Business plan elevator pitch definition

By Scott BerkunFebruary Coming up with good ideas is hard enough, but convincing others to do something with them is much harder. In many fields the task of bringing an idea to someone with the power to do something with it is called a pitch: And although the fields or industries may differ, the basic skill of pitching ideas is largely the same. This essay provides a primer on idea pitches, and although most of my experience is in the tech-sector, I pitch to you that the advice here will be relevant to pitching business plans, yourself e.

Business plan elevator pitch definition

Where do these numbers come from, and what do they mean? And, further on, how do you use them to manage better? In accounting and financial analysis, the difference between plan and actual is called variance.

Furthermore, you can have positive good or negative bad variance. It comes out as a positive number. So for sales and profits, variance is actual results less planned results subtract plan from actual. For costs and expenses, spending less than planned is good, so positive variance means the actual amount is less than the planned amount.

To calculate, subtract actual costs or expenses from planned costs. You calculate variance on sales and profits by subtracting plan from actual. Once again, you subtract actual results from the planned results.

You can see in this illustration that the plan was for 36, actual sales were 31, so the variance was Units Regarding units, in March the store sold five fewer bicycles than planned; and in April, it sold two more than planned. Prices I use prices in this example to point out that plan vs.

Look at the prices of bicycles for March, April, and May. You can see there was a price promotion going on in April, right? The price of bicycles went down. And the increased units over plan were not enough to compensate for the lower average price per unit.

Management This simple example shows why regular review and managing plan vs. The variance analysis in this case leads to insight about price promotions. It might generate discussions about what went wrong.

It might change some future decisions about price promotions. And of course it needs to generate some spending adjustments to compensate for the less-than-expected sales. The team has to work together, not looking to assign blame, but rather to gain insight and to adjust the business.

Expense Variance Example The next illustration shows the expense variance for the same period, for the same bicycle store: But is this good? With the sales plan vs. Apparently it failed, because the price attracted too few buyers to compensate the store for the discount.

business plan elevator pitch definition

But was the price the problem, or did somebody fail to execute on marketing? Is spending less than planned, during a promotion, a good thing?

The prices came down but maybe the marketing department failed to tell people about it. Where is the management problem?

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What needs to be corrected? These are examples of good questions coming from plan vs. But another thing that happened in May — you can see it in the sales variance — was a price boost back to above plan, and sales revenue well above plan.

So maybe that negative variance was actually good marketing, well executed. So if you and I are running the bicycle store, we need more information. And the variance analysis — plan vs. Then it requires management to follow up and take action.

The Management in Plan Vs. Garrett, the bike storeowner, watches the variance every month. He looks for indications of problems, or unexpected positives, so he can react. In this picture, the variance is negligible.20 Best Pitch Deck Templates: For Business Plan PowerPoint Presentations.

by Sean Here are a handful of the best new PowerPoint business plan pitch deck templates that are trending on Envato Elements: Elevator Pitch - PowerPoint Presentation Bundle.

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business plan elevator pitch definition

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