Recently I was asked what I do in a great networking situation. I failed miserably! Since I've changed my professional focus I wasn't prepared to clearly explain what I do to this person and probably failed to make an strong impression.
Imagine you're waiting in a long line at your bank. The person in front of you turns around and you two start chatting. After some pleasantries, they look at you and ask "What do you do?".
If you aren't prepared, you could stumble as you try to explain this memorably in less than 15 seconds.
You never know when someone might turn into a client, or a lead to a client, or a friend.
If you haven't revisited your personal elevator speech in the last 12 months it's a good time to take 10 minutes and go through this exercise.