A status update should survive being read at midnight by someone tired who was not in the room. If it needs a meeting to explain it, the update is not finished.
Three things belong in every one. What moved, what is stuck, what you need. Everything else is decoration, and decoration is what trains people to stop reading.
The test is simple. Could the client read it in ninety seconds and know exactly where things stand? If not, cut until they can.
Write fewer updates, written better. One clear note a week beats five vague ones, every single time.
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