September 29, 2020 | 4-minute read (612 words)
Communication plays a key role in the business world, and public speaking is one of the most vital ways to get your message out to the community. For every entrepreneur, at any stage of their business, there’s a need to communicate effectively with stakeholders. Whether it’s pitching your big idea, securing funds, marketing to your consumers or interacting with peers, you need to invest your time and energy in your communication skills to be able to speak with finesse.
There are myriad reasons and scenarios where your public speaking skills will come in handy. A few of the most significant ones are listed below.
1. Presenting Your Business Plan
Once you decide to venture into any business, one of the most crucial stages involves sharing your idea with friends, family, investors and would-be associates for the first time. You need to be clear, concise, confident and speak with conviction. This is where the journey starts, and it's important to make sure you are able to convey exactly what your product or service entails and how you expect your business to grow.
2. Proving Viability of Your Idea
You have a vision that you believe in, and you need to explain it in a way that inspires your listeners. When the time comes to prove that you've created a viable product or service, your speaking skills will be essential.
3. Funding and Investments
Fundraising is a tough process, and getting an investment for your business is not always straightforward. You need to effectively communicate your business proposition and model, the investment required, ROI roadmaps, and realistic numbers to investors. The best way to do this is to practice your public speaking skills, focusing not just on your words, but also on your body language and enthusiasm while doing so.
4. Addressing Regulators
Entrepreneurs across industries sometimes lack the skill of communicating effectively with regulators. Discussions can go off the rails if you cannot exchange information in a smart and subtle manner, but due to the importance of regulatory approvals, you need to focus on clarity when you're speaking with them. You have to be transparent, logical and an effective communicator, and always be able to show them the bigger picture. This will help you strengthen future collaborations and also open up new avenues.
5. Interacting with Stakeholders
Stakeholders could be both internal and external, but in general, they include all people affiliated with your business venture. The strategy is to communicate clearly and consistently, as their opinions and actions can impact your business directly. Each of them will respond differently, so you should consider customizing your message based on the audience.
6. Participating in Industry Forums
As a business owner, you will have to represent your company at various industry forums and events. While you can gain a new perspective and deepen your learning at such events, the way you interact will be of paramount importance. Opinions will be formed, and your words will be remembered. You need to be informative and eloquent when you speak with industry experts and analysts, potential associates, counterparts and the media. This is where you have the opportunity to build connections with new strategic partners.
7. Media Interactions
The media is a powerful tool that helps in brand- and image-building, enhanced visibility and credibility. You need to be cautious and well prepared, as media interviews can be intimidating. Your appearance on media platforms can leave an impression on viewers and listeners, and your messaging will build trust and brand loyalty with existing and potential consumers.
Mastering the art of public speaking can take a while, but once you work on your skills, you'll be able to present with confidence, leading to success.