If you do not have enough funds to create or take over a business, then you will have to call financiers. Behind this term are generally bankers and/or investors. Having a good record is not enough in itself to get funding. You still have to know how to sell it. Here are 5 tips to convince your financial partners.
1. Make a Good Business Plan
First, Make a good business plan and adapt it according to the Financial Partners.
The business plan is an essential support for any negotiation. This is the document that will serve as the basis for your meeting. Take good care of it but pay attention to several things.
First, adapt this financial statement according to your contact. A business plan does not look the same as a banker or an investor. Try to put yourself in the shoes of the person to whom you are going to give this file.
Then keep it short while staying specific. Do n’t get too technical. Also avoid the cobblestones of several tens of pages, unless you think you need it. Too long, your business plan will not be read. Too short, it may not highlight your project enough. Sometimes a good business plan can be as few as a few pages.
Finally, be sure to respect certain financial balances. Make a much financial contribution. And make sure that the profitability generated will be enough to repay financial debts, etc.
2. Contact a Competent Professional
You no doubt excel in your field. Yet, negotiation is art. And, by the way, developing a business plan also requires certain skills. If you do not feel capable of performing these services alone, have someone go with you.
Many professionals can intervene in these fields: lawyers, expert-accountants, business angels. These service providers will be able to provide you with essential technical support.
Also, they will put their know-how at your disposal and make you enjoy their networks.
Finally, they can attend your meetings and intervene on certain points.
3. Prepare Each of your Interviews Seriously
Once your business plan is complete, number the pages and print them in many copies. Connect it and insert a cover page. You can add appendices, but make sure they are relevant. Then leave a file for each of your contacts. If necessary, provide another visual support (a PowerPoint presentation for example). Take with you the equipment necessary to plan it.
Thus, practice several times. Develop a small pitch for verbal presentation. The aim is to arouse the interest of your interlocutors in less than 5 minutes. In practice, we even recommend getting there in less than a minute. Summarize your project, your objectives, and your forecasts rightly.
Simulate several interviews with family members or some of your friends. Put yourself in as real a condition as possible. Register, Then listen to the recordings again and analyze them.
4. Know, How to Listen and Adapt your Speech
You will succeed in convincing your Financial Partners only if you are convinced yourself by your project. You must show that you believe in your project. But do not do too much, the goal is not to put “full view”, that is to say to dazzle but to convince. Do not use the “I” and prefer the “we”.
During the interview, you will feel difficulty. Your interlocutors may have been skeptical about your project, or even aggressive. In this case, know how to listen first and welcome the remarks without pointing. Always respond and then make sure to adapt your presentation. Prefer open questions to closed questions (which can only be answered with “yes” or “no”).
Several techniques exist to thwart embarrassing questions. Above all, avoid cutting speech. Then try, for example, asking your interlocutor to repeat his question. which will force him to rephrase it and realize that he is exaggerating.
5. At the end Analyze your Interview
After each interview, it is important that you take stock of what went well and especially what was not. Collect the information, sort it and analyze it.