A business plan presentation is a summary of your business concept. It gives an overview of the business purpose, business model, as well as investment requirements. The presentation can be in the form of a slides. When it comes to presenting your business idea there are some mistakes that people make. It is important to know what to do, and what not to do when preparing for your pitch. Below are some of the common business plan presentation mistakes that most entrepreneurs make when pitching their idea to investors.
Failing To Script Your Presentation
One common mistake that many entrepreneurs make is failing to write down their presentation. This is especially important when you are preparing for a formal meeting such as a business plan pitch. Writing out your presentation first helps you create structure in addition to helping you boost confidence. A pre-written presentation makes it much easier for you to seamlessly flow when presenting your business plan to investors. Also, scripting your business plan gives you enough time to practise how you can tackle difficult points when presenting your business plan.
Reading And Not Speaking
Another common mistake that entrepreneurs make when presenting their business plan is reading their pitch instead of talking about it. In order to make a connection with your audience you must not read out your presentation. That is a major turn off for anyone. Reading out your presentation instead of discussing it shows a lack of confidence. The last thing you want to do is to come across as timid when seeking investment. If you want to build a connection with an investor, they should feel like they are being talked to directly. This mistake also builds up from not scripting your presentation beforehand. You must practise discussing your business before you can present it to potential investors. Reading out your presentation will not engage your audience and may reduce your chances of getting funding.
Going Over Your Time
When presenting your business plan to your potential investor make sure that you do not go over your set time. Draft your presentation in such a way that fits the time you are allocated. Also, not fully utilising the time you may have with an investor is also just as bad. Being under time will negatively erode your credibility since it indicates a lack of sufficient material for the pitch. Make sure you do not present unnecessary information so that you do not go over your allocated time. One way to avoid such mistakes is practising your pitch beforehand with a timer. It is even better if you know how long your presentation will take before your actual pitch day. The best way to avoid this error is to practise your pitch as much as you can.
Poorly Drafted Presentation
The basic grammar and spelling factors play a huge role when it comes to presenting your business plan. This is a mistake that can be solved by simply going through your presentation first before you pitch. Other mistakes that are related to poorly crafting your presentation are related to the design of your pitch. Make sure that you presentation is also visually attractive if you want to make a good first impression. Clutter is also another issue when it comes to drafting your presentation. Ensure your presentation is easy to read with a few bullet points on each slide. Ensure that you do not put too much information on your written presentation so that it is easy for your audience to read. Avoid making use of long sentences and paragraphs. Your content must be short and succinct.
Failing To Do An Audience Background Check
A background check is crucial if you want to relate to the audience you are presenting to. Understanding who your potential investor is will help you find ways to relate to them. With a better understanding of your audience you can easily tailor your presentation in a way that your audience can understand better. If you find out what an investor’s pain points are and understand what they look for when assessing a business idea you can customise your pitch with the potential investor in mind. It becomes very easy to draw the investor’s attention if you know that they are interested in hearing from you.
Equipment malfunctions can negatively affect your presentation. Malfunctions cause unnecessary delays and can negatively affect your confidence too when in the middle of a pitch. In order to avoid such, it is best to visit the venue where you are to pitch beforehand and assess the area so that you can prepare to setup. It is always best to arrive earlier before your pitch to ensure that everything is in order. Assessing the venue and familiarising yourself with a given location also helps you calm your nerves. Also, make sure that you have a checklist of everything that you may need such as a laptop and backup files in the event something goes wrong.
It is best to avoid making jokes especially if you are not confident about how that joke will be taken. It is understandable that one can use humour to break the ice during a pitch but bad jokes can have negative consequences. It is best to avoid them altogether. There is no harm in throwing in a few jokes during your pitch but make sure that they are not in bad taste otherwise you may risk losing funding.
Take note that pitching a business plan is all about preparation. Make sure that you practise as much as you can, conduct some background search about your potential investor and assess the venue where you will pitch your idea. Ensure that you arrive early so that you have ample time to setup and familiarise yourself with the place to boost your confidence. Lastly, make sure that your content is well prepared, checked for spellings and grammar plus it is easy to read and understand.