Is it possible to say more about your business while in reality saying fewer words? Founders are often required to succinctly explain what it is their startup does.
Whether it is pitches, networking events, profiles, or anything else how can a business leader distil all the complexity of their business down into a brief summary.
The simple fact is that you don’t need to. Promoting your business however briefly is more about how you position it than the finer details.
There are some simple questions that if you can answer in a single sentence will form a comprehensive summary of your business. The questions relate to 4 areas of your business: the problem, the solution, the market and the model.
The problem
Every good story or in this case business pitch starts with a compelling problem or challenge that must be overcome. Begin your pitch by describing the problem, outlining the specific pain points and stating the market trends that will act as a tailwind for your business.
The solution
The 2nd stage of your pitch or summary is describing the solution your startup is providing to the 1st section. What is your product’s unique selling point, what benefits do you provide your users and finally what evidence do you have that your product is being well received by the market.
The market
Next, you want to describe the market or the opportunity that you are selling your solution into. Who is the target market, how would you describe them, how big is the market opportunity and finally what is your main advantage over your competitors?
The model
Finally, how are you bringing your solution to the market? What is your go-to-market strategy? How will you generate revenue, deliver the product and what is the next milestone you are reaching for as an organisation.
TAKEAWAY: Business summaries are important as many situations require a brief but reasonable detailed explanation of what your startup does and who it does it for. Use the simple answers across 4 categories to devise and refine a perfect business summary.