If you are a small to midsize business, chances are you had to raise money for a start-up. In order to do that you had to interest investors. The first round would be to present a synopsis of your business plan to entice the investor to ask for more detailed information…hence the elevator pitch.
If you pitched successfully and your business plan with financials was sound then you received funding. So now you say five years into your business and things are going well. Maybe it’s time to look at expansion or change your marketing strategy to attract more business. Well, dig out that Elevator Pitch.
Look at your original business synopsis. Has the business grown as expected? Do you still do the same thing today that you pitched 5 years ago? Based on that pitch, could you still attract investors to your business today?
Just looking at how the business was original pitched will give you tools to look at potential changes. If your market share has grown as expected, are there ways to increase this share under your existing business model using social media? Has your business grown to include other products/services that were not in your original business plan? If so, is there additional capital required to effectively grow those new products/services?
Are your employees still on track with the business concept or has time and personnel changes, created a lack of knowledge internally of your business goals? Is it time to have some internal job training and solicit new ideas from within?
Is the business growing or is it just in stasis? Do you need outside analysis to look at what you had hoped to achieve and create new strategies to help the business stay on its growth track?
If you are happy with the way your business is going, what Elevator Pitch would you write now based on where you want the business to be in 5-10 years from now?
Revisiting how and why you created your business in the first place helps gain clarity on your current business and keeps the focus on what is important in ensuring growth and stability in the years to come.