The success of a project depends on if it has been planned realistically with a clear focus.
Projects should not just start on a whim. Once you have a great idea, it is essential to gather an expert team and show stakeholders that your project is viable.
Since project work itself may not be trivial, things can become more complicated if things are not planned correctly. A complete and robust business case can make all the difference.
What is a business case?
A business case is a way you prove to your client, customer, or stakeholder that your project is a safe and sound investment.
In essence, it is a communication tool used to generate support for and acceptance of your project.
As a business case is the starting point for any project, it is used to define the grounds for starting a project. A good business case template envisions scenarios and anticipates risks.
Questions that a business case can answer
A business case offers a full look at how the project will benefit the organization. Let’s discuss some of the problems that a business case can answer.
How to write a business case?
It is important to write a business case in a structured way. A well-written business case flows logically from presenting a problem or opportunity through the advantages and disadvantages to describing the recommended preferred solution.
The following four steps will help you write a compelling business case:
Articulate the business problem
The project should have a goal. So the first step in writing a business case is to identify the problem or opportunity. After identifying the problem, describe and address it and calculate the timeframe needed to deal with it.
Check out our business case templates for defining the business problem.
Outline the different alternatives
It is difficult to define whether the project you have chosen is the correct solution for the problem.
Selecting a single solution is not easy. Therefore after detailed research, note down the following in your business case.
At this stage, you should provide an executive summary of the alternatives and not the details. You should also consider including the alternative of not doing anything about the business problem- since there are benefits and risks associated with that.
Check out Pros and Cons Templates to showcase the advantages and disadvantages of your project proposal.
Recommend and detail out the Preferred Solution
This step involves prioritizing the alternative solutions based on some criteria to choose the right one.
Once you rank the alternatives, the best solution to your problem will become evident.
You should provide the details of the benefits, costs, financials, risks, and assumptions for the recommended alternative.
This section will also describe the path to achieve the recommended alternative and convince your stakeholders that your project is viable.
Examples of Business Case Templates
You can download the business case example to give you a good starting point to build this section.
A good business case template is easy to understand, clear, logical, and relevant. It is grounded in reality and has measurable assumptions and outcomes.
The SlideUpLift business case templates are a potential starting point to demystify this process. Feel free to check it out and download it if it meets your requirements.