Questions

What kinds of questions should you ask when you are asked to start a new program (revenue stream) of an existing business?

Example that comes to mind: What is the programs's budget

5answers

I'd love to help, but the question is very vague.If you provide more information I'd be happy to help.

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Answered 8 months ago

The first question I would be asking is how this program lines up with the strategic vision of the company. Does this program line up with existing competitive advantages or would you be putting additional resources into building up new competitive advantages for the sake of the program?
You would want to take some time to consider the impact of the new program on existing products/services.

If the new program does not have the potential to cannibalize other aspects of the business, you would then look at if it is consistent with your company's brand.

Obviously, these areas are only starting points and understanding the detail of the existing business and potential new program would be necessary to discuss what is applicable to your specific scenario. Feel free to contact me to discuss further. During my time at a manufacturing services company, I introduced a consulting business line, allowing us to bring in revenue from clients who choose to work with a competitor for the manufacturing services project!


Answered 8 months ago

I would be great to have a more in depth conversation in this area together. However, for starters I would suggest that you ask questions like:
1) What is your revenue commitment?
2) What resources do you have at your disposal (capital, people, consultants, etc)?
3) How long do you have to achieve the financial goals?
I have assisted in growing a $500M revenue line within a fortune 50 company. We had to run many new initiatives to launch new services as we were considered the incubation arm of the company. I look forward to discussing this topic more with you!
thanks!
Lauren


Answered 8 months ago

1. What are the existing programmes in the business?
2. What will be the relationship or interaction between the new program and existing programs?
3. What plans are in place to ensure smooth working relationships between the new and existing programmes?
4. What resources does the business have and what is the resource allocation for the new program?

These are some of the preliminary questions you should ask. Further background on the specifics of the business and the new program will give clarity on vital follow-up questions that should be asked.


Answered 8 months ago

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