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In short, an elevator speech is a concise address that is meant to inspire (or elevate). Elevator speeches come in handy in many different situations: you could be meeting a potential business partner at a networking event, trying to win over a busy contractor that you may be able to do business with, or start off a presentation in a classy and effective way.
An elevator speech is important when needing to talk your business (and yourself) up; it is no time to be shy or conservative in your description. You must have this speech ready all the time - memorized, of course; reading off paper is not impressive and speaks volumes about your (lack of) professionalism and confidence! You will never know when an opportunity comes up for which you just do not have the right words. You will be kicking yourself for months - even years to come!
Once you've made yourself familiar with your elevator speech, you'll exude confidence at any event, knowing you've got the guns, so to speak. Remember that knowing your business is a lot different than selling your business. You must be able to speak the lingo that your audience expects, and most importantly, you must not be boring.
You need to capture the attention of your audience and have them desire to do business with you. This is the best way to think about the speech. It needs to be quick, powerful, and, if you can manage it, needs to leave your audience wanting more. If you get a genuine question, consider it progress. If you can manage to tack some sort of scarcity onto your talk of future dealings, you may invoke a great need for your audience to be in contact with you.
So plan it out, memorize, and deliver - you will know when you need to recite - Manager's intuition!
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