4 Tips for Building a Company That Attracts the Best Investors Investors seek companies that run smoothly and have solid prospects, which is just the company you're trying to build.
By Murray Newlands Edited by Dan Bova
Opinions expressed by Entrepreneur contributors are their own.
Top investors have a long checklist that they consider when evaluating a startup. To win their favor, you must not only meet, but exceed their expectations. Not long ago, we shared with you five tricks for winning over the best investors.
Today, we're happy to add four more tips to our list for impressing top investors and securing funding for your business. Consider these four additional tips when preparing to pitch your company and you'll have a better chance of winning over the best investors around.
1. Great customer service. Customer service goes beyond simply being polite to your customers. Truely great service comes from sincerely wanting to help your customers. Listen to their stories and empathize with them.
Related: How to Pitch Investors: Four Tips from TechStars New York
Plus, investors want to see that your company has a stellar customer service department or protocol in place and that you treat your customers like you would want to be treated. Successful, long-term and profitable customer loyalty always stems from a positive relationship between the business and the customer.
Be prepared to prove to your investors that your customer service goes above and beyond that of any of your competitors. Companies that offer great customer service have loyal customers, which is always preferred and more profitable than one-time customers.
Putting your customers on their own pedestals is an investment that that costs you nothing but will make your success .
2. Utilize technology. Your social media accounts must have personality, instead of being marketing automations.
Post interesting content that is in the same vein as what you offer. Slip in some coupons or product mentions every once-in-a-while. Make your technology intuitive and convenient for the customer. Basically, give it a purpose instead of making it feel like a strange appendage you have no real need for.
This will mean having forums or web ticket systems where your customers can chat with your staff, ideally 24/7, in a personable and helpful way. If you are not able to facilitate 24/7 responses from your staff, within eight hours usually suffices.
Utilizing technology properly will help your operation run like a well-oiled machine, demonstrating to investors that your business runs smoothly and is able to generate profits.
Related: 10 Questions to Answer Before Pitching Investors
Nobody wants to invest in a company that's all over the place. Using of the right technology will ensure that your company is on the ball from your website to your products and services.
3. Be flexible. While you obviously need a plan to run a business, businesses have to change their modes of operation more often than not. Flexibility an important and useful trait.
Technology changes rapidly, as do online trends. You need to flex and bend, naturally, to keep your business running successfully. Avoid business plans that demand that you remain fixed in your ways for any period of time. At any moment, you might have to change your focus to keep your audience. Be prepared for that!
Investors are always looking for startups able to adapt and still succeed. That is an invaluable asset for impressing the best investors.
4. Be observant. Monitor other businesses in your field. Learn from their successes, and mistakes.
You do not have to emulate successes to a "T.'' In fact, it's easily noticed when a business loses its creativity and just follows the same marketing, branding, etc., as the others. Learn from others, take what works but make it your own. Be open-minded and eager to learn as much as you can.
A company that's constantly looking to improve and progress shows promise to investors and is much more likely to win their favor.
Related: 10 Mistakes to Avoid When Pitching Investors (Infographic)
