Resources are limited in the corporate world, and possibilities have a price tag attached to them. A business case is a presentation of research, facts, and statistics that support a certain course of action. It is vital to provide business cases for projects that describe a problem and offer possible solutions. Decision-makers must be convinced that pursuing a certain course of action will be beneficial for the organization. An organization’s business cases must be prepared regularly. Individuals, departments, and the company as a whole are affected by them. As a result, mastering the art of their creation and delivery cannot be overstated. Also included are a sample business case and tools to assist you in putting one together on your own.
What exactly is a business case?
First and foremost, you need to grasp the commercial advantages of your new project and how to convey those benefits effectively to the company. Even though the project proposal concentrates on why you want to undertake a project, it will only include an overview of the project’s main elements: the company’s business goal, business need, projected benefits, strategic fit, items generated, and estimates of time and cost. Instead, a detailed business case created during the project’s beginning phase should be evaluated by the sponsor and other key stakeholders analysis before being approved, denied, canceled, or delayed. In certain cases, the business case may need further elaboration as part of a more thorough inquiry. Because of this, it should be created slowly so that time and resources aren’t squandered on the ineffective.
Few procedures to follow while putting up a business case
It’s not enough for your business case to have numbers and data; it must also convey a narrative about why a certain investment or effort is a smart idea for your company. When in doubt, avoid jargon and be concise, but always keep in mind that the project’s value must be conveyed. There is no need to be alarmed if this is your first time generating one of these financial justification documents. A good one may be created by following these few steps.
Gather feedback: We can help you write your business case for you, so you don’t have to. When it comes to specific parts, ensure that the proper team members and stakeholders are involved. Some examples: IT should be engaged in any tools and timing choices, while finance should examine budget and risk management parts. You should engage subject matter experts when constructing a business case to suggest a new venture or product line or consumer persona.
The business case should be written out of sequence: For example, your executive summary should be produced when you have gathered enough resources and information to make a well-informed recommendation. You can guarantee that your executive summary has all of the necessary information by first obtaining all of the important elements, such as the objective of the project, its financial information, and the project’s risk.
Consistently improve your business case: In the context of business, a business case explains a big investment for your organization. Writing a business case, in the same way, requires a large amount of your time. Make sure you review your work with stakeholders as you go since not every initiative is suited for your organization. Unless you’re willing to put in a lot of time and effort, you don’t want this paper to be rejected by executive stakeholders straight away.
Do the last read-through with key stakeholders to identify any portions that may be further modified before delivering your business case. Write the executive summary, which will appear at the head of the paper, now. Your executive summary should be between one and two pages in length, depending on the length of your business case.
Make a case for your company: To complete the process, you must present your business case to others. Start with a short elevator pitch that explains your proposal’s why, what, and how. Consider this presentation as an opportunity to describe the existing business need, how your solution answers the need and the advantages to the organization. Keep an eye out for any issues your audience could have.
Don’t go over each page of your business case. Instead, make the material available to stakeholders ahead of time so they may familiarize themselves with it. After your presentation, circulate the material once again so that participants may delve further into the information.
Your business plan has been approved, and you should be proud of yourself! It is time to put your company plan into action. The implementation of your business case is no exception when it comes to being frightening when it comes to initiating large-scale change. Set up a project management platform for your new venture, if you haven’t done so before. You can transform a compelling business case into a successful project with a single source of truth to monitor who’s doing what when, exchange progress updates, and keep project stakeholders in the loop.
