How to Write a Business Case
Writing a business case is the most critical document you'll ever need to write for any project. Unfortunately, it's also one of the hardest things to do because it requires you to think about your business in a way that no other type of analysis does.It explains why your organization will invest time and resources in a project. It also helps you to understand the benefits of that investment, so you can make informed decisions about whether or not it's worth continuing with the project.
If you don't have a solid business case for your project, it's unlikely to get the approval needed to deliver a return on investment (ROI).
Join us as we explore writing a business case online and delve into the nuances of creating compelling cases for your projects.
Perhaps your organization is embarking on some significant projects. A business case is the justification of a new programme of work, a new product, service or innovation, a capital expenditure (CAPEX) or an investment opportunity undertaken by your organization.
Business cases are used to justify and support decisions at all organizational levels. They can be used as part of:
Strategic planning.
Organizational change management.
Business development.
Project selection.
Programmes of work (POWs) and projects.
Investment opportunities.
New product launches, services and innovations
The business case is used by an organization's board, executives, a project sponsor, or external stakeholders to help them decide whether they should invest in this particular project.
How to Write the Business Case Effectively
Successful business cases recommend the best course of action and secure decision-makers approval. Crafting them, however, is no small feat.
The business case should answer the pivotal question: What benefits will materialize if we green-light this investment?
When done right, the business case process can amplify the proposed investment's benefits while mitigating risks. This, in turn, increases the chances of securing the all-important approval.
Photo by Austin Distel
Why is Creating A Business Case essential?
A well-articulated business case is imperative when you need to:
- Showcase the value of a proposed product or service.
- Secure board approval for investments.
- Decide on outsourcing functions.
- Relocate business operations.
- Prioritize competing projects within your organization.
- Obtain the necessary funding and resources.
The business case answers the question: what will happen if we proceed with this investment decision?
Steps to Writing a Robust Business Case
A comprehensive business case encompasses all these stages, ensuring a persuasive and robust case.
Our Five Steps to Develop a Solid Business Case Guide details the methodology. You can get a copy of our Free Guide here.
A comprehensive business case project encompasses all these stages, ensuring a persuasive and robust case.
5 Steps Business Case Framework
How To Write A Good Business Case?
You must complete all these steps to create a good business case, one that is robust and compelling.
What are some common mistakes to avoid when writing a business case, and how can they be mitigated?
Some common mistakes to avoid when writing a business case include insufficient research and analysis, lack of clarity and structure, overemphasis on technical details, failure to address potential risks and challenges, and neglecting to align the case with organizational goals.
These mistakes can be mitigated by conducting thorough research, ensuring clear and concise communication, using a structured format such as the 5 STEPS business case framework, focusing on the business impact rather than technical intricacies, and conducting a comprehensive risk analysis.
It is also important to involve key stakeholders and seek their input to ensure the business case aligns with organizational objectives and addresses potential concerns.
Who Writes the Business Case?
Business case writers, be it executives, business leaders, project managers, business analysts, consultants, or IT managers, are trusted by decision-makers to craft compelling cases. Typically, the project sponsor or manager spearheads the business case's development, understanding every facet of the project.
The business case writer should zero in on evaluating, analyzing, and quantifying business value. Lackluster results often stem from skimming over the business case details and associated analyses.
Harness AI for Business Case Creation: Introducing My Business Case Hub® AI Tools
In today's rapidly evolving digital landscape, leveraging AI tools is becoming an indispensable business asset. Our newly launched My Business Case Hub® AI Tools and the accompanying Library of GPT Prompts for Business stand poised to redefine how you craft business cases. By tapping into the immense potential of AI, you can now generate business cases that are more coherent, comprehensive, and tailored to meet your audience's specific needs.
These state-of-the-art tools are meticulously designed to enhance the clarity, substance, and style of your executive summaries, documents, and presentations. With our AI's capabilities, your business cases can conclude with compelling recommendations, amplifying the chances of executive buy-in and approval.
Moreover, our Business Case AI Tools and GPT Prompts are custom-built for AI Business Case Writing, setting them apart from generic AI tools in the market. With access to over 50 tailored prompts aligned with our exclusive 5 STEPS business case framework, you're armed with everything you need to tackle any business case challenge head-on.
Dive into this revolutionary approach to business case creation and experience a blend of traditional expertise with cutting-edge technology.
Business Case Templates: Crafting the Perfect Case
The business case document assists key decision-makers in assessing the viability of specific projects. However, encapsulating a project's strategic, financial, and societal benefits and risks can be daunting.
A compelling business case should succinctly outline the projected benefits, instilling confidence in the proposed investment's success.
Choosing the right business case template is crucial. Over our two-decade experience in writing business cases, we've identified the vital components:
- Executive summary
Project definition
Business requirements
Evaluation of options
Recommendation
The strategic logic of the project
Benefits
Risks
Project stages & duration
Financial analysis
The estimate of project team resources
Project authorization
Checklist for Effective Business Case
Incorporate a business case checklist into your business case processes to ensure every base is covered.
This checklist should elucidate:
- Aligning the investment with organizational strategies.
- Estimating costs and financial benefits.
- Assessing non-financial benefits.
- Outlining risk mitigation strategies.
- Highlighting the level of uncertainty.
- Offering options for board and management deliberation.
- Providing essential background and contextual information.
Business Case Course: Master the Art of Writing Business Cases
Writing business cases can seem daunting for beginners. Our course equips you with the skills to draft robust cases efficiently. Harness our expertise, amassed over 20 years, and utilize our templates, tips, and insights.
Dive deep into our 5 STEPS framework, optimize your productivity, and save valuable time. Our course, packed with tools, resources, and lessons, will catapult your business case proficiency.