Entrepreneurs seeking finance are aware of how crucial and labor-intensive the pitching process can be. Finding a strong hook and creating a persuasive pitch deck is just the beginning. The next stage is to actually test your pitch to determine if it connects with investors. But why?
What is the need to get feedback on your pitch deck?
You need opinions. On paper, your pitch can appear to be a no-brainer, but until you put it all together, your presentation, plan, and deck are all theoretically sound.
Before you pitch your investors, you should have experts in your sector review your metrics, check your presentation for errors, and make sure it flows smoothly.
Your chances of success increase the more individuals review your proposal before investors see it. The more opportunities you have to spot logical flaws, audience-unclear presumptions, or things that just don’t make sense or flow smoothly.
Now, let’s see how to get feedback.
Where to get feedback?
Here are some ways you can get feedback.
A practice pitch
With the investors you hope will back your company, you may begin by having them review your business pitch.
Why not find out early whether there are gaps in your data or areas you should be covering more fully, as they will eventually decide whether your business is a sustainable investment?
Speaking with investors outside of your sector could also be worthwhile. The input you may receive from a new perspective that individuals in your industry may have overlooked can occasionally be found by looking for investors who invest in a different sector.
Asking an angel investor
Since they are frequently eager to listen to your proposal, focusing on a specific angel investor might be an effective strategy.
Even while not every angel investor may invest in your company because they may have a different emphasis, they can nonetheless provide insightful criticism. Once more, this would be an excellent time to concentrate on the investor’s skills rather than the sector. working with them to find the gaps in your company as opposed to using them to get finance.
Find a mentor
Your ability to advance as an entrepreneur can be greatly aided by having a mentor. Your most useful asset can be locating a professional in your field that you can trust to provide advise, respond to your inquiries, and share your ideas.
Suppose you have a mentor with whom you have a solid working relationship. In that case, that mentor may be the one to provide you with candid, occasionally discouraging comments that will ultimately help you improve your business pitch.
Ask your customers
Asking investors or other influential figures in your business for feedback is vital, but that is only one aspect of the puzzle; you also need to ask your potential customers for their opinions. Asking your customers for feedback on the pitch will do two things at one time. First, it will obviously get you insights into your pitch. The next is it will also give you some insights into your product itself.
A coworking space
Coworking spaces have several advantages, including the ability to network, forge contacts, and, yes, receive feedback. They also provide you with a place to work away from home, which is sometimes a “must” for young businesses who don’t yet have an office.
You’ll be able to network, communicate with possible mentors, and spread the news about your company. Additionally, you’ll be able to solicit input from a range of sources, including potential clients and investors.
Be part of a competition
Competitions for business plans and pitches are excellent places to get focused, pertinent feedback since you are putting yourself in a situation where receiving feedback, rather than receiving cash, is the primary objective (though plenty of competitions do include a monetary prize).
Ask your friends and family
Your product concept should be explained in words that even a young child can grasp. Even though you are passionate about your startup and are well-versed in every aspect of it, your investors might not be.
Giving your presentation to those who are not familiar with your sector is a terrific approach to finding any gaps in your explanation of your company. It’s crucial to be as comprehensive as possible while pitching your business since even if you may believe something is clear, individuals who aren’t as familiar with your sector might not.
You don’t want to miss out on an investor because they are unsure of what your product or service does, after all.
Where do you need feedback on your business pitch?
You should be aware of the kind of input you’re looking for from whomever you ask to examine your pitch before you ask them.
This will guarantee that they pay attention to particular portions of your pitch and respond to any unanswered queries you may have. Here are a few things to think about concentrating on.
The overall effect
You want it to still be fashionable and hold your audience’s attention. However, you must take into account the readability of your slides, how they relate to the narrative you are telling, and how they express your brand’s primary message.
The pitch deck you use to present to investors should be concise and easy to understand. You might think about including an additional appendix with your business plan that investors can review later. However, while presenting, it must be concise and not just a repeat of what you want to discuss verbally.
Not adding the appropriate information in your pitch is one of the major problems you might overlook. Your pitch can be destroyed by a hole in your plan, a lack of a description of how you intend to use the money, or even an unclear target audience.
What is the best feedback you could get?
There isn’t one “right” way to test your pitch before presenting your company to potential investors. Therefore, that is a trick question. Try a combination of these, as that will give you the most comprehensive, well-rounded feedback.
Getting input from a variety of sources is a wonderful approach to ensure that you have covered all of your bases, that your calculations add up, and that your ideas are understandable and clear.
So, that’s all about getting feedback on your business pitch. What other things have you found helpful while getting reviews on your feedback pitch?