We’ve all seen those episodes of Dragon’s Den where the entrepreneurs are being asked what should be a relatively simple question about their business plan or financials but respond with a red-faced ‘ummmm, I’m not sure’. There are certain key facts about your business which you are expected to know and this blog covers how to make sure you’re well-versed in the key areas of your business.
Not only are elevator pitches useful for presenting to potential investors, but they can be a great way of making sure you are confident in explaining your business to others too. Imagine you’re at a friend’s dinner party and unexpectedly meet someone who could be a really good contact to help you grow your business. When they ask you what the business does, you don’t want to be caught off guard – instead you’ll make a more positive and lasting impression if a short, engaging explanation of your business and its key highlights. According to mindtools.com, you should try and get your message across in 20-30 seconds.
Our Credit Manager, Simon, has the task of approving our start-up loan business applications, most of which start with an ‘executive summary’, not to dissimilar to an elevator pitch. Here is some advice from Simon on what topics should be in your overall pitch:
1.Tell them your story
2. Engage your audience
3. Be concise
4. Be passionate
If you wish to startup a business, or have been trading under 24 months then get in touch and see how XFE can help you secure low-interest government-backed start-up funding . You will also have access to workshops and networking to help you brush up on the essentials of running a business. We also offer 12-months ongoing mentoring to ensure you have all the support you need to make your start-up a success. Our programmes are fully funded by our partners so we don’t charge you for our support. To find out more contact us today and one of our team will call you back.