Category: Business Planning

An elicitation is the process of discovery to determine business requirements with the help of a business analyst. Often, the information that someone investing in a business or someone who is a stakeholder in a business needs is not listed anywhere. Instead, it comes through random emails or phone calls – an elicitation aims to put down all of the information that is needed for the stakeholders or investors and then provides that information.

If you are pitching a business or trying to get more funds for a specific project, an elicitation is absolutely necessary, even if it isn’t ordered. It can help to organize information, ensure that your business report is complete, and to identify business needs and risks.

If you are in need of an elicitation professional, give us a call now: +27 87 980 0000.

What To Do Before An Elicitation

The most important thing to do before an elicitation (and before any type of business planning) is to get an accurate understanding of what your business needs for this specific project or undertaking. Everything that happens during this process will fall back to those needs.

You should also talk to stakeholders and backers to determine what aspects are necessary for the elicitation. This can include what they want to hear about, what the end results will be, a quality analysis, project sponsors, operational supports, subject matter questions, implementation, regulation, and more – be prepared for a vast amount of information, especially if this is for a new business or backer.

Elicitation Methods & Techniques

After getting the information needed from the elicitation together, there are a few different methods that one can go about to get the information. These can include brainstorming to create new ideas and themes based on the questions. All ideas should be recorded in this session, even if they will not all be used.

Next, you need to complete a document analysis that involves collecting and reviewing documentation that goes back to your business needs, risks, and ideas. This can be a lot of information, so organization is absolutely critical here.

Some other steps can include interviews, where important people involved in the business or planning may be interviewed. Sometimes, it may even be beneficial to interview subject matter experts.

After gathering all of this information, it can be beneficial to create a prototype or storyboard so that stakeholders can visualize your plan. It can help to validify your information and provide valuable insight into where there may be holes. In general, the more detailed, the better. You may also be able to create surveys to help gain information from your stakeholders after presentations so that you can know where you were missing information, where you could provide more, and where you provided enough.

Who Can Conduct An Elicitation?

An elicitation is often completed by a third-party business analyst who can determine which methods are the best for everyone involved. He or she will look at all of the information provided and help to structure the format of the elicitation and gather the necessary information.

It is important to note that an elicitation can take place at any phase of a project, not just at the start – that is just the ideal scenario.

Regardless, the person who conducts an elicitation needs to be trained in doing such, has intense attention to detail, and has experience in carrying out elicitations.

Business Consulting in South Africa – Need Help?

Are you getting ready to present to a financier? Stay cool, calm, and collected when it comes to your presentation. Practice it, anticipate questions, and make sure that you are comfortable with your material. You do not want to go into the room like a robot or an actor, but you do want to be prepared.

One of the best ways to prepare for financial presentations is to work with a business consultant who can help you to plan and practice. At ICQ, we have years of experience working with businesses and entrepreneurs as business consultants. If you are ready to get started, give us a call today.

Three Ways A Business Coach In Gauteng Steers Himself Toward Success

Trying to be a successful business owner is something that requires quite a bit of trying by many, many people. Not only is it just the business owner, but the people who surround him as well. Many people know that it takes hard work, but there are also some other things it takes. Working hard is one thing, but you also need to make smart choices when it comes to your work.

Here are some areas in which you can be smarter when planning your business.

Prioritize What It Is That You Want To Get Done

Most people go into their days with a to-do list and we all tend to do the same things: we get the “low hanging fruit” out of the way. Part of this is because these tend to be easier tasks that don’t take as much effort. We also just like to cross things off our lists. At the same time, that pushes the most important tasks to the end of the day, which really means they will go to the next day.

When you are writing your to-do list, start by listing your priorities at the top. You may even want to number your list so that you work in order. That way, you have a plan for how to work and you don’t put stuff off until the last minute, sabotaging all of your other work.

Make priorities and make them clear. Use a star, write them in a different color, highlight them, or do whatever it is to set them apart from the rest of the items on your list. Work on those tasks (and only those tasks) first and then work on the little stuff at the end of the day. You will be surprised how efficient your work is.

Focus On One Task At A Time

We touched on this with the last point but it is important to drive home: focus on one specific task and get that done. Do not have your email open while you work on something. Put your phone away. You cannot listen to podcasts and be effective at your work. When you are working on something that is important to you, focus only on that task.

Once again, set aside specific times to work on things that are important to you. Do what you need to do to focus – play some classical music, lock your phone, or work in a coffee shop where you cannot browse your phone.

Don’t Be Afraid To Ask For Help

If you are going to be a business owner, the most important thing you can do is get good people on your side. Hiring the best is one thing, but you also need to surround yourself with people who motivate you. Many people are great at what they do, but they aren’t that personable and don’t make working on something all that fun.

You need to have people around you that you can go to when things get difficult. People who will help you as best they can, even if they do not know how to do something. This includes your friends and people outside of your business. Ask your kids to take over some of the dog walking responsibilities, tell your friends you need to stay focused on tasks so you cannot text all day. Ask for help with things that you know other people can do. We are too afraid to ask people for help because it makes us seem vulnerable.

Need Help With Your Business Plan?

Do you have a great idea for a business but need funders and a business plan? At IC Quantum, we can help you to present a business plan that funders will find clear and to the point making your proposal stand out from the rest. We have years of experience in guiding people to make the right decisions about their business, starting with feasibility studies and ending with working hand-in-hand with them to handle the bookkeeping once their business has flourished.

Ready to get started? Give us a call today at +27 87 980 0000 or send us an email at info@icq.africa to schedule an appointment.