I've coached Forbes Boost Your Business finalists on their presentations for the last three years. Usually they send me their Power Point decks about a week before they get in front of the judging panel. We talk on the phone a bit (I live in Seattle) and I get a sense of their businesses and what they aim to do with the prize money. Later, in New York, I spend about 90 minutes face-to-face with each of them, offering suggestions, sharpening their messages and so forth. It's a rewarding experience, especially because investment capital remains so hard to come by and entrepreneurs need all the help they can get. It’s also a familiar experience at this point because I see a lot of the same common mistakes---all easily corrected. Here are the five biggest:
Starting off with a whimper. Presenters often start with their name, the name of the company, and a little history of how it started. But the panel can’t evaluate a business idea unless they grasp what the business is all about. Get to the meat of the matter quickly and grab the audience's attention. Start with a quick summary (1-2 sentences) about the problem or issue your business addresses. Or, start with a bold statement or vision, i.e. "Imagine if you could do ______. That's what our product/service will enable you to do!" Or, when applicable, tell a quick story (2-3 sentences) that explains where/how the business idea was generated. Give your audience a reason to keep listening.
Lack of focus. Young companies can't be all things to all people. If your message is too diffuse, investors may not believe you can deliver on any of those promises. Establish your ability to be successful in one area, then map out a path for growth in others--or just leave that pie-in-the-sky stuff for the Question-and-Answer session.
Data dumping. Even when they have all of 10 minutes to present, enthusiastic entrepreneurs often want to explain every last detail of their product or service. I have news for you: Investors don't care--they want to hear about results. Hence the old lament: "I asked you what time it is, don't tell me how the watch works!" Put yourself in shoes of the judges, keep it moving and stay focused on the results. (There are exceptions here. If your business is about changing an established process or inventing a new one, then by all means talk about the process. But don't drone on about every detail. Capture what you do differently, give a clear example, and move on.)
Crowded slides. People love to load up their Power Point slides, put every detail up on the screen and then read the screen verbatim. This is the road to perdition. When it comes to slides, less is more. Slides should be used to complement or reinforce your message; they should not be your primary information-delivery mechanism. You want the communication to be between you and your audience, not between your audience and the screen. Venture capitalist Guy Kawasaki has a "10, 20, 30" rule about slides: 10 slides, 20 minutes, 30-point font. Those are great guidelines.
Lack of practice. Believe it or not, plenty of entrepreneurs feel they do a better job and have better energy when they wing it. Practice saps spontaneity, they say. Hogwash. When you know your material inside and out, you have the confidence to be spontaneous and respond authentically to any curve balls from investors or a judging panel. As with Broadway performances or stand-up comedy routines, every detail of a presentation should be timed and crafted for a purpose. Practice makes perfect--it also helps you raise those precious dollars to keep fighting another day.
Best of luck to the finalists in this year's competition. I am proud of you all!
---Lorraine Howell, founder of Media Skills Training
Retrieved on 9th October 2009 from http://blogs.forbes.com/boost_your_business/
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