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What Is Elicitation? An Overview

Business Consulting, Business Funding, Business Plan, Business Plan Reviews, Business Planning, Feasiblity Studies

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.

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