Entrepreneurs and operators: the best memos and decks are written in the form of a conclusion followed by a series of assertions supporting the conclusion.

Each assertion should have a list of evidence that reinforces that assertion.

End the memo with the key risks to any of the assertions, or the validity of the evidence.

For example:

conclusion: Startup X is on track to become a $10B company in 5 years because:

- assertion 1: we have figured out scaled customer acquisition [evidence]
- assertion 2: customers retain very well once we acquire them [evidence]

- assertion 3: the market is massive and we can grow 1000x from here [evidence]
- assertion 4: we have rendered the competition irrelevant [evidence]
- assertion 5: we have the best team in the business [evidence]

Avoid slides or sections with titles like “Team” or “Growth” That’s neither an assertion nor evidence. It’s just a passive word and doesn’t convey anything that furthers the story you want to tell.

To summarize:
- start with the conclusion first
- frame the document as a set of assertions
- provide a logical chain of evidence to support each assertion

Sometimes the conclusion can be a recommendation (eg in a memo to the exec team) but the rest of the format remains the same.