Pitching the Business Plan
Pitching the Business Plan
The Purpose of Pitching
- Highlighting your unique selling point (USP): A pitch needs to communicate what makes the business different or better than competitors.
- Attracting investment: One common reason for pitching is to attract financial backers. This could be either venture capitalists or smaller investors.
- Generating interest: A successful pitch can drive interest in your business from potential customers, partners, media or other stakeholders.
Components of a Good Pitch
- Clear communication: The business idea needs to be explained simply and passionately. The audience should understand what the business offers, who its customers would be, and why it could succeed.
- Marketing strategy: Include an overview of how you plan to attract and retain customers.
- Evidence of demand: Show evidence that there is a market demand for your product or service.
- Financial forecasting: Include projections of revenue, profitability and cash flow. These should show that the business could be financially viable and that investors could get a return on their investment.
Pitching Techniques
- Elevator pitch: This short, to-the-point statement should describe the business idea, its unique selling features and why it will succeed. It should be possible to deliver this pitch in a short elevator ride (hence the name).
- Storytelling: Explaining the business idea as a story can make it more engaging and memorable. This might include the ‘story’ of why the business was started, or a hypothetical ‘story’ of a customer using the product.
- Positive body language: Non-verbal communication can greatly influence how a pitch is received. Maintaining eye contact, using open body language, and using appropriate hand gestures can make a pitch more engaging and persuasive.
After the Pitch
- Handling questions: Be prepared to answer audience questions confidently and honestly after the pitch.
- Following up: Send a thank-you note to anyone who listened to the pitch, and be ready to provide additional information or arrange further meetings if required.
- Learning from feedback: If people give feedback after the pitch (whether positive or negative), think about how this feedback could be used to improve future pitches or the business plan itself.