Learn How to Present a Completed Feasibility Study

Learn How to Present a Completed Feasibility StudyLearn How to Present a Completed Feasibility StudyA comprehensive business feasibility study contains detailed information about your business structure, your products, and services, the market, logistics of how you will deliver a product or service, the resources you need to make the business run efficiently, as well as other information about the business. How to Assemble Your Feasibility Study How you present, your final study is just as important as the information it contains. If you have a lot of material put it in a portfolio or binder. Finding information easily and quickly is important to busy lenders and investors, so include tabs (type them it at all possible) to indicate each component in your study. Cover letters should bedrngnis be generic but should be individualized depending upon with whom you are submitting the study. Before you submit your study, have someone else proofread it for you to check for content and er rors. Typographical errors will make your study appear rushed or unprofessional, and if your descriptions and calculations do not make sense to the reader they are worthless. Although you write your conclusion last, it serves as a summary of all the detail in your study. You can place it at the end of your document (before any exhibits and attachments), but placing it first (after the table of contents) sets the tone and identifies key issues for the reader to be aware of even before they read the rest of the study. The following is a checklist of components that should go into your complete feasibility study. Cover LetterCover SheetTable of ContentsDescription of Your Business (what you do, a list of products or services, and how you deliver products or services)Feasibility Study ConclusionsMarket Feasibility StudyOrganizational Feasibility StudyTechnical Feasibility StudyFinancial Feasibility Study(Optional) Legal Risks Feasibility StudyAttachments (spreadsheets)Exhibits or Append ices (statistics, graphs, examples, literature, contracts, samples, etc.) Points to Remember A feasibility study is a process in which you look at an idea to see if it is feasible, that is, if and how it will work.A comprehensive feasibility study looks at the entire structure, needs, and operations of a business.A limited or project feasibility study looks at one specific task, program, idea, or problem.A feasibility study looks at both sides, considering pros and cons, and troubleshoots potential problems.A feasibility study is not a business plan but serves as a foundation for developing your business plan. A market feasibility study is not a absatzwirtschaft plan, but studies markets and market potential, and can be used to support or develop a marketing plan.In addition to a business plan, an investor or lending institution may require you to submit a feasibility study before considering your request for capital. Feasibility Study Course Navigation Complete Feasibility Study Course Syllabus

Cover Letter Tips from the New York Times

Cover Letter Tips from the New York TimesCover Letter Tips from the New York Times2When you think about it, your job application has some of the priciest real estate around. Since youre limited to about two pages that have to not only summarize your entire career, but also catch the eye of a hiring manager and sell that personon why you (and only you) are the person to hire, it makes sense that every word should pack a punch.But many times job seekers dont usetheir titelblatt letters to the fullest advantage, and instead use that precious page to basically regurgitate their resume- only in full-sentence format. In the New York Times article, How to Write a Cover Letter People Will Actually Read, distitelbild how to write an award-winning cover letter- or at least just get called in for an interview.Cover Letter Tips from the New York Times1. Forget the format.If you thought that having a generic format for your cover letter will get you hired, think again.Sure, being bland can keep y ou in the safe zone, but it can also put you in a bigger competitive pool with other job seekers who also wrote their cover letters the same way. Instead of sticking to one format, try to vary your cover letter depending on the job youre applying for. (And yes, you should definitely have more than one version of your cover letter when applying for jobs.) By avoiding a specific format, youll feel more freedom to be creative in your cover letter. Which leads us to 2. Make it personal.Hiring managers are desperate (yes, desperate) to know who job seekers really are.Thats why the vast majority of them will peruse yoursocial media profiles as a way to get a glimpse into who you are beyond whats listed on your resume. Theyre not simply being nosy when you consider how much it costs a company to hire a new employee, not to mention the loss of productivity when said employee is hired, it makes sense that a potential employer wants to ensure the new hire complements the company and will also mesh well with the rest of the team.When writing your cover letter, be sure to infuse it with bits of your personality so a hiring manager can get a sense of who you are. You might want to add a short anecdote (as it relates to the job youre hiring for) or write in a more conversational format to let employers feel as if they already know you.3. Dont repeat your resume.The cover letter portion of your job application can be scary to some job seekers, especially if you feel that your writing skills are not up to par.To avoid making a mistake, job seekers will just take their resume and pretty much paste it onto their cover letter. But the hiring manager already scanned your resume, so reading it again in a longer format isnt going to cut it.Use all that extra space to showcase specific examples from your resume of why youre a qualified job candidate. You might want to include examples of projects you worked on or expand on how youre a strong team player and highlight those soft skil ls that employers are looking for when hiring remote workers.4. Conduct some research.Employers want to know that you want to work for their company, not just get hired so you can end your job search and get a paycheck. And ideally, youre only applying for companies that you really would like to work for with missions that you believe in and jobs that interest and excite you.So before you click send on that job application, why not try doing some research on the company? Find out more about its history, some of its accolades, and its plans for the future as well, and then tailor your cover letter to include some of this information. Sure, it might mean that youre churning out fewer job applications daily, but it also means that you are sending well-thought-out, well-rounded, and more quality job applications that will get you a quicker callback.5. Showcase your knowledge.Your cover letter is prime real estate to show what you know. You can do this by highlighting previous work exper iences (as well as life experiences) that showcase the education, experience, and skills youll need for the job youre applying for.That said, you should also customize your cover letter to specifically address any issues that the company might be facing. For example, if the organization is having some pain points (e.g., its social media could use some shaping up) offer up some ideason how you would fix them based on your knowledge about the company, as well as your own experiences and expertise. By being proactive in your cover letter, youre showing the company why hiring you makes smart business sense- for them.These cover letter tips from the New York Times can help you learn what to do- and what not to do- on your cover letter. Although it might be tempting to cut corners when it comes to your cover letter in an effort to apply to more positions, it really makes better business sense to produce fewer (but better quality) cover letters that will get you hired faster.Start Applying to Flexible JobsReaders, are you customizing your cover letters for each job youre applying for, or are you just cranking them out? Let us know in the comments below

How Managers Can Become Effective Coaches of Employees

How Managers Can Become Effective Coaches of EmployeesHow Managers Can Become Effective Coaches of EmployeesCan a manager be an effective coach?Some professional coaches suggest that managers cannot and should not attempt to coach their employees. After all, the manager has too much of a vested interest in the outcome of the coaching and couldnt possibly be neutral enough to hold back on their opinions. Then again, a lot of managers think they are already coaching when what they are really doing is a lot of teaching, advising, and telling- or, in the worst case, micromanaging. They use the phrase coaching to describe just about any conversation they have with an employee. It helps to first understand the definition of coaching. Aligning on the Meaning, Behaviors, and Types of Coaching Coaching is the skill and art of helping someone improve their performance and reach their full potential. Coaching skills are often described as either directive or non-directive. Directive skills include TeachingAdvisingGiving FeedbackOffering Suggestions Non-directive coaching involves asking questions and listening versus offering ideas or approaches. The real magic of coaching is when the coach takes a non-directive approach by asking challenging questions and listening as the individual works on solving his or her own problems. When people come up with their own solutions, they are mora committed, and the fixes are more likely to be implemented. Additionally, this problem-solving experience helps individuals develop the self-confidence to solve similar problems on their own. Great coaches help minimize the noise and distractions that are getting in the way of someones ability to figure out whats going on and what to do about it. Great coaches know how and when to ask the right question at the right time, when to givefeedback, when to advise, how to get the person to focus, and how to gain commitment. Managers can do this, but they have to let go of a few beliefs and pick up a few mindsets and skills. Here are five critical behaviors for managers who want to coach employees. Let Go of the Belief That Their Job Is to Have All of the Answers While many managers wont admit they think they know more than the sum total of their entire team, they still act that way. Its human nature. We all like to be advice columnists when it comes to other peoples problems. The problem is, when you dont give employees the opportunity to solve their own problems, they dont develop. Instead, they become dependent and never reach their full potential. Believe That Every Employee Can Grow and Improve A manager cant coach an employee if they sincerely dont believe in the employee. Instead, they should be readingHow to Coach an Employee Out of a Job. Be Willing to Slow Down and Take the Time to Coach Yes, its quicker and simpler to tell and give advice. Coaching does take a little more time and patience upfront, and it takes deliberate practice to get good at it. However, its an investment in people that has a higher return than just about any other management skill. People learn, they develop, performance improves, people are more satisfied and engaged, and organizations are more successful. Learn How to Coach You cant just throw a switch and be an effective coach. You need to have a framework, and it takes practice. Most coaches I know use the GROW model as their framework. They like it because its easy to remember and provides a roadmap for just about any coaching conversation. While there are many versions of the GROW acronym, the one I use is G goalTell me what you want to get out of this discussion?R realitySo whats actually happening?O optionsWhat could you do about it?W whats nextWhat are you going to definitely do about it? By when? Managers Should Study the Experts and Practice the Techniques To learn how to coach, managers should experience what its like to be coached by someone whos really good at it. Then, read a goo d book on the topic. Then, practice, practice, practice, and get feedback. After a while, you become less dependent on a linear framework and begin to comfortably bounce from one step to another. It also helps to have a toolkit of favorite questions to ask for each step in the GROW model. The Bottom Line Managers who want to be effective coaches will most likely need to let go of some assumptions about themselves and their employees, be willing to learn and practice a style of management that will initially feel unnatural and awkward. However, the rewards will be well worth the effort. Updated by Art Petty