Partner Article

Small firms 'lax' at business pitches

The majority of small company owners are failing to prepare for new business pitches, costing them valuable time, money and long term profit. Seven out of ten entrepreneurs quizzed by TheSeed.com said that two in three meetings they attend about generating new business for their outfit fail to pay off.

Just under half of the 200 managing directors polled by the website admitted they often sit through a meeting with a prospective client without understanding their budget. And most business owners fail to prepare effectively for the meeting, saying they attend new business pitches without fully qualifying the prospect. In addition, most company owners won’t spend more than a single day preparing for a new business pitch. They are keen to attend them, though: a third admitted they’ve taken time out of the business to make a pitch that could have been delivered by a junior member of their outfit.

Keir McConomy, managing director of The Seed, said: “The secret for all of them is to qualify the prospect properly and prepare a pitch that meets the brief. This will not only increase the chances of winning the business, but will save on time, money and effort in terms of attending the pitch.”

In terms of attracting new business enquiries, one third of SMEs cited their online marketing as the most important element to maximise the growth of their business. Over 55% stated web marketing as the technique that works best in terms of generating new business.

Mr McConomy said: “The growth of the Internet is helping [SMEs] to access new markets and opportunities. By targeting new business opportunities more carefully and investing in detailed qualification and preparation, there is huge potential to grow business in a controlled, manageable way.”

This was posted in Bdaily's Members' News section by Ruth Mitchell .