Always be prepared when you meet with an investor. Lack of preparation means that they will most likely reject your proposal, and you’re back to square one. Having ready-made presentations makes it easier for the investor to know what your startup has to offer, which in turn increases the chances of getting funding.

Here are 7 essentials you need to have ready when you are about to meet with an investor.

1. The Executive Summary of your business plan

If they rejected your business plan, it is highly unlikely that they will read the whole thing again. But an executive summary is a brief overview of your plans and how you’d like to implement your ideas in the light of your financial and business restrictions. This summarizes your plans for them and saves time for both you and the investor.

2. A Product Demo

Investors don’t just invest in companies, but also the people behind it to know that they can trust their investment, which is why a product demo or presentation increases your chances of getting funding. In a product demo, you can show investors what your business is all about. You should have a professional product demonstration to present, that showcases how it works and the benefits of using your product or service. Not only that, but you will also be able to convince them at an emotional level because they will see (instead of just reading) how your product will work and how it can be beneficial to your audience.

3. The Release Schedule for a Project

Your potential investor would want to know how exactly you plan on going about with the funding that they give you, which is why it’s important that you have a clear release schedule that shows them what their capital will be used for. A good release schedule should have your milestones for the next 6 months to one year, showing them that you are making progress even without their investment.

4. Profit Projections Based on Market Analysis

You will need to be able to convince the investor that your business is profitable enough in order for him/her to put in his/her money. Investors are more concerned with the potential earnings of your business, so they would want to see detailed progress reports based on market analysis. This shows them where your company is heading, and how much you could earn once you have established yourself in the industry. 

5. The Team Behind Your Business

Your team should also be ready to meet with the investor when you are. This can include your co-founders, managers, developers and all other staff members, so it is important that they are polished when meeting with an investor in order for them to trust in your company. Show them that there is a solid team behind your business by giving them the rest of their bios than just their name.

6. Your Risk Assessment Report

Acquiring funding will mean that you are taking on risks. Be sure to show potential investors your risk assessment report, which may include market assessments or surveys in order for them to see how risky your business is, and how you plan on reducing the chances of failing in the industry. This also shows them that you know what you are doing, and how much effort you are putting in to make your company successful.

7. The Financial Forecast of Your Business

You will need a solid financial forecast by which investors can see how your business does financially over the next several years. Having a projected cash flow statement shows how your business will generate and use its cash over a specified period of time. This will help the investor understand whether or not your business is profitable enough for him/her to support, and if you have thought through all possibilities of how it could be financed by the business and any outside resources.

Conclusion

There are lots of things that you need to have ready when meeting with an investor. All these essentials will help your cause, so it is important that you have them all-not just one or two of them. A good presentation and product demo along with a detailed progress report on the goals for the next 6 months to 1 year would give you more than just a good chance of getting funded, but also help your product reach more customers.

It’s crucial to think about minimizing your risk and getting your product in customers’ hands as quickly as possible as a startup. This is where an MVP comes in. MVP means Minimum Viable Product, and it refers to the most straightforward version of your product that can be released to the market.

An MVP lets you test your idea with real customers and get feedback about what they like and don’t like. It also helps you determine if there is a market for your product. You can then begin to build out the full effect if there is.

There are some essential things to consider when developing your MVP:

Set A Deadline

When developing an MVP, it’s essential to set a deadline. If you don’t, it can be easy to keep fleshing out your product until you eventually have nothing at all! Pick a date and make sure that whatever your initial release is, it will be ready by this date. This way, you will get an MVP.

Don’t Go Overboard

It’s easy when building something new to get carried away with trying out all of the different features you have dreamed up, but your MVP will not be successful if you do this. This is why it’s essential to set a deadline for yourself so that you are forced to keep things simple. Be sure to remember that your MVP is not the final product, and you will need to continue developing it further afterwards.

Get Feedback From Customers

If your business model requires your users to pay when using the MVP, be sure to clearly state this in your initial communications so that they are well aware of what they are paying for. Everyone pays something different for products, so be open about what you ask of them.

When developing your MVP, there are four main steps you need to follow:

  1. Find an idea Identify the problem you wish to solve.
  2. Create a hypothesis based on that problem.
  3. Test your theory with customers.

Finding An Idea

Firstly, come up with an idea for a product. This can be difficult, especially if you are new to the business. The best way to mature an idea is to look at problems you have or know people have.

After that, you need to identify the problem you solve. This is important because it will help you determine what features to build into your MVP.

Creating A Hypothesis

Then, create a hypothesis based on the problem you identified in the previous step. A hypothesis is a statement that contains the problem and the solution. It will help you determine what features to build into your MVP.

Testing Your Hypothesis with Customers

Now that you have developed an idea and created a hypothesis, it’s time to test it with customers. This step will allow you to see if people are interested in using your product.

At this stage, you are only looking for feedback about the MVP and not about your idea or solution. The goal is to get customer opinions on what you have built before spending too much time building out additional features that your customers may not want.

Building Out Your Product

Once you’ve received feedback from customers and know what they like and don’t like, you can begin to build out the full product. You should be reviewing input on new features that people want or need. It’s important to stay grounded when adding features that may seem helpful but aren’t necessary for your customers. Only add extra features if they are what your customers want or need.

Once you’ve added all of the features your customers are interested in, you can update the MVP with those features and start over again. This time, you will be looking for feedback on working with the new features added. This process allows you to test your ideas quickly and easily without taking too much risk. It also helps you build a product that your customers want and need.

IoT stands for Internet of Things. It is used to describe the interconnectedness of physical devices and objects with the internet. IoT can connect everything from wearable technology to home appliances, cars, and industrial machines.

What is The Internet of Things (IoT)?

The Internet of Things is an innovative technology that can transform how companies do business. It’s an extension of your company’s data centre, and it connects devices like sensors or industrial robots with network connectivity for them all seamlessly report back on their status quo. This allows you to construct educated decisions about what needs corrective maintenance, saving time.

Commercial enterprises take advantage of the IoT to improve manufacturing processes, save money on energy bills, and monitor plant health. There are also consumer applications that offer exciting new ways to interact with smart home appliances like fridges, car keyless entry systems, thermostats and security cameras—to name but a few examples. Here are three reasons to use IoT devices in your business: 

  1. IoT Improves Customer Experience and Loyalty: 

The Internet of Things can help you deliver a better customer experience by connecting physical products and services with virtual information. By integrating digital technology into traditional offerings, you can give your customers increased transparency and insight into their purchases, learn more about their needs and behaviours, and offer current or potential clients personalized services. You can also use IoT to encourage customer loyalty by offering special offers and incentives only accessible with a personal digital code or customized online profile. 

  1. Mobile Presence:    

Thanks to IoT, you don’t need to feel stuck at your desk anymore. With IoT, an entire office can go mobile. You can use portable devices and sensors to collect data while on the go, access information remotely, and make better-informed decisions faster. This increased flexibility also allows you to tap into new markets that may be inaccessible or difficult to reach with a traditional office setup.

  1. IoT Drives Down Costs:

By automating tasks, IoT can help you reduce costs in many ways. For example, sensors and analytics can optimize energy consumption, efficiently manage transportation systems, and track inventory in real-time. Additionally, because IoT allows businesses to shift from a capital expenditure (CapEx) to an operational price (OpEx) model, it is possible to reduce the overall cost of ownership.

If you’re looking for ways to improve your business, you should consider using IoT. By implementing IoT-based solutions, you can benefit from increased revenue, lower costs, a better customer experience, and a more mobile workforce.

What Are The Benefits of IoT?

Some key benefits of IoT for business are outlined below:

  1. Iot Boosts Productivity 

Connecting machines, appliances, and other devices to the internet can result in greater efficiency in business services. Employees can increase workflow by remotely monitoring or controlling connected assets. For example, smartwatches allow on-site employees to coordinate with HQ colleagues for faster decision-making. 

  1. IoT Boosts Safety

Connecting industrial machines to the internet can help monitor their operations and increase workplace safety. For example, an intelligent system for a construction site can record changes in environmental factors such as humidity or gas levels and keep track of every movement on-site. This will facilitate better response time if there is an emergency.

  1. IoT Helps Create New Opportunities

The interconnectedness of devices and objects can create opportunities for businesses to develop new services and products. For example, a company that manufactures cars could create a new product that allows drivers to control their car’s features from their smartphone. Manufacturers can also use data collected from connected devices to improve their products and services.

By connecting devices to the internet, businesses increase productivity, safety, and opportunities for innovation. With the ever-growing number of connected devices, the potential for IoT is endless.

Small business owners have enough on their plates without worrying about how small things like website design can affect the success of their company. It is easy to get caught up in all of the other aspects that need attention when starting, running and operating a business; however, it is essential to remember that your website interface plays a critical role in your success. Although it’s not always easy or feasible to have a full-time web developer on staff, there are some things you can do as a small business owner to ensure your company’s success.

Tips To Track When Designing Your Website Interface

As a small business owner, having the knowledge and expertise to know what your company needs is crucial. You must also have a relationship with customers that will allow you to present an honest picture of your product or service. Thus, there is no need for a developer to be involved in these aspects as they are not directly related to design functionality.

On the other hand, some essential design tips can be handy to consider when working with a web developer. Following are some things you should keep in mind when designing the website interface of your company:

Create A Navigation System Suitable For Your Customers

Your customers are looking for convenience when browsing your site. If they have to search around for information, there is a good chance they will get frustrated and close your website. Your customers should easily find what they want without searching more than one or two times.

Be Careful How You Design Your Images

It’s essential to use high-quality images in the design of your website interface because this can affect the overall appeal of your site. However, it’s also important to remember that when potential customers visit your website, they want to know about the product or service you are offering to sell. In many cases, this information takes up most of the screen and makes it hard for customers to see anything else going on in the background.

Make Your Company More Accessible In The Inbound Marketing World

Inbound marketing is a fantastic way to gain customers. It has proven to be more successful than traditional forms of advertising and has become the primary way small businesses get new customers. If you want inbound marketing to work for your business, it’s essential to make sure your website interface is user-friendly, easy to navigate and looks professional.

Build A Mobile-Friendly Website Interface

Regardless of your business, your website interface should be easily accessible on mobile devices. If your customers cannot access information about your company when they’re on the go, there is a good chance that they will look for other options. If you don’t want to lose potential business, make sure your website is mobile-friendly.

Turn To The Experts For Help

Although you may have a strong background in other areas, many web developers are explicitly skilled in designing website interfaces. When you want to be sure your company has the best website interface possible, consider hiring an expert to take care of it. As such, you can focus your time and energy on what matters most for your business.

Conclusion

Designing the website interface of your company isn’t always easy, but you must take the time to make sure everything works properly. Whether you choose to work with a web developer or go at it alone, be sure to keep these tips in mind for designing an effective site.

Let’s take a moment to see why projects fail. Most projects fail because they are based on unrealistic expectations where the stakeholders may not have identified their requirements correctly. In addition, the software team may not understand what needs to be built or is unable to deliver it, or funding is withheld too long, causing the project to miss its deadline. 

These are all problems that an Agile methodology can address.

What Is Agile Methodology?

An Agile software development process brings the customer to the table, not only in terms of feedback but also in decision making. The product owner, who reflects the voice of the customer, is empowered to make decisions about requirements and priorities with guidance from stakeholders. This results in a shared understanding of the requirements right from the beginning, which is especially valuable when considering new technologies.

The team’s focus on prioritizing requirements results in delivering business value quickly and incrementally with regular “checkpoints” that allow stakeholders to decide whether or not to continue funding. And because Agile processes are iterative, it allows for rapid changes that respond to business needs. This often reduces the need for large, expensive, and risky up-front requirements gathering efforts that cause many projects to miss their deadlines.

In a traditional software development process, it’s common for a group of stakeholders to meet once at the beginning of a project and provide a prioritized wish list of features they would like to see in the final product. 

The software team then has several months for analysis, design, development, and testing before delivering their finished work on stakeholders’ agreed dates. However, even when using an Agile methodology, it’s still essential for project teams to have a plan or roadmap. Hence, everyone is clear on what the project is trying to accomplish.

Agile Methodology Benefits

1) Enhanced Communication

Agile processes foster a culture of collaboration and teamwork among all stakeholders, from senior management to testers. This leads to better product quality because everyone is working towards the same goals. Teams utilizing Agile methodologies typically create self-organized cross-functional teams where all team members work together daily. So each member is aware of the tasks completed by other team members and can offer help when needed.

2) Agile Provides A Better Return On Investment (ROI)

Most product releases using an Agile methodology result in a working product or “potentially shippable product increment” at the end of every iteration. This allows stakeholders to determine right away whether or not to continue funding, which often results in lower overhead costs and faster payback periods.

3) Improved Software Quality

Teams using Agile methodologies typically have better code quality because they continuously test their work as they go, reducing the need for expensive bug fixes down the road. Product quality is also improved because customers are more involved in reviewing and providing feedback about what they would like to see next.

4) Increased Performance Of Individuals & Teams

Agile methodologies work well with short timelines projects since the entire team is focused on completing tasks every iteration. This sense of urgency often results in more efficient use of the team’s time, which is especially beneficial for resource-constrained organizations.

Using an Agile methodology requires strong leadership skills to identify where process improvements need to be made and the authority to make those changes happen. Leaders who can successfully facilitate this type of change are rewarded with higher employee engagement, creativity, and improved teamwork.

Take Away

Agile methodologies can be an excellent fit for many projects, including resource-constrained ones, resulting in product releases or a short timeline. This is especially true if the final product will require frequent updates and evolving requirements. While agile works well with projects with shorter timelines, it’s also possible to apply iterative methodologies to longer projects by breaking them down into smaller deliverables. 

The success of an Agile project often depends on a strong commitment from leadership and a willingness to make initial process changes that may disrupt the current way of doing business. However, once these processes are implemented successfully, Agile methodologies can provide many benefits, including faster time-to-market, increased employee engagement and organizational agility.

Businesses are one way through which you can boost your income. However, this is not an easy venture to embark on because it has many risks, especially in the initial stages. To successfully start a business, there are several important considerations that you need to make before starting. These include:

Market Influences

The market influences the success of a business in various ways. To start a successful business, you have to consider the need or demand for your product or service before you set it up. You may, therefore, want to investigate the market that demands your product or service.

Target Market

If there is a market for your product, you need to consider the customers you want to target with your product. Also, work towards understanding this market and their needs before offering them your product or service.

Starting Capital

You also need to estimate the capital you will use in starting a business, such as renting an office or purchasing equipment. This will help you in making your budget allocation.

Location

You also need to consider a location for your business which you believe has the required resources needed.

Ideally, before starting a business, you should have a plan on how to proceed and who will carry out what tasks like this would help ease starting a business. About this, I often ask myself, “Is being an entrepreneur or starting a business always about doing it for yourself?

What do I want to sell/do?

You should answer this question because you will need to know what you want your business to sell or do before investing your time and resources into setting up a business. You also need to consider whether there is a market for this product or service and how much it would cost. You may also need to consider whether you require a specific business structure such as sole trading, partnership or limited company.

Understanding the specific market and what your customers want can help you identify which products would be popular and those that may not. This will help you focus on valuable markets to avoid wasting resources on unprofitable markets.

What are my business goals?

You must know what your business will achieve before you invest in it. You need to identify the potential success of your venture, how easily it can be created and its profitability for all parties involved. This way, you will be able to acquire the resources needed to launch the venture smoothly.;

What operating costs and running expenses will I incur?

You must consider the costs involved in operating your business. You also need to consider whether you can afford these costs and within your budget limits. This way, you will be able to allocate money for the right purposes at the right time, avoiding overspending.;

What kind of services and products will I offer?

You should make an effort in understanding the services and products you want to sell for you to choose a business structure. This is important because it allows you to identify what additional permits or licenses you may need, whether there are any restrictions on these services and products, and if they are legal.

What are my legal obligations?

You must know what you need to do to ensure that your business is legally compliant with the current laws. This way, you will avoid making mistakes, resulting in fines or other forms of penalties. The most common mistakes made by entrepreneurs are not having a contract ready when starting, not operating under their chosen business structure and not knowing the basic legal requirements for a business. You may also need to apply for an employment permit if you plan on hiring employees.;

Conclusion:

Yes, being an entrepreneur can sometimes be about doing it for yourself. However, to achieve success, you need to consider the above-listed factors before starting a business. This way, you will make your journey easier and more manageable.

Startup businesses generally receive little or no advice when they first startup. The reasons for this are many and varied. However, it is common that the biggest reason is not having anyone to ask for advice. This article aims to help those new business owners who have found themselves in this position by giving some sound generic advice to the most common problems that new businesses face.

Who To Ask For Advice

The first port of call for any new business owner is to ask their family members and friends. However, this isn’t without its problems – because the opinions are subjective, it may be difficult for you to decide whether the advice given relates to your type of business or not, so be careful with whom you choose to discuss your business matter.

Another source of advice for new businesses is to ask at their local library and bookshop and on the internet. Many websites give sound advice about starting a small business and what pitfalls to avoid, so do take advantage of them by doing some research.

Networking with other business owners in your local area can also be a great source of advice and encouragement; often, these businesses will have been around for many years and might be willing to give you some sound advice if they know what type of business you intend to start up.

Finally, professional organisations specialise in helping new businesses get off the ground; for example, NAWBO is a network of business owners who offer advice to other new businesses.

What To Ask For Advice

Due to the varied nature of business types and start up costs, there are very few hard and fast rules about what you should ask for advice. In general, it will be sound advice to ask about what pitfalls to avoid when starting up your business and which mistakes not to make.

The most important part of any new business has a sound financial plan in place. Without cash coming into the business regularly, it will inevitably fail. So ask for advice on how you should finance your startup, what type of business bank account to set up and the best way to organise your accounts.

Finally, don’t forget to ask about common problems that businesses face when they first startup. This could be anything from finding office space, dealing with local authority paperwork or even organising the dreaded book-keeping!

How To Deal With Advice

The main thing to remember about business advice is that it is only as good as the person giving it. Get as many opinions on a subject as you can and then use your judgement to decide if their advice relates directly to you and your situation or not.

In today’s fast-moving world, sound generic business advice is available for free on the internet and in bookshops, so take advantage of this advice as often as you can to save yourself time and money. Finally, don’t forget that any business will make mistakes; how quickly they learn from those mistakes makes all the difference…

Conclusion:

The main points to take away from this article are:

· Start asking people for advice as soon as possible.

· Take advantage of the free generic advice available on the internet and in bookshops.

· Don’t forget that everyone makes mistakes; it’s how quickly they learn from them which matters…

· Lastly, don’t be put off if you get conflicting advice; use your judgement to decide what advice is right for you.

The amount of money you withdraw via your payment system will directly impact the success of your business.

Due to payment processing, small businesses face numerous challenges, but dealing with that challenge helps turn a profit. Any time you can decrease expenses or increase revenue, it’s good for your bottom line. Here are seven ways you can do both:

1. Do Your Research

Before selecting a payment system, do some research on your options and what will work best for your business. The Federal Reserve Payment Study offers an incredible amount of information, including details on the average costs merchants pay to accept debit and credit cards. 

This will help you gain a better understanding of the industry standard for merchant fees.

2. Know Your Federal Reserve Rules

The Federal Reserve mandates which merchants can be charged, how much they can be taxed and when they can charge those prices. Merchants who disregard these rules could find themselves severely constrained or completely cut off from payment processing services. For instance, if your business accepts credit cards and you charge more than what the Federal Reserve requires, your processors will likely cut you off. However, even if merchants do follow these rules, they may still be charged higher prices by their processing banks. 

Consumer protection laws also protect cardholders who plan to make purchases with a debit or credit card. If a merchant is charging an excessive fee, the cardholder can dispute it.

3. Shop Around For The Best Rates

Once you’ve decided which payment system(s) is best for your business, you can begin shopping around for the best rates. Most processing companies have a long history of working with businesses just like yours and will offer competitive rates. Getting quotes from two or three different processors should be more than enough to find a deal that’s right for you.

4. Make The Most Of Fees

The fees a processing bank charges a merchant can be expensive, but there are ways you can save money. If your business accepts checks, for example, have the customer pay with a company check. This cuts down on costs associated with processing paper checks and cuts out any risk of bounced payments. Most processors will pass these savings onto their customers.  

5. Offer Discounts For Fast Payment

Your customers typically have 30 days to pay their bills after purchase, so you can set up your payment system to offer discounts for faster payments. This will encourage customers to get the bill delivered sooner and help you get paid faster to collect more revenue on time.

6. Encourage Customers To Pay With Debit

Not all customers carry a credit card, but virtually everyone has a debit card. Encourage your customers to pay with their own money by offering incentives for quick payment or discounts for debit payments. When funds are pulled from a customer’s bank account, it saves processing fees and ensures greater control.

7. Offer A Monthly Payment Plan

Accepting credit cards is difficult for some business owners because their customers can’t pay until they’ve received their monthly statement. Offering a monthly payment plan may be the solution you’re looking for. Processing banks can set up automatic payments that are deducted from your customer’s bank account every month, which will save you time and allow you to receive funds more quickly. If your customer struggles to pay their bill in full, offering a monthly payment plan may be the solution.

Conclusion

The payment processing industry is competitive, and rates can change daily, so business owners must shop around and compare rates regularly. Letting customers know they will receive discounts for faster payments or offering incentives to pay with debit cards instead of credit cards will help keep costs low and maximize your profits.

A successful online store is the only way to go for your business. Not only can you reach a wider audience, but you can also do it with less money and time than traditional marketing.

Don’t believe us? Just look at how many people shop on Amazon compared to those who shop at physical stores. Even though several areas of retail are struggling, e-commerce is on the rise. Year over year, Amazon has more than 30 million visitors each month – even during the holidays – and that number is still increasing!

E-commerce success isn’t a secret, but many businesses fail to launch an online store because they don’t know where to start or what to do with their website. It doesn’t help that there are hundreds of e-commerce solutions out there to choose from – but don’t worry. We have created a 6-step guide to help you launch an online store.

1. Target audience  

Don’t just jump in without knowing what your potential customers are looking for. Instead, look at competitors and make sure that there is room for improvement to attract more customers and keep them coming back. When planning your strategy, take the time to fully understand who your target audience is and how they will interact with your business. Also, think about the best way to promote and advertise what you offer online.

2. Create an attractive website

Your website’s design is important, but it’s also equally important to make sure that your site is easy to navigate and easily findable on search engines like Google and Bing. Avoid using flashy themes that will make your site slower to load; instead, invest in templates that are modern looking with lots of white space.

3. Promote your online store

Marketing is absolutely essential when it comes to launching an e-commerce website! You can’t expect customers to find you unless you market your online store in the right way. In addition to creating a website, make sure that you create an email newsletter and use social media platforms like Facebook and Twitter to promote what you offer.

4. Offer incentives

Incentives can be a great way to get people interested in your products and services, especially when they’re looking for something new. If you have a newly launched online store, it’s not likely that customers will know about what you offer or how to find it on the Web. By offering incentives, like free shipping for example, you can get their attention and even encourage them to tell others about your business.

5. Respond quickly

Even though there is an increase in online shopping, there is still something to be said about the kind of service you get when you shop at a physical store. Customers like knowing that they can contact someone if they need assistance with anything and expect a quick response. Whether it’s over your website or social media page, make sure to keep customers informed about what is going on with your business.

6. Keep it legal

Online stores are only successful if they are legally sound. If you happen to sell items that violate copyright or patent laws, you could face serious penalties – not just from the government, but also from customers who feel cheated. Make sure that all of your products follow federal regulations and do not infringe on the rights of others.

The most important thing to remember about launching an online store is that you can’t do it alone. It takes a team effort with everyone pitching in to make sure that it’s successful.

And that’s not all! 

Once your online business takes off, you’ll have to think about how you are going to take it to the next level. With so much competition out there, it will take more than just a customer- focused strategy to keep them coming back month after month.

This software development process refers to the different phases of building software. When we talk about one stage, we mean all the activities and tasks to complete that particular phase successfully. The phases consist of:

Requirements Gathering: In this stage, user requirements are gathered mainly through interviews, workshops, and other team meetings.

Analysis: In this stage, the requirements analysis determines if the software meets the feasibility of requirements. The feasibility study includes a cost-benefit analysis as well as a risk analysis. This involves the usage of tools such as QFD, function point count etc.

Designing: In this stage, the structure of the proposed system is designed based on requirements gathering and analysis.

Developing: In this stage, implementation takes place. This includes coding any changes to meet design specifications and writing test cases for checking implementation functionality.

Testing: In this stage, the developed software is checked against the requirements and design specifications laid out in earlier stages.

Deploying: In this stage, the software is released for use. It may be deployed on a real-time production system or the development environment itself.

In a nutshell, all these phases are summarized as follows: 

Requirements Gathering ⇒ Analysis ⇒ Designing ⇒ Developing ⇒ Testing ⇒ Deploying.

Different Types of Software Development Methods?

There are two major types of Software Development Methods, Waterfall Methodology and Agile Methodology.

Waterfall methodology can be defined as a sequential approach to application development. It is called a waterfall since it represents the flow of water falling from one level to another.

Waterfall development implies strict order in which the phases are completed. The waterfall methodology is known for its comparative stability and predictability. It’s easy to track the progress of projects when following the Waterfall Methodology since it follows a simple sequential flow of well-defined events. However, this might not be liked by some project managers or stakeholders.

The waterfall methodology is suitable for large scale projects that involve complicated procedures. It can also be used when the cost of changes in requirements during project development could be very high.

On the other hand, Agile Methodology can also be defined as an iterative and incremental approach to application development. It’s called agile because it focuses on establishing an initial design which is then iteratively improved upon.

The agile methodology can be used for small scale projects or projects involving requirements that are not entirely known at the beginning of the project. It’s suitable for small teams where frequent interaction with team members and clients is needed to progress a project.

The dynamic nature of Scrum allows re-prioritizing backlog items and adapting to changes that might be required during project development. The major drawback of agile methodology is that it does not provide any documentation for the developed application.

What Are The Different Tools Used In Software Development?

Following are some of the most commonly used software development tools:

Coding – Many programming languages are used for developing applications. Some of the most common ones include Java, C++, .Net (C# and VB), Python, JavaScript etc.

IDE – An IDE is a software application that provides all the features required to write computer programs such as debugging tools, text editor with auto-completion functionalities etc.

Version Control System: It is a tool for version controlling documents and other files. This helps keep track of different versions of the code being created by different developers on a project. Version control systems bring in many benefits such as undoing changes, reverting to older versions etc.

Issue Tracking System: An issue tracking system manages bugs and tasks. It helps track all the issues developers face during software development, their priority level and how long it would take to resolve each issue.

Testing Tools: Testing tools are used for testing applications while they are being developed. These tools help evaluate an application’s performance, detect errors, monitor the status of tests and control the distribution of test tasks.

Conclusion:

Software development is a process that transforms the requirements and specifications of an application into working, efficient and user-friendly software.

The Software Development Model defines the order in which all these phases should be completed while following a specific methodology such as Waterfall or Agile. Furthermore, it is essential to understand that each software development model has advantages and disadvantages depending on the application’s requirements.