The importance of storytelling in business

“Why would I even let anyone get into my space if the person does not even know what his business is. They cannot explain it to us and expect the world to notice them?” a visibly upset Carl Fletcher, CEO of a Bengaluru-based start-up incubator asked me. 

We were in the process of interviewing a few start-ups for getting them incubated and Carl was annoyed as most of them were not able to present their idea in a proper format with clarity. 

Most new businesses miss out on a very important ingredient of building a company - The art of business storytelling. If you narrate your brand story well, it becomes a compelling reason for others to listen to you and it also works as a trust-building exercise. Now, think about how you describe a powerful purpose of building a cause that became your dream project? 

During childhood, the power of stories helps us in connecting to a dreamland. That same phenomenon does the trick at workplaces to connect, engage, gain perspectives and create aspirations. They make messages stick and help in embedding company values. 

Managers at workplaces and business houses create a brand story that creates awe-striking impressions. It talks about dreams of founders and how they toiled to attain success. Personally, I have taken beyond 300 workshops on business storytelling. Most people in the first 60 seconds look with curiosity and ask how much time will it take, a few jump ahead and ask if this will get them anywhere if they were not entrepreneurs. A business needs a story to sell. No matter whether you run the show for someone else or for self, the road is identical. 

Let us see how this process works.

Stirring explanation: Start with a simple, quick analogy about how you came up with the business idea. This same trick is applicable for getting a new customer. If you are working your way to a promotion at the workplace, own up the idea as your own. As long as it enhances organisational value in some way, you would sail well. 

Increasing action: Got an inordinate breakthrough in your idea? Speak about it here. Say how will you take your idea to fruition. Steve Jobs had a story to tell about his thoughts on achieving a new feat every day. “If you live each day as if it was your last day on earth, one day you will most certainly be right. So past thirty-three years I looked into the mirror and asked, have I done well on my last day? If not, then I need to change it and now.” This quote has done millions of rounds on social media because stories live even if the narrator does not. 

Crossroads: If you have a pothole in the road, this is where you bring it up. Running out of support from peers at work or no funds for further expansion of your new business, this is your spot to mention that you are stuck at crossroads and why. Believe me, most people help others if you know how to ask. Those who are willing to help you want exact reason with facts. That is where a good convincing reason blended in the business story is essential. 

Climax: Now, you cannot have a story without it ending. Can you? The business story can have two kinds of ending. It depends on who are your audience. In the first scenario, where the presentation is meant for an incubation process as a start-up, the story needs to end with future predictions and growth map of next and minimum three years. If the story is being told as a part of how you built a successful business, then the future growth needs to be predicted with plausible numbers and ability to achieve them as a team. Talk about increased revenue of the company and tell what drives you and the purpose behind that. 

Stories lead us to build cultures of countries, people and businesses. Use them to your advantage. Tell a story and the world listens. 

The writer is strategic advisor and premium educator with Harvard Business Publishing