Watch the 7 Steps to Writing a Business Case Video.
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Below we discuss Writing a Business Case in seven easy steps. Specifically, we discuss:
- What is a Business Case?
- Why you should bother Writing a Business Case.
- Seven steps to Writing a Business Case
- Three things to remember about Writing a Business Case
What is a Business Case?
A Business Case is a document you create in order to help you get approval or financial commitment to a project or change initiative.
Why Bother Writing a Business Case?
- It will help you to organize your thoughts and test your ideas. Some things seem like great ideas initially, but after you put some structured thought into it, several questions may arise.
- It will help you clarify and focus your efforts. Just a little bit of structure can assist you in the implementation of your idea.
- It will aid you in ultimately selling your project or change initiative to stakeholders.
- It will provide the basis for more detailed project planning upon approval.
Seven Steps to Writing a Business Case
- Create a Backround (or Project Definition) Statement: The first step to Writing a Business Case is to explain the background of the project or initiative. In this phase, you need to provide just enough information to inform the reader as to why you’re bringing the idea or subject up.
- State the Objectives (Future State or Desired Outcome): What are your specific objectives for this project or initiative? What is it that you are going to deliver? Try to articulate the root value of the opportunities that you are planning for. Imagine an investor sitting across the table from you: Why would she give you money or otherwise invest in your project?
- Describe the Current Situation: Now that you’ve defined your future state, you need to determine where you currently are on that journey. Make sure you include facts, figures, and data wherever possible. You need to create a compelling argument that highlights the gap between desired state and current situation.
- Put Forth a Recommendation or Solution: If you’ve followed the above steps, you’ve created a hunger in your audience for some sort of change. Now you need recommend what that change should be. Articulate your ideas as clearly as possible. This section could include a few different options, but ultimately you should commit to a specific recommendation.
- Determine Your Success Criteria and Measures: How you will measure the success of the project? What will change as a result of your intervention? Note that your success criteria must be measurable. The return on investment should be included in this section.
- Determine Your Support Required: A key part of writing a business case, is to determine who you need support from and letting them know exactly what you need from them. You can’t point fingers after the fact. Indicate what support you need from outside resources to achieve your goals. This includes the resources required in terms of time, effort, tools, money, and other resources.
- Articulate Next Steps and the Timeline: Once you have approval for your business case what are some key milestones that come next? When will you commit to finish/deliver?
Three Things to Remember About Writing a Business Case
- Ensure that the document is clear and succinct. Minimize the use of jargon, and speak in clear and concise terms.
- Include factual information – you’ve done your homework here’s your chance to prove it.
- Sell it! Speak to people about the benefits of pursuing your idea. Demonstrate the value the project brings to the organization, customer and financial bottom line of the company.
Watch the ‘3-Minute Crash Course’ about Writing a Business Case (CLICK THE ARROW TO START THE VIDEO):