I am constantly pounding in the importance of your executive summary, but something that may be even more powerful for your business is your elevator pitch.

An elevator pitch is just what it sounds like, if you stepped on to an elevator with a potential investor and new that you had seven floors before he got off, what would you tell him about your business?

These “elevator opportunities” happen everyday when someone asks, “So what do you do?” Obviously not every person you speak with is a potential investor, so you might tweak your pitch a little bit.

But ultimately you need 200 to 300 words that you can recite on command when the opportunity presents itself. Here are a few guidelines as you create your elevator pitch:

The Grab - Just like your executive summary needs something to immediately grab the attention of the reader, your elevator pitch should start with a statement that intrigues your audience. Maybe it is simply the name of a partner, customer, or team member that elicits interest by the name alone.

Big Problem - Creatively and quickly state the problem that your company seeks to address. For example, businesses hate to constantly replace the ink cartridge for their printer.

Unique Solution - Explain your unique solution to the big problem. Do this quickly. For example, if your company developed a new chemistry based nano-technology ink cartridge, don’t worry about the details of the chemistry, simply explain the results. “You can print twice as much for the same price as traditional ink cartridges.”

Vision - You explained your solution to the problem you are addressing, now let them know your vision. Again keep it simple. For example, “We seek to develop and commercialize the best products in the ink cartridge industry.” Letting your audience know your vision is vital because they might be able to help.

Request - Finally you need to request something. Don’t just say, “nice to meet you.” Maybe you can ask for their business card, a time to meet with them again, or an introduction to another VIP that you would like to network with.

So take these tips, write out an elevator pitch, and then practice, practice, practice. Don’t wait to develop your elevator pitch because you never know when you might bump into the Vice President of Hewlett Packard’s Ink Cartridge Division!

(Image source: under30CEO.com)