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Business Case Format

Business Case Title

Provide a concise and descriptive title for the business case.

Executive Summary

Length: 1-2 paragraphs
A brief overview of the business case, summarizing the problem, proposed solution, key benefits, and anticipated outcomes. Include a high-level financial impact if applicable.

1. Business Objective

Clearly state the objective of the business case.

2. Background and Context

Provide context for the business case:

3. Options Analysis

List the possible solutions or approaches to the problem and compare them.

4. Proposed Solution

Detail the recommended solution:

5. Benefits and Justification

Explain the benefits of the proposed solution:

6. Financial Impact

Provide a detailed cost analysis and financial justification:

7. Risk Assessment

Identify potential risks and how they will be managed:

8. Implementation Plan

Detail how the solution will be implemented:

9. Conclusion

Summarize the key points:

10. Appendices

Include supporting documents, such as:

Business Case Samples

What is a Business Case?

A business case is a justification for a proposed project or initiative, presented in a structured format. It outlines the problem being addressed, the proposed solution, the financial implications, and the expected benefits. A business case ensures that all stakeholders have a clear understanding of the project’s rationale and its alignment with organizational goals. It acts as a foundation for decision-making, offering a transparent analysis of risks and rewards. You can also see more on Case Analysis Problem Statement.

The Components of a Winning Business Case

The Components of a Winning Business Case

Without projects and developmental programs, an office is a small building or space full of office equipment, supplies, and aimless employees. Likewise, the corporate vision and mission remain as hallow statements without plans for growth and expansion. The intention of the projects may be well-meaning, but it brings in more harm than good without proper planning. You can also see more on Business Plan Report. Business cases contain the necessary information in helping the executives decide whether to implement the project or not. The list below states a business case’s key components.

Executive Summary: Statements pointing to the critical topics of the case make up the summary. Similar to the abstract of a research study, it is one of the last ones to compose. The core ideas of the following elements compose the executive summary. It is the ideal tool to capture and heighten the interest of the readers of the business case.Project Objectives: A key element in a business case is the establishment of the objectives of the project. The development of the case answers to a particular business need. Consequently, the purposes must cater to or solve a specific need. One thing to consider in creating the objectives is if it establishes a causal relationship between the demand and proposed actions. Presenting the goals of the case must paint a picture of what the project will contribute to the organization after its accomplishment. You can also see more on Business Plan Workbooks. Evaluation of Available Options: In increasing the likelihood of getting the go-signal for a project, make sure that the preferred project stands out from the other available options. You can initially showcase the advantage of the project by comparing it with other available alternatives. Acknowledging and presenting other viable projects is evidence of comprehensive research. Proof that the team considered all or most of the possible courses of action. A table or diagram is the best possible way to highlight the similarities and differences of the choices. These visual presentation options are also easy to comprehend, which makes it the best way to relay the information to the stakeholders.Possible Benefits: Another critical element of a winning business case is the list of the benefits that it can contribute to the organization and principal stakeholders. It must include both the short and long term. Even though it is often forgotten, declare the implications of the benefits to the major players of the organization. These stakeholders often include investors, employees, customers, suppliers, government, and society. Specifying the benefit it brings to each player creates a bigger and more comprehensive picture of what the organization can reap, even before the implementation of the project. Presenting the best case scenarios are also more believable and relatable with the available data of its advantages. You can also see more on Coaching Business Plan. Estimation of Risks: Decisions without possible risks are too remarkable to be true. Intriguing yet implausible. Exclusion of the risks of the preferred alternative defeats the purpose of the business case. Keep in mind that the primary objective of a business case is to convince the executives and sponsors to implement a project. Without the details about the risk, the people responsible for making the decision will not make an informed decision. The details of a business case are accurate forecasts and projections of the available data in the organization’s system. A comprehensive list alone is not enough. The business case must also present the effect of these risks on the institutions on its primary stakeholders. These factors are crucial in the decision-making process of the executives and possible sponsors. Introducing the benefits of the project, alongside its risks, are basically the pros and cons of the preferred alternative. You can also see more on Executive Business Plan. Costs and Investment Appraisal: The financial aspect is always a make-or-break factor in implementing projects. More often than not, the final say of the executives and sponsors lies in the cost of the project. Often, computing it alongside with the return of their investment (ROI). A business case must be transparent in presenting the capital fund to start the project. It must also contain information regarding the other possible costs as the project starts enforcement.Anticipated Project Timetable: A business case will not be complete and feasible without a project timetable. Since a business case is similar to a project pitch, the schedule may only include the key dates that indicate milestones in the project’s development. The project timetables provide an idea of how the rest of the operations of the organization will follow through as the project starts. It is also a crucial factor to consider in the decision-making process because there are possibilities of its events overlapping with other projects of the organization. You can also see more on Business Proposal.

How to Compose a Powerful Business Case

How to Compose a Powerful Business Case

Regardless of the brevity of a business case, it posses the same level of power as the lengthier ones. Granted that it contains the essential elements, it will provide the same output. As long as it effectively assesses problems and opportunities of the organization, it is good to go. But, if you want to go above and beyond in creating the business case for your preferred project. Then, here is a list of steps and tips that will help in crafting your document. You can also see more on Case Reports.

Step 1: Evaluate the Entirety of the Business Need

Before starting the write-up of a business case, exhaustive research is necessary. The research of the circumstance leads to looking into all the angles of the need, thus coming up with a list of all the possible alternatives to cater to the need. Aside from figuring out all the possible options, evaluating the situation beforehand helps in pointing out the implications of the need for the organization and its key stakeholders. In essence, research helps in accurately identifying and assessing the extent of the problem. Consequently, it also aids in pointing out the perfect and most feasible solution for it.

Step 2: Conduct an Analysis

After coming up with a list of the possible alternatives, the next best thing to do is to identify the advantages and disadvantages of each. Identifying these factors for each method or plan helps in the deciding process. It helps in making sure that the method is the best possible one, and it is a critical element in convincing the executives and possible financial sponsors for the project’s implementation. The list of pros and cons of each project leads to figuring out the best method. The analysis will produce details that will support your team’s preferred method. You can acquire the details regardings its benefits, costs, impact on operations, and capability of the organization to produce and sustain the project. You can also see more on Business Sales Plan.

Step 3: Come up with Feasible Methods

The analysis points out the best method that can cater to a particular business need. Upon doing so, it is best to support it with details on how to carry it out. Your team can present feasible methods, alternative techniques, and available tools. Providing these pieces of information makes the method more achievable. The viable methods also make the entire business plan more understandable for the stakeholders who are not completely immersed in the industry, such as the customers or end-users. Take note that you only need to formulate the methods for your team’s preferred alternative.

Step 4: Place Emphasis on the Costs

And to effectively support your proposal’s methods, remember to be transparent in indicating the necessary costs to carry out the plan. As previously stated, the financial aspect of a project is sometimes the last hurdle before its approval. Always keep in mind that there are some executives whose priority is the capital, so do make sure that you have strong justifications for your costs. In most cases, the costs are justified by the advantages that it will eventually contribute to the company. You can also see more on Exit Strategy Business Plan.

Step 5: Establish a Clear Timeline

The last thing to include in a business case is an evident project timeline. A projected timeline in a business case shows when the project will start and its estimated end. Aside from these details, the timeline can also focus more on pre-implementation activities such as budget meetings, project proposal pitches, and biddings—when outsourcing of services is necessary for the execution of the project.

FAQS

What should be included in a business case?

A business case should include the problem, solution, financial analysis, implementation plan, and expected outcomes.

How does a business case differ from a project plan?

While a business case justifies the need for a project and its potential benefits, a project plan outlines the steps and resources required for execution. The business case comes first, laying the groundwork for the project plan.

What are the key components of a financial analysis in a business case?

The financial analysis includes cost estimations, ROI projections, break-even analysis, and funding requirements. It ensures stakeholders understand the financial implications of the project. You can also see more on Market Research Business Plan.

What happens if a business case is rejected?

If rejected, feedback is usually provided. The business case can be revised, addressing concerns or improving justifications for resubmission.

How do you measure the success of a business case?

Success is measured by the project’s ability to achieve its stated objectives, align with strategic goals, and deliver promised benefits within budget and timeframe.

What are common mistakes made when writing a business case?

Common mistakes include lack of clear objectives, insufficient financial analysis, ignoring risks, or failing to align the proposal with organizational goals. Avoid these by thoroughly analyzing all aspects and consulting stakeholders during preparation.

How does a business case support risk management?

A business case identifies potential risks early on and outlines mitigation strategies. By addressing risks proactively, it helps prevent delays, cost overruns, and failures during project execution. You can also see more on Strategic Business Action Plan.

How do you ensure stakeholder buy-in for a business case?

To secure buy-in, involve stakeholders early, present data-driven justifications, align the proposal with their priorities, and address potential objections in the business case.