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Management reports are a very important part of the Foundry and of the management portion of the Foundry. Meaning this is some of the things that we'll use, one of the tools that we'll use to help run your company on a day-to-day basis. The point of a management report is it's an ongoing document that you're going to use every week once a week. You're going to fill one out. That helps you track and maintain the tasks of you and the other people in your business. So essentially it's sort of an ongoing barometer of what you're accomplishing, what you're going to do next week, what your plans and problems are. We'll talk about each one of those sections. The question first we should start with before we explain what management reports are exactly is why. Why do you use them? The number one reason is that time is your enemy and time management is very important when you're starting a company and really when you're trying to execute any task, time management is a big challenge. So this is designed to help you track and maximize your use of time. The second is that you want to make sure that you have a way of tracking all of everyone's time is spent on targeted and on task. Without having to account for people's individual hours, you want a way that the entire team can track what everybody else is up to. That's something that we'll explain about management reports, you can use them for any employee in your organization so everyone can keep track of everyone else's progress. So what is the management report designed to do? What are the benefits associated with it? The first is that it will force you to get and stay organized. That's sort of self-evident. Also, it allows you to, in a very short document, think about the big issues associated with your company and then review progress and plans without lying to yourself. Really being clear about what you did last week, what you plan to do and how effective you are hitting those targets. Also to identify problems before they occur to keep your team motivated and informed, that's often a problem. The people on your team won't know what other people are working on, won't be motivated toward a mutual goal, and then also track progress over time. So just to be able to look back in time and say how far we've come, how good are we at accomplishing what we say we're going to accomplish. So let's look at what the management report is made of. Imagine this is your management report. You should have an example in front of you when you're watching this video. It will make it much easier to understand. There are five sections: At a glance, progress, plans, problems and priorities. Essentially what this is at a glance is saying what's going on in the company quickly. Progress is saying what did I do recently. Plans is referring to what am I going to do for the next week. Problems are pretty self-evident, what have been my problems been, what am I struggling with. And priorities, just sort of let you keep track of what tasks you should be putting more time toward. So let's start with at a glance. At a glance is, put a couple of examples up here, what it's designed to do is say how are things going on your major projects. And it's designed to do that quickly. You should be able to look at this relatively quickly. So the first thing we've got here is an example where you use a milestone, a target, a current date and a status date. So this might be developing version one of the website. And your target date was 10/20. And currently you think you'll get it done on 10/25. And so this is late. So that may change if you speed up next week. But the point is that you should be able to imagine there are 10 or 15 of these things for your various project, you should be able to look at this really quickly and know I'm on time or late with other pieces of my project. The second would be you have a deliverable and you have percentage of completion. So 20, 40, 60, 80, 100 percent complete. And the day I'm 20 percent complete I say is 9/1 and 9/10 I'm 40 percent complete. And you actually define what 20, 40, 60, 80, 100 means. It's a way of of tracking how you're doing on those projects. You can see more examples in the PowerPoint slide that we have. But that's essentially how at a glance works. So let's talk about the progress section. The progress sections should be full of items that tie to the at a glance section. So progress is essentially what have I done in the last week. It's what you've completed, not what you're working on. You really only want to write down I completed XYZ. You're going to use numbers, names and dates. Ideally you're just updating the plan section from last week, which we'll get to in a second. And also your team should be doing multiple things each week. Meaning you should have a bunch of bullets in your progress section about what you've done. Real important is these past tense verbs. Verbs like completed, drafted. You don't want to use things like made progress on or worked on. You only want to confine yourself to using words that signify a deliverable. And then also document who is doing those things. It's important to track later. So completed such and such, Matt did that. And then the third section here is the plan section. The plan section is things that you're going to complete this week. I know it sounds simple. But it's an effective tool. You're going to use active verbs instead of passive verbs. I'm going to complete. I'm going to draft. I'm going to implement. What you're doing is you're setting out a deliverable, solid deliverable that signifies completion of the task later. And that's what you're planning to accomplish in the plan section. Be detailed and document who is supposed to do each of one of those things and again look at the example document. We'll get you -- you should have and you'll have a much better idea of how this works. And then I'll explain the next two sections in the second video.