Your pitch is ready. Are you ready for investors’ questions?

The presentation explains the opportunity clearly. The first conversation goes well. Then an investor asks how many customers have actually signed, why the cash forecast differs from the deck and who owns the software.

These are illustrative questions, but they show the work behind an investment conversation. A strong pitch needs answers that remain consistent when someone looks more closely.

Separate evidence from expectation

A signed contract, a trial user and an encouraging sales conversation are different forms of evidence. Make the distinction clear in the figures and the explanation.

If the pitch refers to recurring revenue, customer retention or a sales pipeline, define how each measure is calculated. Be able to show the underlying information and explain changes between periods.

The same discipline applies to market claims. Explain which customers the business can realistically reach, how it intends to reach them and what evidence supports the demand. A large market estimate does not establish that customers will buy your offer.

Know the assumptions behind the cash forecast

Revenue growth can look persuasive while the timing of receipts, hiring and spending creates a funding gap.

Make sure the forecast reflects how the business operates. Explain payment terms, planned recruitment, major commitments and the assumptions that carry the greatest uncertainty. Work with finance specialists to reconcile the forecast with accounts and other figures being shared.

Test a plausible delay in sales or funding. Be ready to explain which decisions would change and when they would need to be taken. Present the uncertainty openly rather than treating the forecast as a promise.

Explain what the capital will make possible

“Growth” is too broad to explain a funding request. Set out the activities the money would support, the milestones they should achieve and the cash needed along the way.

For an illustrative expansion, distinguish hiring a sales team, securing customers and reaching a repeatable level of sales. They happen at different times and require different evidence.

Be clear about what this funding is expected to achieve and what may require additional capital. If the plan changes, investors will want to understand the consequences for timing, spending and further funding needs.

Put ownership and commitments in order

Keep ownership records, major agreements and material obligations accurate and accessible. Where intellectual property, shareholder rights or earlier promises are unclear, resolve the position with legal and other relevant advisers.

Share sensitive documents through an appropriate process with access controls. Preparation does not mean sending everything to everyone at the first meeting.

Also consider the relationship after investment. Discuss reporting, decision rights, expectations and how disagreements would be handled. The company's assessment of an investor matters alongside the investor's assessment of the company.

Before the next conversation, choose three important claims from the deck. Ask someone outside the preparation team to follow each one back to its evidence. The gaps they find give you a practical list of work to complete.

Further reading: the British Business Bank's Angel Investment checklist covers preparation, evidence and expectations on both sides of an investment.