8 Tips for an Effective Business Pitch
by Dorina Hart | November 28, 2018
Knowing how to deliver a good business pitch sometimes is better than a well-written business plan. It is a skill that can help you promote your business idea and get investors interested in your business proposition.
A business pitch is a short summary of your business plan that tells your audience about you and your company, your team and your combined credibility, the problem and your ability to solve it, and a compelling reason why investors should give you their time and money.
The length of your business pitch could vary depending on how much time you have. it could range from 30 seconds to five minutes. Sometimes all it takes is one chance to deliver your pitch in front of the right investor who has very limited time to give you.
In the business world the time is money; thus, you have to learn to pitch effectively according to your audience and timeframe.
Here are few tips on how to create a good business pitch that will help you with your business proposition:
Introduction: Start with an introduction. Explain who you are and what your role in the company is. Abstain from any jargon or acronyms. Tell your audience about your company and what type of products and/or services your company is offering.
The power of the team: One of the most important parts of any company is the team. These are the founder(s), partner(s), employee(s), mentor(s), professional resources that work towards a common goal and bring value to your company. Make sure to tell to your investor(s) about your team’s credibility and how their expertise covers multiple functional areas in your company.
Be a problem solver: Tell your audience about the existing problem(s) and how are you planning to solve it. Try to limit the problems and solutions to no more than three.
Know your competitive edge: You should never assume that your product/service is unique and there is no competition. Everyone has competition. Be prepared to talk about your top five competitors and why you are different from them. Consider doing a SWOT analysis (strengths, weaknesses, opportunities and threat) on your competition so you can assess your competitive advantages.
Be a storyteller: Being a storyteller is an art and an advantage because a genuine, relatable, personal story can engage your audience and help them get a glimpse of your company’s mission and culture. Additionally, investors are more likely to do business with a passionate and driven head of the company who knows the art of storytelling. So, practice your storytelling technique.
Ask boldly: Remember to ask the investors for what you want (join your mission, give their time and/or money). Otherwise it is a just a lovely presentation without a purpose. Be ready to walk away from the deal if the deal is less than favorable. You always have the right to say no.
Be memorable: People always remember the first and the last thing you say so be prepared to have a strong closing. Remind everyone who you are, what you do and what your goal is.
Repeat: Practice your pitch. According to Zig Ziglar, an American author and renowned businessman, repetition is “…the mother of learning [and] the father of action, which makes it the architect of accomplishment.”
You never know when the opportunity will present itself for you to be in front of the right audience. Work on your business pitch presentation and practice it daily so you can be ready to deliver the results for yourself, your team and your company.
Florida SBDC at USF, Tampa
Specialty: Preventure, Startup
Dorina Hart started her career in banking. In her last role at The Bank of Tampa, Hart exercised the role of a portfolio manager and a private account specialist to the bank’s clients. While pursuing her business degree at University of Tampa, she partnered with a local IT consultant and started an IT firm in Tampa Bay. Her roles include management and finance. In May 2017, she graduated from University of Tampa, Sykes College of Business with bachelor’s in business and entrepreneurship. Currently, she’s enrolled at University of Tampa and pursuing her MBA. Hart specializes in guiding pre-venture and startup entrepreneurs through the challenges of starting a business. She is also a QuickBooks Certified Pro Advisor.