How to Write a Perfect Business Case
By Saurabh GuptaNov 6, 2019
Project management has never been an easy task and with the advancement of time, it has become more and more complicated. There are many aspects of project management that needs to be handled well in order to get desired results from your efforts. But all your efforts of keeping things at place will go haywire if you will not have sufficient buy-in from the parties. Therefore writing a strong and precise business case is very important. This is why, in this blog post, we are going to look at every aspect of business case and how to write it flawlessly.
What is business case?
A business case is basically a written value proposition that defines the core business benefits of a project for justifying the expenditure of the initiative. The business case basically contains details about how the strategic goals align with the project. Writing a business case is basically an overlooked responsibility of managers who always think that people working at the upper level of the hierarchy are responsible for this.
It doesn’t matter whether you are commencing a project or in the middle of an ongoing project, you will need to take out time for writing a business case. With a business case, you will be able to easily justify the expenditure of the project and by identifying the benefits that your project will yield.
How to write a business case?
Go through these four steps in order to write a business case properly.
1. Spot the problems related to your business
A project is never created for the sake of the project only as every project has a specific goal. A project is mainly developed to solve a current business problem or to create an opportunity for the business. This is why the first step of writing a base case is to spot the current business problems and opportunities. After identifying the problems or opportunities, you will have to find out where it is coming from, how to deal with it and what is the time required to deal with it.
This might look simple but in actuality, it will be time-consuming and will require agonizing over the issue. Analyze the competitive landscape and go through the economic climate for getting the best results.
2. Look for alternative solutions
Are you sure that the project that you have created is the best way to deal with the business problem or for creating the opportunity? In most cases making an impeccable decision is very tricky and complicated. But if you want to deal with this issue while creating a business card then you will need to follow the below mentioned six steps:-
· Jot down the alternative solutions
· Analyze the benefits of each alternative solution
· Make a prediction of how much money you will need for each project
· Then find out whether each project is feasible or not
· Find out all the risks, issues and opportunities related to each project
· In the end, document all above-mentioned points in your business case
3. Suggest a preferred solutions
Now, you will need to rank all the available solutions. But before starting to rank all the solutions, you will need to make parameters in order to know which solution is better than others. Setting parameters will also aid you in selecting the best available options. You can use the below-mentioned tips for suggesting a preferred solution or ranking the available solutions:-
· Give a score of 1 to 10 to the available solutions on the basis of the cost involved and benefits offered.
· Base your score on what more important for you
· Include more complexities in order to get better parameters for ranking the solutions
This will help you to find out which solution will be better than the other and on the basis of your result, you can choose the best solution. But don’t forget to document this whole process.
4. Describe the approach of implementation
In this final step, you will have to convince your stakeholders that the solution that you have chosen is the best way to deal with the problem or the best way to create an opportunity. This is why documentation is so important while creating a business case. With documentation, you will have a practical path for solving the problems or for creating an opportunity. If you will not be able to convince the stakeholders then all your effort of making the business case will go astray as it will not be implemented, it will be of no use.
A business case is a very vital part of project management and you should always create a business path precisely. If you will not devote the required time and effort in a business process then you will never get expected results from your efforts. A well-written business case will help you can give proper shape to your project.
Saurabh Gupta is the senior content writer at Cloudwalks, a QuickBooks cloud hosting company and he loves writing on topics related to, hosted QuickBooks, cloud computing, businesses, and AI. In his spare time, he explores the world of technology and keeps tabs on latest innovations.