“Action speaks louder than words but not nearly as often.”
~ Mark Twain
An elevator pitch is a brief description of your business.
It is included in your strategic plan since your elevator pitch is both important to your business’ success, and should often be updated annually.
An elevator pitch got its name because you need to be able to describe your business succinctly and within the time it takes to travel from the ground to the top floor in an elevator.
A quality elevator pitch:
- Gets everyone in your company on the same page regarding what your business is and what the key objectives are.
- Allows everyone in your company to give a concise and consistent explanation of your business which leads to more customers.
In your business plan, include your elevator pitch in the Executive Summary section to concisely explain your company to investors and lenders. In your strategic plan, include it to ensure consensus within your organization.
Is Your Business at Risk of Failure?
Most businesses fail — they die a premature death. I hate to be so blunt, but this is the truth. The only thing that varies is just how many businesses fail.
What’s the number one cause of this failure?
Well, according to Dun & Bradstreet, the primary cause is lack of strategic planning.
Entrepreneurs and business owners don’t plan to fail. Rather, they fail to plan (which causes them to fail).
Today’s Question: What measure of a traded corporation is calculated by multiplying its share price with the number of outstanding shares?
Previous Question: What do each of the following terms represent: ‘Gold Panda’ in China, ‘Maple Leaf’ in Canada, ‘Philharmoniker’ in Austria, ‘Tower of David’ in Israel, ‘George the Victorious’ in Russia, and ‘Sovereign’ in the UK?
Previous Answer: Gold bullion coins.
A bullion coin is a coin struck from precious metal and kept as a store of value or an investment, rather than used in day-to-day commerce. Bullion coins are usually available in gold and silver, with the exception of the Krugerrand and the Swiss Vreneli which are only available in gold.
The American Eagle series is available in gold, silver and platinum, and the Canadian Maple Leaf series is available in gold, silver, platinum and also palladium.
Join our Tip of the Day
To get Growthink’s Tip of the Day delivered to your email inbox, enter your information below: