Post 3: Defining My Company - Elevator Pitch

Hi there and welcome to my posting on the key information taken from the first workshop provided by Leeds Metropolitan University and presented by Steve from VFM business advisers. Today were going to look at defining my/your business and creating an 'Elevator Pitch'.


Approximately 15 delegates took part, and arrived to a fine spread provided by Nicola and Katie at the incubator (many thanks guys!). The group’s first exercise was to present a 15 second ‘Elevator Pitch’ used when networking and as a method of being able to maintain focus and direction by presenting our business ideas as concisely as possible.


There were various pitches going round the table from Customer Relationship Management (CRM) through to Recruitment Companies and even a mystery shopping consultancy specialising in restaurants and bars. Many found explaining their idea concisely was difficult, which was a telling sign of how developed different ideas were at this stage. It was noticeable that of the circa 15 companies present all but one were in business to business, and service industries.


In terms of my pitch I found it difficult to decide which of my many varied ideas I should present to the audience, I was still really unsure, and hoped that this session would give me some answers. Eventually I opted to use an idea for a firm supplying safety equipment to a niche market which I named ‘Glass Mountain’. My pitch went like this:




“At Glass Mountain we provide vertical access and safety equipment to the commercial sector. Unlike many competitors all products are produced in the UK and gold plate UK PPE traceability legislation through electronic tagging. Please take my card and drop me a line for more details on our product range or prices.”


Although I thought it explained what the company does quite well, feedback from the group suggested that the actual product of the business remained unclear. In a ‘lightbulb moment’ I realised that Glass Mountain wasn’t for me, it just didn’t get me excited like a new business should do.


Since the first workshop I have found direction in distributing a Visual Teaching Aid (VTA) which promotes healthy eating for ethnic communities – The Ethnic Diet Association. My revised Elevator Pitch is:



"The Ethnic Diet Association is a joint venture, social enterprise business which manufactures and distributes VTA products focussed on improving dietary education for the growing number of ethnic communities in the UK. We have unique bi-lingual products catering specifically for 5 ethnic groups which offer basic dietary advice evolving the information from the Food Standard Agencies’ Eatwell plate. Please take my card and drop me a line for more details on our product range or prices".


I would recommend writing an Elevator Pitch to anyone looking to open a business as this exercise ultimately helped me to realise I had the wrong idea, and then helped me to refine my new idea into something anyone can understand. Why not try writing one for yourself using the same format e.g. company name, context of offering, things that make you unique, and closing the pitch to gain action, good luck!

I'll post again soon, Rowan

Recommended Links:

• Public speaking – www.speechtips.com

• Elevator Pitches – www.businessknowhow.com

AND

http://business.timesonline.co.uk/tol/business/entrepreneur/article556584.ece