In every company, the fundamentals are the same – operations, sales and marketing, finance and admin. If you want to get approval for a project, it is Important to demonstrate the benefits to each are of the business. Here is an outline of items to consider when looking to develop a proposal.
Sales and marketing
Finance and admin
This is where the logic matters in the process of approval. My experience has been that when we walk through things logically for finance, the likelihood of approval is increased. In order to have the best chance of getting financial approval, you must understand how they calculate ROI. Each company utilizes different values in their calculations. Having a clear calculation guide is key. All you need to do is ask the financial department what they use and make sure to use it for your justification. Take the time to evaluate the formula. How are the data weighted? How will your initial numbers affect the results (ROI)?
When it is necessary to secure funding for a program, it is critical that you clearly understand the key elements of business. I have seen good plans go down in flames many times because the engineer used logic to validate. Business is multi-faceted and so logic is one component but not the most often used decision making tool. All decisions are made emotionally because humans are emotional creatures. This is important when developing the business case to purchase new capital equipment or expand operations in general. Here are the emotional elements to keep in mind when putting your plan together:
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