In order to get stakeholders or management to approve your project, you will need to build a business case to demonstrate why the project is needed and what the benefits of the project will be when it is finished. The reasons and benefits of your project may seem perfectly obvious to you and others who are intimately involved with it, but to stakeholders and other decision makers it may not be so obvious. A well prepared business case can help your project standout in the crowded field of everything that is happening in the company and might just be the key to getting approval and finances for your project. Here are the basic steps for creating the business case.
Each of the processes discussed have various sub-steps. What I intend to discuss today are the overall concepts that must be addressed to make your business case compelling.
1. CURRENT STATE/OPPORTUNITY DESCRIPTION: Your first step in creating a successful business case is to clearly identify the business problem, issue or goal that your business case will address. It is crucial to clearly define the problem and parameter of the solution. There should be an agreement about the scope between the person authorizing the business case and those who will execute analysis
2. FUTURE STATE/SOLUTION: Express the projects and options proposed as a solution to the business problem. Explain in detail how the proposed change/plan addresses and resolves the problem, issue or goal. Include what should be accomplished by implementing the proposed business case plan.
3. RETURN OF CAPITAL INVESTED: This is a vital piece for the stakeholders involved and the organisation’s management. Answer the question of how this project is going to help the business. If the organisation is willing to provide the time and resources to execute the project, what are they going to get out of it?
4. HIGH LEVEL IMPLEMENTATION PLAN: Provide ideal dates and worst case scenarios for plan implementation, as well as a more general time frame for business case plan implementation and completion.Provide the costs associated with the project implementation timeline, as well as the potential costs/losses associated with not implementing the proposed business case plan.Explain the potential consequences and losses that could result from the plan not being implemented.
At Ozone Consulting, we help our clients create business proposals. Once approved, we assist them implement the plan on time and under budget.