6.03 – Presenting Your Business Plan
Successfully presenting a business plan is as crucial as the plan itself. Investors back businesses primarily because they believe in the management team’s ability to respond effectively to changing conditions. To impress financiers, you must be thoroughly prepared to present and defend your proposition. Here’s how to make your pitch compelling and engaging.
Be Prepared
Know your business plan inside out. You should be able to navigate through every detail forwards, backwards, and sideways. This level of familiarity instills confidence in your audience.
Create Empathy
Building a connection with your audience is key. Eye contact, tone of speech, enthusiasm, and body language all play vital roles in making a successful presentation. Focus on appearing professional, interested, and open to feedback.
Dress To Impress
Wearing a suit or business attire sets a professional tone. While casual dress might be acceptable in some environments, serious business meetings generally call for a more formal approach.
Explain Your Strategy
Clearly articulate your business strategy, demonstrating your understanding of the competitive market forces at work. Show that you have a well-thought-out plan for navigating these forces.
Provide The Latest Information On Sales
Update your audience with the latest data on sales, profits, product development, and market tests. This information can add credibility to your plan and demonstrate your business’s momentum.
Use Visual Aids
Bring and demonstrate your product or service if possible. Visual aids like videos, models, or diagrams can help make your proposition more tangible and engaging.
Allow Plenty of Time for Questions
Be prepared for questions and criticisms. Listen carefully, keep your responses brief and to the point, and avoid appearing defensive. If more information is needed, your audience will ask.
Words, Tone, and Body Language
Researchers have shown the value of each of the following in transmitting a message:
- Words – 7%: Carefully prepare what you say.
- Tone – 35%: Work on sounding professional, interested, open to criticism, and friendly.
- Body Language – 58%: Your body subconsciously reveals your true thoughts. Maintain open body language to show receptiveness and interest.
Managing Rejection
Rejection is part of the process. Here are steps to handle and learn from it:
- Listen to Criticisms: Understand why your plan was turned down and ask how you can improve.
- Review Your Plan: Make adjustments to address concerns and reduce perceived risks.
- Pitch to the Right Audience: Ensure your proposition is tailored to the right investors, such as venture capitalists for high-risk tech ventures or bankers for tangible assets.
Elevator Pitch
Always be ready with a brief, impactful presentation. You might get a chance to pitch in unexpected places, so having a 5-, 10-, and 20-minute version of your presentation ready can be crucial.
Real-Life Example
One entrepreneur secured a critical business deal during a ten-minute car ride by conveying key facts with passion, conviction, and authority. Preparation allowed her to seize the opportunity and ultimately build a business sold for £20 million.
By following these guidelines, you can enhance your ability to present your business plan effectively, increasing your chances of securing the investment and support needed for your venture’s success.
