Startup Companies Now Qualify
The definition of a Startup under the PATH Act is simply, any company formed after 2010 with gross receipts less than $5M in 2016. Qualifying businesses may capture up to $250,000 of incentives and tax credits annually and be able to claim credits against payroll taxes. Companies that don't meet this criteria still qualify for Federal Tax Credits under the PATH Act with the expanded R&D Tax Credit.
An Elevator Pitch is a 30-60 second, well-crafted speech designed to sell a product, a service, or yourself.
Well known business author Seth Godin says, "The purpose of an elevator pitch is to describe a situation or solution so compelling that the person you're with wants to hear more even after the elevator ride is over."
With the growth of technology, social media, and instant information, it has become more difficult to connect with other professionals and build new relationships. By preparing an elevator pitch you put yourself at the ready to build those relationships when the opportunities arise.
A good elevator pitch consists of 5 parts:
1. Introduction
Before jumping in, you need to introduce yourself. Who you are, perhaps including your role with the company. Remember to keep personal information about yourself to a minimum at this point as you have not earned the prospect's interest or attention yet.
2. What You Do
Have a clear and simple understanding of what your company does. Know the company's mission and goals for the product or service. Briefly introduce this.
3. What's The Value / What Makes You Different
What does your company do exceptionally well that sets itself, product or service apart from others. 1-2 sentence statement about the value of the product or service to your clients.
4. Grab Their Attention
Now is your chance to pull the prospect in with an exciting story about a client, company founders or offer a fascinating fact or statistic about the service or product.
5. What's Next
At this point you're going to have piqued interest and you can show them an example via the app on your phone and setup a time to walk through presentation pro.
Write down your pitch word-for-word. Start with the 5 part formula, and then tweak it so that it flows naturally. Keep it short! The tendency is to ramble ... which guarantees that people will stop listening.
After writing it out, read your elevator pitch over and over, like an actor preparing their lines.
Remember to work in adjustments according to the potential client you are speaking to. When it flows off your tongue, you'll sound confident and conversational.
In his book Speak Like Churchill, Stand Like Lincoln, former political speechwriter James C. Humes writes, "Whether you are going to a breakfast meeting with a potential investor, making a sales talk, or delivering a product presentation, you need to first come up with the key message you want to leave with your audience."
Let that key message be your North Star. If you can't state your idea in a single sentence, don't give up. Keep at it. For many speakers, this is the hardest part of their speech — and the most critical one.
If you do the heavy mental lifting upfront, it will be much easier to craft clear, compelling copy when you sit down to write. As Humes notes, "Make figuring out your bottom-line purpose (your big idea) your first priority."
This tax season I encountered a record number of business owners that were outright shocked to find out how much they owed for 2019 taxes. There are a few common questions I keep hearing.
