Stage owners
For each of the five AARRR stages, write the team or person accountable for the metric. Acquisition might be marketing. Activation might be product. Retention might be product and success jointly. Write a real name — 'product team' is not an owner. If a stage has no owner, that's your first action item.
Current vs. target
For each stage: current metric value, target value, and deadline. Keep it to the primary metric per stage — not a dashboard, a single number that represents the health of each stage. If you have three metrics per stage and can't choose one, that's also something to decide in this session.
Top lever per stage
The one thing, if changed, that would move each stage's metric most. Write one lever per stage. This is the output of having prioritized — the team isn't working on everything, they're working on the lever.
Experiment in flight
For each stage: is there an experiment running right now? Write the experiment name, the hypothesis, and the expected completion date. If there's no experiment running on a stage, is that intentional or an oversight?
Status and blockers
A quick status column: Green (on track), Yellow (at risk), Red (blocked). For anything red: the blocker and the owner of resolving it. This section turns the audit into an action list.