Cockerton warns against spending too much time talking about how
great the business idea or the technology is but that investors surely want to
hear about how the business will make money.
In seeking funding, not only should the business prepare a
business plan, but also a well-developed pitch that can be delivered in
either a detailed presentation and a shorter elevator pitch.(Brummelhuis, 2008).
Andrea Cockerton founded Mudhut Consulting. Her
company emphasizes that their clients only have once chance chance to
get it right. If the pitch is wrong then it can cost thousands, millions, and
so forth. More importantly, failed pitches hurt the business and personal
brand. Mistakes can even hurt the value of the company. (Cockerton,
2015)
Chuck Blakeman has a very interesting perspective
on business plans. He says that asking how a business will meet it's objective
in the long-term is wrong! First of all, he give a cute story to give a
tangible example of what he means. Blakeman tells of how Ben & Jerry's
first wanted to sell bagels, until they found out that a bagel machine was too
expensive and that an ice-cream machine would be much cheaper. They didn't know
all the hows of how their business would succeed, but instead they
adapted. (Blakeman, n.d)
However, that's not to say that asking how is
irrelevant in business planning. Instead, how is more of a tactical question to
solve problems in the short-term, but isn't strategic in planning for the
long-term. Blakeman warns against depending on planning out all the
details of how on the long-term. Such a rigid plan can make the business blind
to what's going on in present reality. (Blakeman, n.d)
References
Brummelhuis, Simone. Expert
interview: 13 questions on Funding & Pitching. December 27, 2008. http://www.thenextwomen.com/2008/12/27/expert-interview-13-questions-on-funding-pitching-part-1
Blakeman, Chuck. n.d. How: the worst, most asked
planning question.
Cockerton, Andrea. Mudhut Communication. 2015. http://www.mudhut-communication.co.uk
