I still remember the conversation I had with a close friend almost two decades ago. Finding himself at an age when planning a family was natural, he told me that he was having second thoughts about having children.  This friend was, and still is, one of the foremost experts within the area of regulation and compliance of fisheries. After completing his thesis focusing on the life in fishing communities of North-East Canada, he had come away with a very bleak view of the future of our oceans. His conclusion was that we were at that point past the point of sustainability, and probably already past the point of no return. This fact was enough to influence his choice of whether or not to have children.

In the decade following, it is not news that we have moved in the wrong direction where our oceans are concerned. Over-fishing is still a very real global problem, and in spite of the Trump administrations’ views, climate change is not a hoax orchestrated by the Chinese.

The Great Pacific Garbage Patch

As if the two before mentioned crisis’ are not enough, due to our ever-consuming society, high concentrations of garbage debris are accumulating in regions following the flow of ocean currents. The Great Pacific garbage patch is one of these regions. Called a gyre, these garbage patches are so massive, that it is predicted that they may contain more weight in plastic than fish within the next thirty years.

While the direct effects on marine life such as fish and birds are clear and measurable, the indirect harm to species including humans is to this day not known. What is known is that microplastics, when ingested, bring toxic material into the system. The chemicals ultimately goes through the food chain and make it into the food that we eat on a regular basis.

 

I will use an analogy which my partner has used for entrepreneurs on numerous occasions. Imagine that your business is a jungle. Without your guidance, anyone who enters your jungle will be completely lost and your primary job is to help guide them through to the other side. This means that you should not take them on detours, loading your presentation with excess content or fluff and risk losing them along the way. Instead, take the most direct route to get them safely to the other side. There is some exaggeration in the above, since a lot of financiers may already have relevant experience within your industry. But the truth is that they use this not only as a means to understand your business but also as a means to evaluate you as a potential client or partner. They are trusting you with their money. The more comfort you can give them, the easier time they have believing that you know how to run your business.

Tell them more about yourself

I am not naturally extroverted so I fully understand the pressure entrepreneurs go through when presenting to potential financial partners. However, unless you are presenting on the Dragons Den, the party sitting opposite you will not expect perfection, with the only potential caveat being if you are in sales. They are interested in getting to know what makes you tick. Giving them a taste of your personality can be the key to keeping their attention throughout the meeting.

Narrow and directed, not broad and vague

It is very easy to get carried away when taking them through your business. Try to make sure that your presentation, either on paper or in person, is narrow and direct instead of broad and vague. This does not mean you should not have a lot of backup for your numbers. Any funder will appreciate your ability to take them through the minute details of your business, and their due diligence team will need to go through them at a later stage. In your initial meetings with them, present a picture that is concise and to the point.

Honesty and Transparency

One of the things that I would discourage more than anything else is the proverbial ‘bait and switch’. When you make your pitch to potential financiers or investors, don’t skirt the facts. Present yourself and your business truthfully and honestly. If you present yourself one way, only for their due diligence team to find out that the picture is significantly different, you will most likely face rejection and lose credibility for any future contact. At Morrison Financial, we encourage entrepreneurs and businesses who are not suitable during their initial presentation, to try again when they have made some suggested adjustments. It is not uncommon for us to accept a client or partner on a second or third try, after they were initially turned down. Never burn bridges, especially those that can help you access funds.