How to Effectively Discuss Your Business

When you’re asked to talk about your business, whether you’re looking to sell it, find capital, or simply share your story, it can sometimes be challenging to articulate what you do concisely and effectively. To help with this, I’ve developed a straightforward framework based on three key pillars: product/service, processes, and people. This approach will help you communicate your business clearly and confidently in any setting.

Setting the Context

We’ve all been in situations where someone asks, “Can you tell me about your business?” Whether you’re at a social event, a business meeting, or just chatting with someone new, it’s important to have a structured way to discuss your business. The goal here is to provide a clear, concise, and compelling explanation that covers all essential aspects of your business.

Three Key Pillars

To effectively describe your business, focus on these three key pillars: product/service, processes, and people. This framework ensures that you cover all critical aspects of your business in a logical and organized manner.

First Pillar: Product, Service, or Offering

The first pillar is about what your business does. Here’s how to break it down:

• What do you do? Describe your product or service.
• Who do you do it for? Identify your target market or niche.
• What pain do you solve? Explain the problem your business addresses.
• How good are you at it? Share your track record or success rate.

For instance, you can use a simple one-sentence formula: “We provide [service] to [niche] to resolve [pain], and we’ve done it [number] times.” This formula is easy to remember and ensures you cover the essential points.

Second Pillar: Processes

The second pillar focuses on how your business operates. Break this down into three components: sales, execution/fulfillment, and operations.

• Sales: Explain how your sales team reaches out to potential clients. For example, “We have a team of ten salespeople who connect with businesses looking for [your product/service].”
• Execution/Fulfillment: Describe how you deliver your product or service. For example, “Once a sale is made, our fulfillment team ensures the product/service is delivered to the client’s satisfaction.”
• Operations: Detail the operational support that keeps your business running smoothly, such as finance, HR, and administration.

By explaining these processes, you give a comprehensive view of how your business functions day-to-day, emphasizing efficiency and integration.

Third Pillar: People

The third pillar highlights the people who make your business work. It’s important to link roles to the processes you’ve described.

• Who does what? Break down your team’s roles and responsibilities.
• Tie it to processes: For example, “Our sales team handles client acquisition, our fulfillment team ensures delivery, and our operations team supports with financial and administrative tasks.”

By detailing who is responsible for each part of the process, you provide a clear picture of the team behind your business, which is crucial for demonstrating capability and expertise.

Practical Application

Now that you have the three pillars, let’s see how to use this framework in different scenarios:

• Social Events: If you’re at a holiday party or on the golf course and someone asks about your business, you can respond with the structured approach: “We provide [service] to [niche], solving [pain]. We have a team of [number] handling sales, a fulfillment team ensuring delivery, and an operations team supporting our activities.”
• Business Meetings: When discussing your business with potential investors or partners, use the same structure but add more detail: “Our product targets [niche], addressing [pain]. We’ve successfully served [number] clients. Our sales team of [number] people connects with clients, while our fulfillment team ensures quality delivery. Our operations team manages finance and HR to keep everything running smoothly.”
• Casual Conversations: Even in casual conversations, this approach helps you stay clear and concise: “We help [niche] with [pain] through our [product/service]. Our team is structured to handle sales, delivery, and operations efficiently.”

Conclusion

In summary, having a structured framework for discussing your business is invaluable. By focusing on the three key pillars—product/service, processes, and people—you can ensure that you provide a comprehensive and coherent explanation of your business. This approach not only helps you communicate more effectively but also showcases your business in a clear and compelling manner.