Concept paper is increasingly sought after in business and industry as a document serving multi purposes. What is more, concept paper is used by decision makers in different phases of the business life cycle. Definition of concept paper as well as elements in crafting it together with business applications for which it is intended are matters of keen interest.
Concept paper is defined as “a summary of information relating to a subject matter under discussion, presented in logical sequence explaining the underlying concepts and how these are inter-linked”. As an all-purpose document concept paper can be brief and precise or elaborate and in-depth, depending on the subject matter contained therein. Hence, ordinarily it runs 6 to 15 pages in length.
Unless, stipulated by the requesting party, elements in a concept paper are woven in a logical sequence. These are: Title, Background, Purpose, Objectives, Expectations, Core activities, Indicators of performance, Conceptual framework, Timeline and Finance & logistical support required in achieving the purpose.
Business Applications
The following list though non-exhaustive displays the wide variety of business applications for which concept is prepared and presented:
1. Planning a new business venture
2. Planning expansion of present business
3. Searching for a joint-venture
4. Looking for collaboration in a specific area
5. Seeking grants from Government or non-governmental organizations
6. Requesting loans or funding
7. Proposing business research
8. Substituting as a business plan
9. Seeking approvals and licences from authorities
10. Profiling a project
11. Standing as instruction manuals
12. Explaining theory or method
13. Introducing a new business concept
14. Amending the present business model
15. Clarifying strategy in functional departments such as marketing
16. Benchmarking standards, performance measurement or anticipated results
17. Comparing several alternatives before zeroing on the apt course of action
18. Designing organization structure
19. Launching a new product
20. Changing business terms in selected markets such as overseas
21. Setting a new marketing or PR campaign
22. Troubleshooting organization-wide conflicts.
Muthu Ashraff
Business Adviser
Mobile : +94 777 265677
E-mail : cosmicgems@gmail.com
Web : http://www.cosmicgemslanka.com
Blog : http://cosmicgemslanka.com/blog/
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