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Building a Business Case

What is a business case?

A business case is a document or presentation that outlines a proposed solution to a business problem or opportunity. It helps persuade stakeholders to invest time, resources, or funds in a particular project or initiative. A business case typically includes:

  1. Background information: An overview of the business problem or opportunity being addressed.
  2. Objectives: A clear definition of the goals and objectives of the proposed solution.
  3. Alternative solutions: A discussion of alternative solutions to the problem or opportunity and why the proposed solution is the best option.
  4. Financial analysis: A financial analysis outlining the proposed solution’s costs, benefits, and returns on investment (ROI).
  5. Implementation plan: A detailed plan for how the solution will be implemented, including timelines, resources, and critical milestones.
  6. Risks and contingencies: An assessment of the potential risks associated with the solution and a plan for mitigating those risks.
  7. Conclusion: A summary of the essential findings and recommendations of the business case.

Why is a business case critical?

A business case is an essential tool for decision-makers, as it provides a clear and comprehensive analysis of a proposed solution and its potential impact on the business. It is used to help secure funding, resources, and support for projects and initiatives that significantly impact the organization.

How do buyers validate a business case?

Executives and buyer stakeholders review and validate a business case to ensure that the proposed solution aligns with the organization’s goals and priorities and provides a positive return on investment (ROI).

Buyers typically review and validate a business case by taking the following steps:

  1. Review the background and objectives: Buyers ensure that the problem or opportunity being addressed is clearly defined and that the objectives of the proposed solution are aligned with the organization’s goals.
  2. Evaluate the financial analysis: Buyers ensure that the economic analysis is thorough and accurate and that the ROI of the proposed solution is acceptable.
  3. Assess the implementation plan: Buyers ensure that the implementation plan is realistic and feasible and that the resources, timelines, and critical milestones are clearly defined.
  4. Consider the risks and contingencies: Buyers ensure that the risks associated with the solution are identified and that appropriate contingency plans are in place.
  5. Seek input from relevant stakeholders: Buyers consult with relevant stakeholders, such as business unit leaders, customers, and subject matter experts, to gather their perspectives on the proposed solution.
  6. Compare with other initiatives: Buyers compare the proposed solution with other initiatives and projects and prioritize based on organizational goals, resources, and priorities.
  7. Make a decision: Based on the information gathered and analyzed, buyers decide on whether to proceed with the proposed solution, modify it, or to reject it.

By taking these steps, executives can ensure that a business case provides a comprehensive and credible analysis of the proposed solution and its impact on the organization. This helps to ensure that the organization invests in initiatives that provide a positive ROI and support achieving its goals and objectives.

Read: How To Run a Successful Business Meeting

Updated on June 27, 2023

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