Tag: Business Plans

What Is Elicitation? An Overview

Posted on by Angel

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

Posted on by Angel

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.

Last-Minute Tips For Pitching A Business Plan

Posted on by Angel

If you are getting ready to pitch a business to funders, you have probably spent months (if not years) preparing the speech that you are going to give. You’ve given the speech to friends and family, mirrors, pets, and perhaps even accounting firms who are helping you. All of this prep work has been put into place to give the best possible presentation you can, hopefully earning you the funding that you need.

With just a few days or hours to go, what are some last-minute things that you can do? Here are a few tips:

Make Sure That You Look The Part

In a perfect world, your appearance will not matter. However, we do not live in a perfect world. If you have kale in your teeth, a stain on your shirt or you are wearing two different shoes, you may not be doing yourself any favors. Anything that is “off” about your appearance can pull focus from your presentation. You want to make sure that you look your best. This doesn’t mean that you have to get your teeth whitened and get a thousand dollar haircut. Instead, it means that you have washed and brushed your hair, you have on a suit that is free from lint, stains, and wrinkles, and you generally have a professional appearance. If you wear make-up, ensure that it is tasteful and simplistic – now is not the time for purple lipstick. 

When In Doubt – Go Off Book

We can try to plan all we want for situations, but sometimes things are just off. You cannot control if a potential investor had a fight with his teenage daughter that morning, got a flat tire, or just ate a bad breakfast. If you are standing in front of your potential investors and you just feel like something is going wrong, do not be afraid to go off-book. You don’t want to veer too far away from your initial plan, but you should be able to pivot if necessary. Maybe you want to pull away from your PowerPoint, insert an anecdote, or just give the group a minute to breathe.

Skip The Coffee

If you can avoid too much caffeine, try to do so. You don’t want to be too jittery or have too much energy. Coming at a group of investors with energy is a good thing, but being too hyperactive or shaking doesn’t send good signals. Instead, drink a normal amount of coffee or caffeine so that you do not get a headache, but don’t go overboard.

Do Drink Water

You do want to drink water before your presentation. Drinking water makes your brain run just a little bit better, which is good for those hard-hitting questions you will receive. You also don’t want to get dry mouth in the middle of your presentation – those little white spots on the side of your mouth can be distracting.

Remember To Give Yourself Time To Breathe

One of the biggest mistakes that people make when pitching a business is that they do not give themselves time to breathe. Before you start your presentation, take a deep breath. When you are finished with a point, take a breath. Take a few seconds longer than you think you should – the investors hearing your presentation will be glad for a moment to collect their own thoughts. It can also help you to pivot more gracefully and not run out of steam.

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 will have funders lining up for your services. 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.

Presenting To A Financier? 5 Tips From A Business Consulting Professional

Presenting To A Financier? 5 Tips From A Business Consulting Professional

Posted on by Angel

If you are presenting to a financier, you need to stand out from the crowd. As a business consulting firm in South Africa, we have seen many people with great ideas get overlooked because their presentation skills weren’t good. The ability to speak clearly in front of people who hold your fate in their hands can be difficult, but it doesn’t have to be impossible.

It is also important to know that the responsibility isn’t always in your hands. You cannot control whether or not the financier had a bad day, argued with his daughter, or got a flat tire on the way to work. Still, once they are inside the room with you, you can control their emotions and how they understand your presentation.

Before presenting to a financier, remember these five tips:

Establish Credibility Immediately

Your audience is more likely to listen to what you have to say if you tell them why they should listen. Do not launch into a lengthy introduction, but tell your financiers why they should listen to you. This could mean you list your credentials, talk about what you’ve done, or even mention that you have sought out business consulting. The idea is to impress the audience from the minute you step up to talk.

Don’t Just Make A PowerPoint

So many people think just making a slideshow with information is enough – it isn’t. We’ve all seen slide after slide filled with information. This type of brain dump bores an audience. The purpose of your finance presentation should be to provide quantitative information to a person or group of people – enough information that they can make an informed decision.

In business consulting, we encourage our clients to be effective and concise in their presentations. Most often, the financiers understand the basics of what you are saying, so don’t break down every small detail. Curtail your actual slides to just the numbers you want them to see and then explain while you are making your presentation.

Tell A Story

You do not have to write a work of fiction to present your business plan, but you should try to connect with your audience. When we sit down with entrepreneurs for business consulting, we ask them about their stories. This helps us to understand where they come from and, sometimes, where they will go.

You want to take your audience on a journey and help them to picture what your success will look like. Get financiers emotionally invested and you will convince them to invest in you.

Remember Business Consulting Conversations

If you work with a business consultant, you may notice that they do not do all of the talking. This is because, at least in our case, we like to model good presentation skills. When talking to a financier, remember that this is a two-way street. Do not launch into a droning monologue. Instead, call for audience involvement and keep them engaged as often as possible.

This conversation should help you to understand your audience’s motivations and you can then speak directly to their questions and priorities. Ask audience members for feedback and discussion items throughout the presentation, not just at the end. Not only will this ensure they get the full picture instead of just thinking about their questions, but it will also help to keep them attentive.

Surprise Them

Sometimes, the best way to entice a financier or financiers is to startle them with a fact, image, or outburst. You want to stay professional, of course, but you also want to get their attention. By surprising them, you will keep them awake and engaged. If possible, surprise them with something that will drive home your point.

If you cannot find a fact or statistic that fits with your point, you can use something that is just mildly connected. Do not spend a lot of time on this, but keep it in your back pocket if you see eyelids start to get heavy.

 

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.

Business Planning 101: 4 Things to Know About Your Target Market

Posted on by Angel

The better you are able to understand your target market and your customers, the better your business plan will be and the faster your business will grow. Many new business ventures often struggle with finding and defining target markets because they either set their sights too broadly on the potential market or they limit themselves.

Most often, funders will say that entrepreneurs overestimate their market sizes quite a bit. It is easy to assume that your service or product will be in high demand. We get too precious with our ideas and make assumptions. The goal is to reach out to your potential customers to get a realistic view of your audience so that you can give concrete marketing ideas in your business plan. This may quell some of the concerns that funders have and give you a pathway to follow.

But what do you need to know? Start with these four things:

Who Will Actually Pay For My Products or Services?

The first question you need to ask is who will pay for your products and services. This will provide you with the most basic information about your target market. Your potential customers need to have a problem that you can solve and they need to know that they have that problem. This is one of the biggest hurdles people face. There are many ways to check if people actually know that they need your help, such as using basic surveys.

How Will My Target Audience Find Me?

The next thing is to ask how those people will find you. Will they look for you online? Walk down the street? See advertisements at bus stops? You will need to do research to determine your target audience’s demographics, geographic and purchasing patterns to make a plan to reach them effectively.

If you sell online, you may need to monitor customers’ online behaviors to see where to put options. If they purchase in person, you may need to check your dream location and see how you can stand out.

Are You Competing For Them?

One of the most basic questions you will have to know about your target market is this: are you the only person going after them? You not only want to know about this in real-time (who currently exists physically and online that offers the same product) but even do some research into other companies that might offer the same things you do. These are the companies that could expand into your niche or new companies that could emerge. 

You have to keep your ear to the ground on this – look for clues or hints that other people are dreaming about building a company that is similar to yours. Even if you “get there” first, you have to consider the fact that competitors may emerge at some point.

If you don’t think you have competitors – look closer. Almost everything can be purchased online nowadays.

Is There Room To Expand?

Funders aren’t always looking at the here and now, they are looking into the future. You need to have a plan to redefine your target market and expand it into the future. This is particularly true for people who offer products and services that are “one-time” purchases. Figuring out how you will scale and bring in even more attention will help funders make decisions about how far you’ve planned. 

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 will have funders lining up for your services. 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.

5 Most Common Shortcomings We See In Business Plans

Posted on by Angel

All businesses started with business plans – unfortunately, most of these plans weren’t effective. For those who can still get funding (thanks to personal connections or sheer luck), they iron out the details as they go or fail because of them. For those who aren’t able to get funding without ironing out those details, they have to go back to the drawing board. Eliminating those shortcomings can make all of the difference in getting funding and starting your business.

Some of these shortcomings are easy to fix, and others aren’t. As an accounting firm that does business plan reviews, we have seen reports from people with great ideas but poorly written plans. We have also seen extremely well-written plans for businesses that are less than inspired. Regardless, we have read over and created business plans of all kinds – and they all have similar problems.

Here are the most common shortcomings we see in business plans:

Your Research Is Out of Date

We tend to do research early in the business planning stage. By the time we present our business plans, this means that the information is outdated or incorrect. In using information that isn’t relevant or accurate, you will discredit your business idea and the remainder of the plan.

You Just Aren’t A Writer

One shortcoming that is incredibly common is that you just aren’t a good writer. It could be that the plan itself is poorly written or that the spelling, grammar, and punctuation are off in the document. Stylistically, you want to come across as professional and mature, but you also want something that will help you to stand out from the crowd. 

Before you show your business plan to anyone, make sure that you go through every line and ensure what you say is what you mean and what you say is appropriate. Run your spell check and have someone you know with strong editorial skills review it for grammar problems.

Not Admitting Weaknesses

Many entrepreneurs fall upon their own swords. No plan is infallible and not admitting to where your weaknesses are can actually hurt you more than not having them at all. If you can identify your weaknesses, do so. If you cannot, sit on your plan until you can.

The only way to address these weaknesses is to include a detailed strategy of how you plan to address them. It shows funders that you have thought everything through and you have a mind for fixing problems.

You Didn’t Dedicate Any Time To Your Competition

Even if you have a unique business idea, you are bound to have competition somewhere. With the internet, almost everything is available to everyone. Even if your business is one of a kind and offers a service one cannot get online, you still have competition for your money. Since your business doesn’t exist, where are people spending the money they will eventually spend on you? 

Highlight your competition and discuss how you will overcome them. Don’t spend too much time here, or the investor will worry that the business won’t survive. Focus on your niche, what differentiates you from your competition, how you plan to compete, and why you will earn clients.

You Aren’t Consistent

You probably didn’t sit at a computer and type up your business plan in one day. In fact, it was probably written over a long time. This type of writing, while necessary, invites inconsistency in messaging. You want to ensure that you continually use congruent statistics, have a clear path in your strategies, and you are using the same tone. 

Sections of plans should be read in order before you submit it – even if you didn’t write them that way.

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 will have funders lining up for your services. 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.

What Makes A Business Viable To Funders?

What Makes A Business Viable To Funders?

Posted on by Angel

One of the most difficult steps entrepreneurs take when they first start their businesses is finding funding. Making your business seem viable to funders is a long process that requires research and some hard work – but it isn’t impossible.

In order to make your business viable, you will need to come prepared to answer questions that they may have, show metrics that prove viability, and calm some of the fears that funders tend to have when making decisions about whether or not they want to proceed.

So what exactly makes a business viable to funders? Here are a few things that stick out:

There Is A Demand For Your Product Or Services

Is there an audience for your company? In some cases, it might be a new product or service that an area doesn’t have. You will have to prove that there are potential customers in this area that you can reach. If it isn’t a new product, you may have to prove that the target market isn’t oversaturated and you will be able to stand up to the competition in markets where you have it.

There are a few different tools that you can use to get this information, and the more details you have, the better it will look to funders.

Meet Potential Customers

If you know your target market, then you may have an idea of where you want your business to be centered. If this is the case, then you can meet your future customers where they are. Don’t be afraid to walk around the neighborhood and shake some hands, introduce yourself, and ask some questions. The feedback that you get will help you to answer questions about your products and your plans for the future. Real quotes from real people telling funders what they need will go much further than you telling funders what you think people need.

You Have The Necessary Skills To Make It A Success

What skills do you have that will make running your business successful? It takes more than having a college degree. The more skills that you can have, even something as simple as knowing how to use email marketing or how to set up a website can help you immensely in showing that you are ready for funding. There are courses you can take online that aren’t very expensive at all that will go a long way in proving just how ready you are – even if you plan on outsourcing these things the moment you get a chance.

If you are starting a company or business with a friend, try to ensure that you both have diverse skills that don’t overlap. The more ground you can cover, the better. You may even want to network a bit and find people who are willing to help you with your skills. The more people you have on board and ready to work – like photographers, web developers, painters, interior designers, secretaries, assistants, or whomever else you will need to get this business up off the ground.

Stay Organized

One of the most important things you can do is get and stay organized. You want to keep everything as neat and minimalistic as possible, but don’t be afraid of adding some flair. Present everything thoroughly and naturally – think through your presentation and figure out the best way to broach topics. Sprinkle in any of the points you believe may cause funders to back out.

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 will have funders lining up for your services. 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.