What is Business Case Development?
Business case development is the process of documenting the justification or reasoning for a project or initiative, in order to gain support for it (both financial and stakeholder buy-in). A business case is crucial for gaining approval from stakeholders and making sure that the project is seen to be aligned with organisational goals, and also seen to be value-adding.
Business case development involves identifying a business problem or opportunity; reviewing the options and their costs, benefits and risks; developing a strategy for the solution’s implementation; and gaining financial approval.
Why is Business Case development so important to get right?
Without a solid outline of the ‘why’ you want to initiate a project, you may not receive the buy-in (and all important funds!) to get it off the ground. A business case serves as the justification for investment, by comparing the costs and benefits. It is a decision-making tool, that aids the process of deciding whether to proceed or not. That’s why it’s important to get it right!
A good business case will:
- Start with a clear Executive Summary, so the readers can quickly grasp the essence of your proposal
- Define the problem clearly, including examples to illustrate the impact of the issue
- Outline objectives and goals of the project
- Present the possible solution/s, with recommendations for the best option
- Provide a cost-benefit analysis
- Provide a high-level implementation plan for how the project will be executed, including timelines and resource requirements
- Engage the reader, to ensure buy-in
- Proactively prepare for objections
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