Storytelling is the process painting a picture with words, so that the listener understands and can see what the story is telling them in relation to the subject being discussed.
It is useful in business when selling an idea, a concept a product or service to a leader, manager, member of staff or a customer. The concept is the same. It is a skill that requires practice to become an expert in execution.
The Story should always have the 4 Ps included. The People, Place, Plot and Purpose all are central to the word painting and ensuring the listener understands what the story is showing.