Elevator Pitch

An Elevator Pitch is succinct and persuasive sales spiel that takes about as long as riding an elevator from the ground to floor 42 (30 seconds, give or take). Some humor intended!  It's Bill and Melinda Gates in the elevator with you, by chance, and 30 seconds is all you're going to get!  Are you ready?

1. Begin with an end in mind: What is it that you are looking to gain? Most often the pitch is used as a tool to capture enough interest to warrant a formal
2. Sell, Sell, Sell: What are you really selling? You are selling yourself! You're selling your dream. Be confident and show your passion.
3. Keep it simple: You should deliver a clear, compelling and simple image of your opportunity that is easy to remember and repeat. You want the audience to say, "I get it!"
4. Image is everything: The pitch must implant a clear image of your opportunity in the mind of the audience.
5. Adapt your presentation to the audience: The same pitch you use for an investor might not be the same as to a supplier. (For the sake of simplicity, the term audience is used in a generic sense to include an investor, supplier, employee, customer or even a judge in a competition.)
6. Lay out the benefits: Demonstrate how your business will impact consumers and showcase the return to the investors.
7. Differentiate yourself from the competition: Focus on outlining the special features of your product/service that gives you the edge over the competition. Time permitting, summarize the competitors and insert facts or statistics where necessary.
8. Don't forget the numbers: Depending on the audience, you need to insert a snapshot of your financials and other critical data. For example, "In year three we expect to capture 3 percent of the market, giving us $30 million in sales revenue." Investors also want to know the amount of investment you need and the return on investment (ROI).
9. Be memorable: Use your creativity and imagination. Put a tag on it! For example: Chevy - Like a rock. Nike - Just do it! BMW - The ultimate driving machine.
10. Conclude with a call to action: For example, "Thank you for the opportunity to pitch my idea. I'd be glad to provide greater detail over a lunch." The best pitch is useless without any follow-up action.
11. Practice! Practice! Practice! While there are always a few naturally-gifted speakers out there, the more you rehearse your pitch the more natural it will flow and the more confident you will appear. Remember that showing confidence and passion helps sell your idea.  Practice, yes, but don't memorize and start sounding rehearsed ... go with the flow of the listener!
12. Don't give up: Some people may not understand your opportunity at first, so don't get discouraged or quit. Walt Disney pitched his idea for Mickey Mouse to more than 300 banks before he received funding.  (Now that's a Mickey Mouse pitch I would love to have heard!)

How to Write Better

1. Be ruthless when proofreading ... look for what you can cut.
2. Remember stories have a beginning, a middle, and an end.
3. Use "talking headings" to convey meaning.
4. When in doubt, check for rules of grammar and usage with a handbook.
5. Place the subject and main verb near each other and use strong verb.
6. Avoid the "to be" verb when a stronger verb carriers a more specific meaning.
7. Use the passive voice sparingly (It was decided to change the Company name for the sake of enhancing the effect.) vs. (We changed the company name to make it more powerful.)
8. Make sure the "ing" form is necessary: (We were working on a prototype) vs. (We developed ... ) Note: often a question of verb tense.
9. Make sure words ending in "'ion" are necessary; are they verbs masquerading as nouns? (The decision to acknowledge receipt of the letter was made.) vs. (We acknowledge receipt of the letter.)
10. Make certain the prepositional phrase is helpful ... cut wasted prepositional phrases
11. To tighten: circle the "to be" verbs, the "ing" words, the "ion' words, and prepositions. Then read out loud, and check to see what else you can cut.
12. Put old information first, new information second (OLD >> NEW)
13. Put easy-to-understand information first, complicated material second
14. When building transitions, use repetition of key terms, synonyms for key terms, appropriate pronoun reference, and the appropriate collocation chain
15. Make sure your pronoun usage is clear to the reader
16. Choose the best word, but avoid using thoughtless thesaurus words
17. When quoting, introduce the author, the text, and the concept; then provide the quotation with proper citation format; then provide the reader with your interpretation.
18. Keep your writing simple ... cut to the chase.
19. Avoid cliches and trite phrases.
20. Use strong verbs.
21. Use consistent verb tenses, and find the single most correct word.
22. Always look for what you can throwaway and always make it easier on your audience.

[Thank you, Randy Accetta]

How to Write an Executive Summaary

The purpose of the executive summary of the business plan is to provide your readers with an overview of the business plan. Think of it as an introduction to your business. Therefore, your business plan's executive summary will include summaries of ...

1. a description of your company, including your product and/or service solutions
2. your management
3. the market and your customers including basic quantitative information
4. marketing and sales strategies
5. your primary competition
6. your competitive advantage
7. your operational strategies
8. financial projections and plans
9. contact information

The executive summary will end with a summary statement, a "last kick at the can" sentence or two designed to persuade the readers of your business plan that your business is a winner.

To write the executive summary of the business plan, start by following the list above and writing one to three sentences about each topic. (No more!)

If you have trouble crafting these summary sentences from scratch, review your business plan to get you going. In fact, one approach to writing the executive summary of the business plan is to take a summary sentence or two from each of the business plan sections you've already written. (If you compare the list above to the sections outlined in the Business Plan Outline, you'll see that this could work very well.)

Then finish your business plan's executive summary with a clinching closing sentence or two that answers the reader's question "Why is this a winning business?"

Tips for Writing the Business Plan's Executive Summary

1. Focus on providing a summary. The business plan itself will provide the details and whether bank managers or investors, the readers of your business plan don't want to have their time wasted.
2. Keep your language strong and positive. Don't weaken the executive summary of your business plan with weak language. Instead of writing, "Dogstar Industries might be in an excellent position to win government contracts", write "Dogstar Industries will be in an excellent position..."
3. The executive summary should be no more than two pages long ... one page is probably better. Resist the tempation to pad your business plan's executive summary with details (or pleas). The job of the executive summary is to present the facts and entice your reader to read the rest of the business plan, not tell him everything.
4. Polish your executive summary. Read it aloud. Does it flow or does it sound choppy? Is it clear and succinct? Once it sounds good to you, have someone else who knows nothing about your business read it and make suggestions for improvement.
5. Tailor the executive summary of your business plan to your audience. If the purpose of your business plan is to entice investors, for instance, your executive summary should focus on the opportunity your business provides investors and why the opportunity is special.
6. Put yourself in your readers' place... and read your executive summary again. Does this executive summary generate interest or excitement in the reader? If not, why?
7. Remember, the executive summary of the business plan will be the first thing the readers of the business plan read. If your executive summary is poorly written, it will also be the last, as they will set the rest of your business plan aside unread!

[Thank you, Susan Ward]

Venture Plan Presentation Slides

1. Slide 1: "Billboard"
2. Slide 2: Core Team ... who, what
3. Slide 3: Problem / Customer / Opportunity ... scale and scope of problem, SOM/SAM/TAM
4. Slide 4: Solution ... brochure
5. Slide 5: Value Proposition ... Customer NWD Profile, Benefits, FFFF
6. Slide 6: "Underlying Magic"... differentiation, competitive advantages, core competencies
7. Slide 7: Industry and Environment ... Who, What, SWOT
8. Slide 8: Competitive Analysis ... Who, What, SWOT
9. Slide 9: Business Model ... BM canvas
10. Slide 10: Go-to-Market Plan ... Strategies
11. Slide 11: Sales Plan ... Objectives
12. Slide 12: Operations ... Production, distribution, delivery, margin objectives
13. Slide 13: Growth Strategies ... Scale and Scope
14. Slide 14: Timeline ... What, when, where
15. Slide 15: Financial Objectives and Key Metrics ...
16. Slide 16: Use of Funds ...
17. Slide 17: Funding Proposal ... Equity, debt, grants, gifts
18. Slide 18: "Billboard"

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Slides 19 to 100+ will have all the gory details!! Lists of 100: customers, prospective customers, target markets, competitors, prospective collaborators, suppliers, prospective investors, ...

These 18 slides also form the foundation for a formal written business plan and an executive summary.