How to Secure Exec Commitment For Your Next Software Project
Getting your next software project off the ground isn’t always easy. Of course, you know the benefits it will bring and how well it will streamline processes and lead to workplace efficiency. But your investors don’t know that, and the biggest hurdle is finding a way to pitch it to the right people and secure executive commitment.
Securing exec commitment before launching your software project will help ensure that you have the support and resources available to make it a success. Keep reading for our tips that will help ensure that you secure the commitment and funding needed to get your project off the ground.
What Are the Key Challenges?
There are some common challenges that arise when trying to secure any kind of commitment or funding. If you aren’t prepared for them ahead of time, they can cause you to stumble before even getting to the pitching stage. Some of these include:
- Not having a clear project or business case
- Inability to provide incremental value from the start
- Inability to build confidence for the project
- Lack of support from an experienced delivery team
Preparing for these challenges ahead of time will help ensure a smoother journey when it eventually comes to pitching and securing exec commitment for your next software project.
1. Display Credible IT Leadership
In order to successfully pitch your software project, it is imperative that you display credible IT leadership to your potential funders. It’s important to remember that you’re not just trying to sell your investors on the idea of the project – you’re also trying to sell them on you.
Arm yourself with details of successful IT projects you have undertaken in the past.
Show the positive and long-lasting benefits these projects had on the business. With a good reputation and strong track-record of successes, you show that you and your project are reliable.
2. Have a Strong Business Case
Having a strong business case that details what exactly your project will achieve and the problems it will solve is a key component of securing exec commitment. Be sure to highlight a problem or an opportunity that this project can solve or take advantage of. For example, will it help boost overall profitability or improve customer service?
They don’t need to know what it took to build it or the technicalities behind it, they need to know what its benefits are.
When your pitching to CIOs and investors, be careful not to pitch it in terms that are too technical. Break down the benefits and cost savings in an easy to understand and well-written manner to ensure that there is no confusion during your pitch.
3. Back It Up With Data
Having as much accurate data as possible to backup your project benefits will go a long way towards securing executive commitment. This will help you show not only the viability of your project, but also the potential value of it overall.
If you executed a similar project in the past, or wish to make a comparison of other software used within the business, make sure to include the data from them to highlight potential cost and time savings, profitability margins, timeline estimates, and more.
The more data you have in your business strategy to backup your case, the better.
4. Make Your Plan Flexible
Ensuring that your project is flexible in the long term is key to a strong business case. Business needs are constantly changing, and what may be a key issue now could be overtaken by another, unforeseen issue in the future.
When pitching your project, present a list of different options to your investors. Highlight key benefits that it can bring for a plethora of different outcomes or use-cases. Show that it is versatile and can be used in a range of different scenarios throughout the business.
5. Prepare For the Long-Term
Securing executive commitment for your software project is only one step towards getting it off the ground. As soon as the project launches, you should be measuring the success of it and making changes to ensure it keeps running smoothly.
You should also be nurturing your relationship with the executives funding and supporting your project.
Make sure that they are kept in the loop with what is happening with the project and listen to the feedback they have. By keeping them happy, you help ensure a successful, long-lasting software project.
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