In This Episode
Many people are surprised that most business owners have never had to present their business before. Whether it be to a financing source (e.g. investor or banker), their team, or to anyone else. We have found that most owners simply put their heads down and grind out at the work of their business.
If you’re around long enough, at some point you’re going to be faced with the situation where you have to present your company to an outsider. Heck, it may even be a potential buyer of your business. Do you really want your first real presentation to be to the person who might buy your business?
We spent time on tonight’s show going through different things to focus on if you want to knock that presentation out of the park. The best starting point is our 7 Keys to Success in terms of what things you should cover (with the 7th Key being the actual presentation itself). A couple of particularly important:
- Organization (key #4): be sure to include your team in these presentations. One fo the things that gives potential investors or buyers comfort is to see how there is a good team behind the owner.
- Marketing (key #3): in this area you want to focus and understand your competition and your customers (as well as potential customers and target markets)
- Profit Plan (key #2): this has to do with your numbers. On this item in particular it’s key that the owner has familiarity with, and preferably command of, the financials. The banker/investor/buyer of the business is betting on you as the owner and not your CPA or someone else who you might currently be the one heading up your numbers.
When it comes down to it, a good presentation can make up for a lot of other shortcomings in your business. Even if you don’t have answers to some tough questions, the fact that you can address those questions and explain why you don’t have good answers right now builds confidence in those folks who are grading your presentation. But in this case instead of gold stars you’ll be getting investments.
People, Companies and Resources We Mentioned in the Show
- MVP’s 7 Keys to Success (http://maximumvp.com/7-keys-to-success/)
- Atypical (https://en.m.wikipedia.org/wiki/Atypical)
- Jennifer Jason Leigh (https://www.imdb.com/name/nm0000492/)
- Michael Rapaport (https://www.imdb.com/name/nm0001650/?ref_=fn_al_nm_1)
- Fast Times at Ridgemont High (https://www.imdb.com/title/tt0083929/?ref_=fn_al_tt_1)