How Communication Affects Deals
Brenden Kumarasamy is a communications expert. He coaches ambitious executives and entrepreneurs to raise venture capture and become their industry’s top 1% communicators. He also has a popular YouTube channel, the MasterTalk, dedicated to giving access to communication tools to everyone in the world.
In this episode, Brendan will talk about how communication should be applied to deals, including how to deliver the perfect presentation and pitch to raise capital, with some daily communication exercises you can use. Brenden provides valuable information for any business owner!
Communication Is Key
You can have the greatest product or service, but it won’t do much in the market if you can’t communicate. Brenden says that most CEOs are very good at building products, finding the tech gizmos and creating a solution to a problem, but that doesn’t make them excellent communicators.
Many leaders and business owners cannot communicate their product or service in a way that a non-technical person can understand. Many who are starting out focus too much on the feature set, instead of what the benefit of the product or service is to the customer. This is a recurring failure in all business fields with most founders.
Fundamentals for Better Communication
A lot of founders have goals with their career and business, but not with their communication skills. To start a more communicative career and be able to communicate your product or service more effectively, Brenden gives some tips:
1 — Make a list of the top three CEOs and leaders you admire. Brenden explains that whoever it is, the personalities chosen are all exceptional communicators. By noticing the chosen CEOs, you can model them and establish communication as the priority.
2 — Know how to communicate well in general. You could tell the best story in the world, but it’s not enough. Focus on the filler words, delivery approach and eye contact. Train this in all communication you do, not just in business. That way, you’ll build confidence.
Exercises to Improve Communication
Brenden lists some exercises he uses in his training to help leaders improve their communication:
- The question drills exercise
This is an exercise in imagination. Put yourself in a situation with the toughest audience who just asked hundreds of questions about your business. Think of answers to each of these questions. The exercise doesn’t end until you have an answer and a backup slides for everything. This helps to be prepared for any situation, demonstrating confidence in your business.
The investing community is a tiny community. One recommendation is: assume that if you screw up once in front of an angel, VC or PE firm, word will get around. That’s why preparation is so important.
- The random word exercise
Pick a random word like ‘phone’ or ‘avocado’ and create presentations out of thin air. If you can make sense out of nonsense, it will prepare you to communicate about anything and react calmly. Especially, when you’re in a room where they ask questions about your business and you don’t know the answer.
The Structure of the Perfect Pitch For Investors
Brenden coaches leaders in making formal and informal pitches. Regardless of where you are, when structuring your pitch, break it down into pieces: problem, solution, how it works, competition, traction (how much progress you’ve made) and closing.
It is very important to communicate the traction, even in the early stages of your business. You want to give the illusion that your rocket ship is taking off with or without the person’s money.
Whenever you close the pitch, don’t just summarize and open for questions. Instead, help your investors imagine a world where all of your ideas come to life. What does that world look like?
Easy Daily Practice
To achieve more and more visibility and investment, it is very important to prioritize communication as your businesses scale. The best thing is to invest five minutes every morning and ask yourself ‘what’s one question that somebody could ask me about business?’ Spend four minutes reflecting on the answer.
To connect with Brenden Kumarasamy for more:
Corey Kupfer is an expert strategist, negotiator, and dealmaker. He has more than 35 years of professional deal-making and negotiating experience. Corey is a successful entrepreneur, attorney, consultant, author, and professional speaker. He is deeply passionate about deal-driven growth. He is also the creator and host of the DealQuest Podcast.