Month: September 2010

How to make a great small business pitch

GoForth Institute is excited to deliver small business training to the winner of the University of Alberta’s Perfect Pitch competition. Part of the overall prize package, the winner will receive mentoring, workshops and training in GoForth Institute’s 100 Essential Small Business Skills TM.

This got us thinking about pitches, so on our Facebook page, we asked entrepreneurs to tell us about some of their memorable small business pitches.We want to know what worked, what didn’t work and what their favourite pitch strategies were. Tell us your pitch stories in the comments below! We’d love to hear from you.

Stumped or scared when it comes to making pitches? Share your advice, or take some free inspiration from our list below.

Tips for making pitches about your small business

We know that making pitches to potential investors or customers can be nerve-wracking, so here are some tips:

  • Know your numbers – things like yearly sales (volume and dollar amount), cash flow projection and net worth.
  • Know your business. You should be able to, when asked, describe your business model, explain what unique need your small business fills, who your competition is and your marketing and sales plan – to name a few.
  • Research your potential investor or customer so you can speak accurately to what they’re looking for – and so you know what issues may arise.
  • Act natural! Making pitches is a lot like public speaking, but they don’t have to be terrifying. Just be professional, friendly and try to relax!
  • Practice in front of your business partners, trusted friends or family or even in front of your mirror. The purpose of this is not to memorize your “speech,” but to pinpoint strengths or missing pieces. Some cities even have networking groups where entrepreneurs just like you can practice their pitches.
  • Be concise. You might have five minutes to make a pitch, or you might have 30 seconds. Prepare a few pitches of varying lengths that get the point across and sound compelling.
  • Put yourself on the other side. If you were being pitched to, what questions would you ask? Make a list of these questions to help you become better prepared.

Here’s one more tip for making pitches – start watching the CBC TV show Dragons’ Den. No, we were not paid to say this; we just really love the show! Tune in for even a couple of episodes and you’ll get some free education on how to make a small business pitch.

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Can entrepreneurship be taught?

In this month’s newsletter at GoForth Institute, we’re examining the concepts of new beginnings and education – perfect for September and back-to-school time! One question we’re asking is:

Can entrepreneurship be taught?

At GoForth Institute, we believe in supplying entrepreneurs with basic small business skills – things such as understanding cash flow, analyzing competition and knowing government regulations. We also train entrepreneurs in general small business concepts like learning market positioning strategies, competing effectively and raising capital. Lastly, we encourage creativity and being open to new opportunities in business. These are all things that Dr. Richard Goossen, author of Entrepreneurial Excellence: Profit From the Best Ideas of the Experts, believes can be taught.

However, Goossen says that one entrepreneurship element just comes naturally: the ability to recognize specific market opportunities and determine their potential for success.

Read more about entrepreneurship education in our September newsletter.

GoForth Institute’s new expanded website launched

Speaking of new beginnings, we are proud to announce the launch of our brand-new website! We knew that Canadian entrepreneurs were searching for a one-stop resource for everything small business, so that’s what we gave you!

In the words of our President, Dr. Leslie Roberts:

We launch the largest, resource-based website for entrepreneurs in Canada – 1,050 pages of content, resources, free downloads, tips and tricks. We’ve assembled a team of business experts from across Canada who will answer entrepreneurs’ questions in all areas of business, law and government compliance and post the Q+A to the GoForth Community for everyone’s benefits.

Visit the new site and let us know what you think – the opinions of entrepreneurs are what created the new site, so your opinion matters.

A big thank you to the wonderful folks at Evans Hunt for all their help and hard work!

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Managing small business risk and uncertainty

It’s no surprise that being an entrepreneur means opening yourself up to risk and uncertainty – you come up with a great small business idea, spend time and money planning and then hang your shingle. Every day is different and, most often, challenging. But how much risk or uncertainty can you handle? How do you manage it?

What entrepreneurs surrender

We’re entrepreneurs too, so we’re familiar with the allure of starting your own business: Doing what you love and setting your own rules. However, we also know that starting your own business means giving up the security of set working hours, a steady paycheque and a relative amount of job security.

When starting your own business, you may use some of your own money to get going. You may not have an income for several months as you build momentum. These factors are the basic items of risk and uncertainty you can face in small business. There’s also the potential for a lack of structure, order and organization. Not to mention the small amount of worry that accompanies any new venture.

Don’t lose heart! Yes, it’s true that small business owners must be able to handle risk and uncertainty, but this skill is something that can be learned.

How entrepreneurs can manage risk and uncertainty

Here are a few tips to help you better handle the risks and uncertainties of entrepreneurship:

  • Learn creative ways to manage difficult times. No marketing budget? Try free avenues like social media and word-of-mouth.
  • Change your perspective. Can an unpredictable business situation lend itself to innovation or a great new invention?
  • Surround yourself with a strong support network that includes both trusted professional contacts and loved ones.
  • Make time for yourself. We know it can be difficult to turn off the worried part of your brain and spend an hour walking in the park, but trust us – a clear head is much better suited to evaluating risk!
  • Practice adaptability. Keep track of what’s happening in your business environment and you’ll be better prepared to anticipate or react to uncertain times.
  • Know your business inside and out. Understanding what your business is all about and what is best for it will help you take more manageable risks.
  • Don’t do anything on impulse. Some clichés are also just true, like the one that goes, “If it’s too good to be true, it probably is.” Sleep on it, plan it out on paper or speak with trusted advisors before jumping in.
  • Have a Plan B. And a Plan C too. What will you do if your new line of wedding invitations aren’t as warmly received as you’d hoped? Always have backup plans for a new product or service.
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Understand your customer to successfully market your small business

“I’m starting a social media consulting business – I want to sell my services to other businesses.  Can you give me some clear selling strategies that I should use?”

Put yourself in the shoes of your potential customer – what do you think they need to know about you and your company to buy from you?  There are usually three things your potential customers need to know whether you’re selling social media services or ballpoint pens:

  1. How is this going to help my business? (What’s In It For Me?)
  2. Why should I buy from you? (Credibility)
  3. Prove it. (Facts)

If you can give that information to your customer – with gusto – you’ll close the sale.

More proven selling tactics for small business

In addition to the three points of knowledge above, here are a few other proven tactics in successful sales and marketing:

  1. Customers buy from people they like.
  2. Customers buy from people who understand their needs.
  3. Customers like to buy “remarkable” products and services, not ordinary.
  4. Customers want to know what makes you “remarkable” – so tell them.
  5. Customers like to be heard – so listen.
  6. Customers will have objections – learn to respectfully respond to every objection.

Bottom line in sales and marketing?  Know your target market, understand their needs, be remarkable, deliver remarkable, each and every time.  You’ll be a winner.

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