Month: October 2018

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Your Elevator Pitch, Part Two

Two weeks ago, I wrote about my preparations for our October monthly Members meeting and my plan for a contest to recognize the best elevator pitch. My objective was two-fold; to support our main speaker and put a spotlight on one of my pet peeves.  I wanted to ensure that it was fun, interesting, and productive for our members.  If they fail to see value in the meeting, attendance will suffer, and our Mission will be compromised. I was also interested in providing an effective introduction to support our speaker, Leslie Kuban, whose presentation was about selling to entrepreneurs.

 

I am pleased to report that the meeting was a great success! The contest for the best elevator pitch was well received and executed. Creating score sheets and ballots prior to the meeting saved time and improved the outcome of the contest.

 

The winner of the contest was Leslie Kuban, the guest speaker.  The attendees noted that her pitch was focused and interesting.  The discussion that followed was energetic, as the room was completely focused on the issue.  They understood the value of her message.  Winning the contest gave Leslie instant credibility in advance of her presentation.

 

At least one member suggested that every meeting should include a contest for the best elevator pitch. That is something to consider. I am pleased that I’m getting through to the folks, but I don’t know that a contest every meeting would have the desired effect. Possibly once a quarter would be a better compromise.

 

Leslie was energized when she began her presentation. Later that afternoon she called me to debrief. I told her I thought she had done an excellent job.  The presentation was well received, and the meeting was one of our best. She was pleased with my assessment and volunteered to participate further with our BENG Chapter.  Also, she indicated an interest in an affiliation with ITB Partners.  A twofer!

 

In the days following our meeting, I received an email from a member who was unable to attend the meeting. She is interested in crafting an effective elevator pitch, sending me a draft for my review and feedback. Frankly, she made an excellent start. The following day I provided her with my thoughts and suggested that we schedule a face-to-face meeting to work on a final product. We agreed to meet for coffee on Halloween.

 

In my earlier post, I discussed the difference between a positioning statement for a resume, and for an elevator pitch. The positioning statement on a resume, or a business plan, should be written in jargon relevant to the reader.   However, jargon for a target audience, may not be relevant for one-on-one personal discourse, especially for someone unfamiliar with your line of work.  An elevator pitch must be easily understood by anyone.

 

An effective elevator pitch goes together with networking activities. It helps recruit evangelists for one’s business, capturing their imagination so that they will spread the word.  As I mentioned in the prior post, a good elevator pitch is memorable, believable, and interesting.  It must make a lasting impression, which means it must make an emotional connection. It is a conversation starter, not the result.

 

As I consider adding value to our meetings, I’ve been giving a lot of thought to the subject matter and the type of presentation that will be best received. In pursuit of this goal, I’ve been spending a lot of time on YouTube, listening to speakers talk about the value of storytelling for more effective presentations. This seems to be the preferred style, for brand building, as well as speeches and business presentations. I like the concept, as stories tend to be more effective especially when they make an emotional connection with the audience.

 

In December I have a speaker scheduled for the Atlanta Chapter of BENG about developing more effective speeches. I am confident that we are on the same wavelength with respect to story-telling, but I plan to have a conversation with him to ensure that we are in sync.

 

Thank you for visiting our blog.

I hope you enjoyed our point of view and would like to receive regular posts directly to your email inbox.  Toward this end, put your contact information on my mailing list.

Your feedback helps me continue to publish articles that you want to read.  Your input is important to me so; please leave a comment.

Jim Weber, Managing Partner

ITB PARTNERS

Jim.Weber@itbpartners.com

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In Your 50’s, 60’s or 70’s Without an Exit Plan?

 

Shavzin & Associates
David Shavzin

By David Shavzin

I hear it more and more coming from Baby Boomers. This question is often posed casually: “So what do you think, should I start my exit plan 2 years ahead, maybe 3 years ahead?”

 

They often ask knowing the answer. They are trying to make themselves feel better because they haven’t created an exit plan and they know they should have started it long ago. If I respond that waiting until 24 months ahead of sale is ok, they can let themselves off the hook for not having an exit plan in place.

 

I hear from business owners every day.

  • Some say they are tired and would like to get out. They do not want to put in much more time or invest in building the value of the company. Yet, they are not satisfied with what it is worth today.
  • Some in family businesses have put off building a succession plan for a generation to generation transfer. They may feel they have time, or they may feel that their children (children often in their 30’s and 40’s) are “not ready yet”. They may fear losing an income stream as they transition out of the business.
  • Some are simply working the business, taking no time to develop an exit plan that could dramatically increase the value of the business when it comes time to sell.

If any of these ring true for you, there are many potential solutions to address your concerns and situation. Take the first step and have a conversation with all in involved. A good advisory team can help guide those exit plan discussions and provide an objective, experienced perspective. There are so many business exit options.

 

If you do have just a few years, there are a number of things you can do to optimize that exit and get everyone on the same page. But “2 – 3 years” is NOW, especially if you are a business owner in your 50’s, 60’s, 70’s or older. You have heard when talking about stocks that you can’t time the market. It’s the same thing for your business. And, remember, the sale process itself can take 6 or 9 months to a year.

 

There will be a downturn in the market. Getting caught in that next downturn will likely reduce the value of your business. Perhaps more importantly, it could keep you captive in your business for another few years as you rebuild.

 

Questions to ask yourself:

  • Do you know the value of your business? Don’t rely on a value that is some industry multiple or that sounds reasonable or what you’d like. Get professional assistance. This is your life, livelihood, and retirement.
  • When do you want to be completely or mostly out of the business?
  • Can you wait out the next downturn? If you are thinking of a 2- to 3-year timeframe, what if the economy slows down? Can you wait another few years to rebuild the value of your business? Or are you willing/able to walk away with less money?
  • Do you have a solid plan for what you will do after your exit?

By the Way, It’s NOT all about YOU!

 

Without an exit plan, you are not just risking your own retirement or next phase of life. You are putting in jeopardy your spouse, children, their families, your employees, their families and more.

 

The message is simple: work with your advisors now to get a good understanding of your situation. The more informed you are, the better positioned you will be in creating an exit plan that works for you, maximizes value and minimizes risk. You will leave the legacy that you want, not what others want. You will create your future!

 

Get Started on Your Exit Plan

If you haven’t begun to plan, get on it! Get a business valuation done, build your advisory team, start on building business value!

 

Need to Get an Idea of Where You Stand?

Thank you for visiting our blog.

I hope you enjoyed our point of view and would like to receive regular posts directly to your email inbox.  Toward this end, put your contact information on my mailing list.

Your feedback helps me continue to publish articles that you want to read.  Your input is important to me so; please leave a comment.

Jim Weber, Managing Partner

ITB PARTNERS

Jim.Weber@itbpartners.com

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Craft an Effective Elevator Pitch!

Networking meetings can become stale and boring over time. When this happens attendance will decrease and the networking group risks becoming irrelevant. This point was on my mind as I planned our ITB Partners monthly Members meeting for Friday, October 19.  We have an excellent speaker scheduled to talk about selling skills for small business owners and entrepreneurs.  Her presentation is highly relevant to our members. So, I saw an opportunity to build on that theme and address one of my pet peeves.  I decided to modify our standard agenda to accommodate a contest to reward the best elevator pitch. My thinking is two-fold; first to support salesmanship as the theme of the meeting, and secondly, to reinforce the importance of an effective elevator pitch.

 

Helping our members understand the importance of a well-crafted elevator pitch is important.  Also, its an opportunity to have some fun at our meeting, while ensuring that it’s informative and productive.  So what is an elevator pitch?  The name itself is a metaphor for a short but highly effective positioning statement. The analogy is that if you’re sharing an elevator ride with someone, say for 30 seconds, how would you respond if asked “what do you do?”  An elevator pitch is similar to a positioning statement, also known as an Executive Summary at the beginning of a resume.  It should be memorable, believable, and interesting enough to generate a follow-up discussion or meeting.

 

I’m a big believer in positioning statements; whether it’s for a brand, a resume, or especially as an elevator pitch.  This goes back to my days in corporate planning where I learned the value of a coherent positioning statement. One should never underestimate the ability of a positioning statement to focus the organization on its strategic goals.  It is difficult for me to get past a poorly constructed Executive Summary on a resume. I have my doubts that job seekers fully appreciate the importance of this paragraph. It’s the candidate’s personal positioning statement, indicating their career interest and unique selling proposition.  If the Executive Summary is compelling, the reader will have a greater interest in a closer examination of the resume.  If not, it may wind up in the circular file.

 

When I provide resume coaching advice, I always begin with the Executive Summary. My counsel is to define yourself in the first sentence by stating your career level, your functional discipline, and your principal industry experience. The follow-on sentences can provide additional detail to address one’s particular skill sets. For example, if you are proficient at bringing new products to market, or revitalizing legacy brands, those strengths would be important follow-on statements.

 

 

So, why is an elevator pitch so important? If you are engaged in networking as a means of landing a great job or to generate more sales, you need an effective sales pitch.  When meeting strangers, your elevator pitch is an effective way to establish a connection.  It is a tool to help you recruit evangelists for your brand. Evangelists become a force multiplier, leveraging your business development efforts.  They can connect you with people looking for your services.  It is meant to capture the imagination of a prospective client, and to establish you as a viable referral for people in your network.  If your elevator pitch is memorable, you will be remembered!  Your elevator pitch communicates a rationale to consider you as a potential employee or service provider.   The quality of your sales pitch is a vital component closing the deal. It should be memorable, so the construction of your elevator pitch must be clear, easy to understand.

 

At the most fundamental level, an elevator pitch describes who you are, who you help, and why your services are needed. Your elevator pitch is your personal positioning statement. It is short and to the point, and hopefully interesting. In some respects, it is a conversation starter, intended to generate requests for more information.  A good elevator pitch will identify your target market, the prospective client’s problem, and how your company solves those problems.   Your elevator pitch is important, so make an effort to develop an effective pitch.  Practice your pitch!  Use it! Refine it!

 

Hello, I am Jim Weber.  I connect good people with great job opportunities!  My clients are leaders of mid-cap companies who need C-level professionals to achieve their goals.

Thank you for visiting our blog.

I hope you enjoyed our point of view and would like to receive regular posts directly to your email inbox.  Toward this end, put your contact information on my mailing list.

Your feedback helps me continue to publish articles that you want to read.  Your input is important to me so; please leave a comment.

Jim Weber, Managing Partner

ITB PARTNERS

Jim.Weber@itbpartners.com

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ITB Partners Networking Meeting; Oct. 19, 2018

Please join us for next Friday’s ITB Partners Members meeting.  Be sure to RSVP by clicking HERE.

Our featured Speaker is Leslie Kuban, owner/operator of FranNet-Atlanta.  Leslie will be speaking on entrepreneurship and selling skills.   Leslie is a Subject Matter Expert on entrepreneurship, business ownership, franchise ownership, who has been interviewed by business publications on the radio, and television.

Leslie is a Guest lecturer for MBA, EMBA, and undergraduate business programs at Emory University, Georgia Tech, and Kennesaw State University. Founding member of the Georgia State University Franchise Entrepreneurship Advisory Board.

To put us in the proper frame of mind for Leslie’s presentation, our Agenda has been modified to accommodate a contest to determine the best elevator pitch.  1st and 2nd place prizes will be awarded.  I know that will be fun!  So, practice your elevator pitch and become a winner.

REGISTER NOW

For more information, please contact Jim Weber:  Jim.Weber@ITBPartners.com

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Effective Networking Requires a Strategy!

Apple gave me a nice gift this week. Yes, I updated my iPhone and iPad to iOS 12 which I think is really cool, but that is only half the gift.  The upgrade helped me finalize the topic for my weekly blog post. Very nice of them I must say. To be honest, Apple gave me the “angle,” or focus on my topic. It’s still good. A good post needs to be a story with an interesting perspective.  The iOS 12 upgrade provided that perspective.
My last two posts spoke about innovative networking ideas so I needed a transition that would add value to that theme.  I had just completed my monthly update for ITB Partners and thought about recapping the productivity apps I had uncovered during the past few months. An article summarizing five productivity applications might be very interesting, I thought. Seriously though, who needs to take that tact when the iOS 12 update provided so many productivity-enhancing features. It did cause me to think about networking strategies, however.
Why talk about networking and productivity, one might ask? Good question! At a fundamental level, our most precious resource is time.  The way we allocate our time, our priorities, determines our ability to achieve our goals and improve our lives. Any tool or process which helps us become more productive is worth consideration.
Whether one is between jobs, actively looking for that next opportunity, or gainfully employed and building a career, nurturing relationships is important.  Networking factors prominently in either situation, albeit, networking strategies may be different. It’s about time. If you are gainfully employed you may limit yourself to a few regular group meetings each month.  They may be industry-specific, and/or occupation-specific, such as professional associations. You might also include a more personal interest group centered around hobbies, sports, or alumni chapters. In the course of regular day-to-day activities, you will meet people who can help you achieve your job goals and broader career interests. Even with these limited options, one must set priorities and budget their time.
If you’re out of work, looking for a job, networking is your job. You must meet people who can connect you to jobs, directly or indirectly. You may be interested in attending group meetings to develop and refine your job search skills. Professional development may take a backseat for a while even though industry organizations and professional associations can offer opportunities. The agenda for the meeting will be your guide to make those decisions.
Effective networking requires a strategy.  That strategy is derived from an overall job search plan. A good job search plan begins with a list of suitable employers to actively solicit.  It follows that an appropriate networking strategy would be to identify employees of those companies, who can connect you with hiring managers.
Internet-based tools should not be considered networking by themselves. LinkedIn and other social media is a great way to connect with people who may be helpful, but it is just a starting point. Your objective is to schedule face-to-face meetings where you can build a relationship by establishing your credibility.  Credibility leads to trust which gives your network confidence to connect you with other helpful people.
I am not a big fan of participating in networking groups specifically oriented to the unemployed. Unless those groups are providing useful job search skills training, networking with other job-seekers can devolve into a pity party. This is not good for one’s psyche. On the other hand, one should seek out groups that include the gainfully employed, who know of job opportunities, and those looking to hire someone with your credentials.
Use your time wisely.  Develop a networking strategy that supports your job search plan.  For one-on-one networking, seek out people connected to companies of interest to you. Remember networking is a two-way street. A ‘pay it forward’ mentality is required.   Finally, remember to thank your networking contact with a follow-up note.  It is a big thing!  If the contact is a coffee drinker, enclose a pre-paid gift card.  It is a little thing that goes a long, long way!

Thank you for visiting our blog.

I hope you enjoyed our point of view and would like to receive regular posts directly to your email inbox.  Toward this end, put your contact information on my mailing list.

Your feedback helps me continue to publish articles that you want to read.  Your input is important to me so; please leave a comment.

Jim Weber, Managing Partner

ITB PARTNERS

Jim.Weber@itbpartners.com