Business proposal to my boss -help
Discussion
It sounds to me like you are looking for authority to investigate, not for authority to proceed. The former just requires the work to get your boss to say "I'm interested, write me a proposal". The latter requires a strategy, business plan, financial model and a lot of work.
Rether than being ready with the answer to every question, for now you need to get him excited. You are making an initial pitch, not asking for a cheque for £1m. You need to address his immediate questions. So your main preparation should be a 2-page summary, addressing:
- Why are you talking to me?
- What do you want to do?
- How much is it going to cost us?
- How much money will it make us?
- What do we need to do?
1) Why?
Very short introduction: "I see an opportunity to do X. I believe we can do it controlling investment and risk. It will generate additional revenue and profit, provide more stability to the company."
2) What?
A simple sketch. Can you make a model of it? Can you draw a picture? Keep it on the first side of paper.
3) Cost?
- Thumbnail it on calculated guesswork for now. Set-up cost. First & second year investment? Can you limit risk, so that if it is not working out, the company can bale out easily? Highlight if actual expenditure is small and the bulk of the work is workload.
4) Profit
- Feel free to say "I believe we are looking at £Xk revenue and £Y gross profit per annum by Year 2" with no backup.
5) Next Steps
- To develop the proposal more thoroughly
- To get suppliers in to talk about it (so your boss knows why they are there)
- (if necessary) for a small budget to research. This isn't to actually do it (e.g. buy a camera), but for books, magazines, etc.
- For him to put a support team together. Probably just introducing you to the Finance man, and asking him to help you prepare the financial assessment.
- To agree a plan of action: What information he wants; How he wants it prepared; Who will be involved in preparing the plan; When you will come back with the plan, or at least a progress update.
Prepare this paper, arrange a 30-minute meeting to discuss the idea. Lob in verbally that you see it as a standalone subsidiary, and that you will be looking for a directorship/stake in that company (no need to discuss the size of stake at this time). Explain that you've identified tricks and wrinkles in the plan, so you want to guide the idea in a particular direction to maximise the opportunity.
Finally, rehearse your presentation in a quiet room. You should be able to pitch the basic idea in under 5 minutes. If he asks you a tricky question, be honest and say "I'm guessing...", "I don't know, that's why we need to investigate it", or "I'm not a finance/marketing/purchasing man, so I need help on this"
Your objective is to get him to give you the nod to prepare a proper business plan. Then the hard work will start - but you go into it with the confidence that your boss is backing you.
Rether than being ready with the answer to every question, for now you need to get him excited. You are making an initial pitch, not asking for a cheque for £1m. You need to address his immediate questions. So your main preparation should be a 2-page summary, addressing:
- Why are you talking to me?
- What do you want to do?
- How much is it going to cost us?
- How much money will it make us?
- What do we need to do?
1) Why?
Very short introduction: "I see an opportunity to do X. I believe we can do it controlling investment and risk. It will generate additional revenue and profit, provide more stability to the company."
2) What?
A simple sketch. Can you make a model of it? Can you draw a picture? Keep it on the first side of paper.
3) Cost?
- Thumbnail it on calculated guesswork for now. Set-up cost. First & second year investment? Can you limit risk, so that if it is not working out, the company can bale out easily? Highlight if actual expenditure is small and the bulk of the work is workload.
4) Profit
- Feel free to say "I believe we are looking at £Xk revenue and £Y gross profit per annum by Year 2" with no backup.
5) Next Steps
- To develop the proposal more thoroughly
- To get suppliers in to talk about it (so your boss knows why they are there)
- (if necessary) for a small budget to research. This isn't to actually do it (e.g. buy a camera), but for books, magazines, etc.
- For him to put a support team together. Probably just introducing you to the Finance man, and asking him to help you prepare the financial assessment.
- To agree a plan of action: What information he wants; How he wants it prepared; Who will be involved in preparing the plan; When you will come back with the plan, or at least a progress update.
Prepare this paper, arrange a 30-minute meeting to discuss the idea. Lob in verbally that you see it as a standalone subsidiary, and that you will be looking for a directorship/stake in that company (no need to discuss the size of stake at this time). Explain that you've identified tricks and wrinkles in the plan, so you want to guide the idea in a particular direction to maximise the opportunity.
Finally, rehearse your presentation in a quiet room. You should be able to pitch the basic idea in under 5 minutes. If he asks you a tricky question, be honest and say "I'm guessing...", "I don't know, that's why we need to investigate it", or "I'm not a finance/marketing/purchasing man, so I need help on this"
Your objective is to get him to give you the nod to prepare a proper business plan. Then the hard work will start - but you go into it with the confidence that your boss is backing you.
latest update is:
had the meeting with the directors, who were extremely happy to respond and give me the go ahead, now at the stages of producing product templates, proof systems, examples of work and how it will work, then i think we are in!!!!
thanks a lot for all the advice on how to approach the proposal, it was a big help. Watch this space....
PS Deleted all the other detailed posts long ago due to slight concerns about some of the detail being online, hope thats ok.
Thanks again
had the meeting with the directors, who were extremely happy to respond and give me the go ahead, now at the stages of producing product templates, proof systems, examples of work and how it will work, then i think we are in!!!!
thanks a lot for all the advice on how to approach the proposal, it was a big help. Watch this space....
PS Deleted all the other detailed posts long ago due to slight concerns about some of the detail being online, hope thats ok.
Thanks again
Were the directors happy with a suggestion to get financial recognition for future profits you bring in?
Not sure exactly what you are working on, but if along the same photography lines, then it's a pretty competitive world so think it's the right choice to stay within a larger company.
Pretty big risk to start on your own on a new idea if there are already lots of companies doing the same thing. Nice to have the backing behind you and resources that you can draw on when needed.
p.s. - sure I have previously read a thread from PHead people in the printing industry, so no doubt you can find that with a search.
Not sure exactly what you are working on, but if along the same photography lines, then it's a pretty competitive world so think it's the right choice to stay within a larger company.
Pretty big risk to start on your own on a new idea if there are already lots of companies doing the same thing. Nice to have the backing behind you and resources that you can draw on when needed.
p.s. - sure I have previously read a thread from PHead people in the printing industry, so no doubt you can find that with a search.
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