[TEMPLATE] How specifications can make or break your new venture
You may already be searching for the ideal site to begin—or continue—growing your business internationally. But have you clearly defined what kind of site you need and what the scope of your project will be?
The right set of specifications documents your needs and sketches the broad outlines of your project.
Without them, you’re flying blind. It’s harder to coordinate with your partners on the ground, and it’s easier to make mistakes that will hurt your company.
Here you’ll find advice on drafting the right specifications for your project—and you can download model specs specially designed for businesses in search of the ideal site.
What are specifications?
Specifications document your needs so you can communicate them easily to everyone involved in your business development project. They also provide a detailed description of your expectations and all of the requirements for your venture.
When used as part of a site-selection process, a set of comprehensive specs allows you to optimize coordination with your local contacts, including:
- Economic development agencies
- Real estate consultants and site selection specialists
- Legal advisers
And because all of your partners have the same level of information, they can identify the best opportunities faster—and eliminate destinations that don’t meet your needs.