Pitching is an important skill that every entrepreneur should master. For many the art of winning a pitch comes from the preparation. In this article we share four ways that will help you prepare for, and in turn win your pitch.
Not only is it important to learn the ins and outs of your business audience, it’s also important to learn about the person you’re pitching to. Look them up online and speak to people who know them or have pitched to them before. By learning about the person you’re pitching to you can tailor your delivery to ensure that your pitch appeals to the way in which they work.
You should never go to a pitch without researching your competition and being able to discuss with the investor what is currently being done in the market, or has previously been done. Instead of being scared to approach the subject of competitors, turn it into a positive! Highlight how you’ve researched the market, showcase your knowledge of what others have done and what has and hasn’t been successful – show your investors that you will be better than any competition.
Firstly, your financial plan should clearly show how much money you need, a projection of costs and an idea of turnover. However, to show investors that you have really thought through every area of your pitch bring with you a best case, an average case and a worst case scenario of outcomes – investors will appreciate that you’ve covered all eventualities.
If an investor is serious in their consideration of your business, they are going to throw tough questions your way. In order to secure their financial backing, you will need to answer their questions in a way that satisfies and impresses them. Before you pitch, take a moment to consider any questions that investors may send your way; especially the difficult ones. Make sure your answers are ready, but don’t allow them to feel rehearsed.