Communicating Your Business Plan Paul Kirsch Samuel Zell & Robert H. Lurie Institute For...
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![Page 1: Communicating Your Business Plan Paul Kirsch Samuel Zell & Robert H. Lurie Institute For Entrepreneurial Studies February 3, 2006.](https://reader030.fdocuments.net/reader030/viewer/2022032522/56649d635503460f94a45c04/html5/thumbnails/1.jpg)
Communicating Your Business Plan
Paul KirschSamuel Zell & Robert H. Lurie Institute
For Entrepreneurial Studies
February 3, 2006
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Parts of a Coordinated Message
Core Idea
Executive Summary
PowerPoint
Elevator Pitch
Business
Plan
The Message of your
Business Idea
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Parts of a Coordinated Message
• Core Idea – 5 Breaths
• Executive Summary– 2 – 5 pages generally accepted– 3 pages for MBC
• PowerPoint– 8 – 15 minutes
• Elevator Pitch– 2 – 3 minutes
• Full Business Plan– 15 pages + Financials
(Same Stuff, Different Delivery)
S.S.D.D
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MBC Training Sessions
10:30 9/30 Information session on MBC format and process
10:00 Content and presentation of an effective executive summary10/14
10:00 11/11 Constructing an effective pitch
12:00 2/3 How to present your business plan
10:00 2/10 Open workshop on presenting your business
2/17 $30,000+ in awards incl. Pryor-Hale Award for Best Business
10:00 1/20 Business plan preparation
12:45 Communicating market pain, size; financial assumptions12/16
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Agenda
•Part A: The Presentation
•Part B: The Content
• See also SlideExamples.ppt
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Part A: The Presentation
• Before You Present• Building the Presentation• The Delivery• Using Slides and Visual Aids• Handling Q & A
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Before You Present
• Purpose– Convince investors, backers, business
partners, customers of the value in your business proposition
– Demonstrate ability of management team
• Audience - generally– Business professionals familiar with space,
technology, management team, etc.
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Before You Present• Occasion
– Contest, informal or impromptu, formal
• Structure– Know time expectations
• Elevator pitch: 30 seconds to 3 minutes• Initial pitch: 10 – 15 minutes• Formal presentation: 15 minute to open ended
– Q & A arrangements• Dedicated time• Expected interruptions
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Before You Present
• A few comments about BPC audiences– They want you to succeed– Business professionals who may or may
not know about your industry or technology
– Can you discover status, experience, education, age, gender, race, relationships, etc.?
– Already believe you before the presentation; it is up to you to LOSE support
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Before You Present
• Style– Level of formality– Level of interaction
• Format– Multiple speakers– Visuals– Directed discussion
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Building the Presentation
• Three “universally” defined segments– Introduction
• 10% of total speaking time• 2 slides: title and agenda
– Body• 85% of speaking time
– Conclusion• 5% of total speaking time• 1 slide: conclusion
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Building the Introduction
• Multiple purposes– Get attention– Establish credibility– Manage first impressions– Greet audience, primarily judges– Introduce team– Set agenda with main points – Develop sense of rapport and goodwill– Give purpose and/or goal
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Building the Body• Contains your main points
– Product and/or service concept– Uniqueness, secret sauce– Business model
• What do you do? / How do you make money?
– Market– Competition & Industry– Management Team– Financials
• Sequence is NOT pre-determined
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Building the Body
• Techniques for presenting data– Repetition– Varied and interesting visuals– Varied and illustrative data
• Facts• Research• Quotes• Stats
– Transitions• Not always needed but FLOW always a
consideration
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• Last and lasting message to audience– Restate goal– Review main points– Ask for action or leave with challenge– Maintain credibility– Maintain sense of goodwill– Provide closure, ask for questions
Building the Conclusion
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The Delivery
• Utilize multiple channels– Multimedia – Examples of product or technology
• Variation is critical– In slides– In vocal quality– In pace– In data
• Use organizational cues….carefully
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• Owning the room• Demonstrate an effective TEAM• Use your physical presence• Introductions• Manage your reputation• Impressions begin forming before you
speak
Delivery: Before You Say a Word
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• Multiple speakers whenever possible• Strongest speakers first and last • CEO must speak• Speakers speak while team members
run equipment– Speaker never clicks a mouse
• Speakers’ main focus is the audience NOT the presentation
• Transitions
Delivery: Who Does the Talking
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Delivery
• Get audience attention• Develop & build relationship• Demonstrate ability to think on your
feet• Involve and engage audience• Eye contact is critical• Humor can be useful tool
• Energy and passion sell• Credibility is critical
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Delivery• Practice and get feedback
– Eliminate “um” and “ah”– “So” is not a transition– “we hope” and “hopefully”
• Adhere to time limits – No Excuses!• Do not get bogged in detail• Do not use up-speak• Pause to separate and emphasize
words and ideas
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Tips for Persuasion• Repeat, repeat, repeat• Chose appropriate appeals
– Logos – logical– Ethos – idealistic– Pathos – emotional
• Supply data, all types – Check your math…..PLEASE!
• Explicitly establish credibility, when possible
• Fulfill audience needs
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Using Slides and Visual Aids• Use medium to dark background with light print
or• Black text on white or lightest gray background• Use slide template• Develop brand recognition• Use builds economically on busy slides• Use boring transitions
• Use slide numbers
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Using Slides and Visual Aids
• Use presentation, sans serif font– Helvetica– Arial– Tahoma
• Use large font size – 36-44 titles– 24-32 main headers– 22-28 secondary headers, no smaller
than 18
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Using Slides and Visual Aids• Handouts
– What and when to give– Consider “leave-behinds”
• Talk to audience - not screen• If you must, carry note cards - not paper• Fewer distractions are better• Graphical representations almost always
better• Less is more
– One main idea with ≤ 7 chunks per slide
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Handling Q & A
• Know your approach before presenting• Ask boldly for questions• Entire team fields questions
– Ideally, one team member answers each question
– Limit parroting
• Repeat question for you and audience– Amplification rules
• Check body language"oh really?“ "is he STILL talking?“ better result
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Handling Q & A
• Maintain control• Maintain credibility• Ask for clarity• Parse complex or multi-part questions• Answer honestly• Answer briefly• Thank the audience
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“I don’t know”• Say “I don’t know” without delivering a
negative or uninformed message • It’s okay to not know• SAYING “I don’t know” is a credibility killer• Try: “That’s a very important issue for us,
and we’re trying to get our arms around that.”
• Use this as an opportunity to demonstrate knowledge of complex and interrelated issues and relationships
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Finally…..
• Have fun• Be passionate• Be honest• Over-deliver when possible• Show energy and enthusiasm• GOOD LUCK!
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Part B: The Content• Product and/or service concept• Uniqueness, secret sauce• Business Model
– What do you do? / How do you make money?
• Market• Competition & Industry• Management Team• Financials• Other topics
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Product and/or Service Concept
• Demonstrate market need clearly, cleverly, in common terms
• State how your solution addresses the need, again in plain language
• Discuss the status of development; e.g.:– Prototype in development– First location opening in Q3– Manufacturing contract finalized
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Uniqueness, Secret Sauce
• What is your competitive advantage?– Technology – protectable and protected– Implementation – “land grab”– Execution - performance (ex. Starbuck’s)– Strategy – examples include
• 1st mover or 2nd mover advantage• Niche market
– Differentiate• Articulate what makes your solution different
AND better than others
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Market
• Total Addressable Market– All microprocessors – or –
• Target Market– Electronic device manufacturers – or –
• Market Segment– Cell phone manufacturer – or –
• Ideal or First Customer– Nokia or Motorola
Note on terminology
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Market Segment
• Set of potential, actual customersfor
• Your set of products & serviceswho
• Have a common set of needs, wantsand
• Refer to one another when making buying decisions
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In Discussion of Market
• You must size the market• You must size the segments• By credible means
• Three measures– Total dollars spent– Number of customers– Number of units sold
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In Discussion of Market
• Do not offer the 1% solution– Why aim so low?– How many customers is this?
• Understand advantages of large markets and segments
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About the Target Customer• Is there an identifiable buyer?
– Accessible to your channel– Able to pay
• What is the market pain? Reason to buy?– Can customer wait a year? (she will)
• Does full product address full market pain?– Are auxiliary features, products, services
needed?
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A Note on Vocabulary
Market ≠ Competition ≠ Industry ≠ Space
Market + Competition + Value Chain Players = Industry
Industry + Technology + Externals = Space
GovernmentRegulators
Trade GroupsFinancial partners
Consultants
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Competition• Does competition exist?
– No identifiable competition = No identifiable market
• Degree of competition can vary depending on– Improvement |--------------------| Innovation– Evolution |--------------------| Revolution
• What are your potential customers doing today?
• NEVER say “no competition”
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Competition
• Who do you directly compete with?• Who do you indirectly compete with?• Whose products are you
substituting?
• What will their response be?• How able are they to respond?
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Industry
• What are the relationships in the industry?– Value chains– Financial– Governmental and regulatory
• How does this help/hurt your operations?
• How does affect exit?
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Management Team
• Skill• Ability• Experience• Previous experience as a team• Drive• Smarts
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Financials• Need to demonstrate that your business model
works• Discuss relevant, most interesting items, e.g.:
First sale | break even pt | profitability | exit & return
• Projections• Assumptions• Graphs• Unit costs• Scaleability
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Financials
• Based on 4 sets of information• Income statement• Balance sheet• Cash flow statement – derived from IS and
BS• Sources/uses of funds – snapshot in time
– All work together and reflect SAME assumptions
• The Good, The Bad and The Likely
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Other Topics to Consider
• Accomplishments• Countermeasures to Risks• Intellectual property• Porter’s 5 forces and/or PEST analysis
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Accomplishments
• Demonstrates activity– Not an “academic” exercise
• Progress is important• Shows ability to plan and execute• Can be integrated into milestones and
demonstrates critical path• Builds credibility
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Risk and Countermeasures
• Identify “right” issues• Are mitigation approaches realistic
Some common categories to considerTechnology RegulatoryProduct FinancialMarket ExecutionManagement
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Intellectual Property
• Protectable, defendable?• Status: filed, provisional, granted• Type: use, design
• Advantage is not in HAVING intellectual property
• Advantage is EXECUTING on intellectual property
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Porter’s 5 Forces and PEST• Threat of new entrants• Threat of substitutes• Strength of YOUR suppliers• Strength of YOUR customers• Competitive environment and rivalry
See Appendix 3 of the “New Business Road Test”
• Political– can include regulatory• Economic • Social – can include environmental• Technological
Good back-up slides•Very visual•Demonstrates solid research
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Communicating Your Business Plan
Paul KirschSamuel Zell & Robert H. Lurie Institute
For Entrepreneurial Studies
February 3, 2006