.
4. 4Only the two of them see the answers, not the program admins.

Guides for both sides

• Monthly Update for MentorsFor mentors and coaches: when to ask for the Monthly Update, how to read goals, numbers and asks, and how to meet one ask before the next.
• Monthly Update for MenteesFor mentees and founders: what the Monthly Update is, how to fill it in, where to find it and what your mentor does with it.

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