A Business Case is a document that is used to sell a proposed business solution to a decision maker. It is typically used to get approval to proceed with a project or to get funding for an initiative. A business case should be developed for any proposed solution that will have a significant impact on the organization.
The business case should be developed by the project team or initiative champion and should be reviewed by key stakeholders to ensure that it accurately reflects the needs of the organization. Once the business case is approved, it can be used to secure the necessary funding and resources to implement the solution.
Benefits of using a business case in decision-making
If you’re a web designer or developer, chances are you’ve had to create a business case at some point. A business case outlines the proposed solution to a problem, the benefits of that solution, the costs associated with it, and any risks involved. Creating a well-crafted business case is crucial to getting approval to proceed with a project or initiative.
In creating a business case, you need to clearly state the problem that the proposed solution will solve. Be sure to back this up with data or other supporting evidence. Next, outline the benefits of the solution. What impact will it have on the organization? How will it improve efficiency or help save money?
The business case process ensures that projects are well-thought-out and rigorously planned before approval. This gives the sponsor the best chance to sell the project and get it approved.
By capturing and analysing key aspects of a project using a business case, potential issues can be identified early on. This saves time and money that would otherwise be spent on starting a project, only to find out later that the approach is incorrect.
How to create a business case
Your project will only be successful if you have a strong business case to back it up. This document is essential to getting the project started, and forms the basis for the project charter and plan. However, if your business case isn’t anchored in reality or doesn’t address a need that aligns with the organization’s larger business objectives, it’s irrelevant.
To create a strong business case, you’ll need to do some research on the who, what, why and how of your project. This information must be communicated clearly. The elements of your business case will address the why in greater detail. Think of the business case as a document that’s created during the project initiation phase but used as a reference throughout the entire project life cycle.
Investing in a new project can seem like a daunting task, but if you take the time to write up a business case and identify the potential benefits your project will bring, you can justify the expense and get buy-in from key stakeholders. By focusing on the areas of most interest to your business, you can ensure that your project delivers maximum impact.
Tips for writing an effective business case
Projects are created to achieve specific goals, usually in response to a business problem or opportunity.
When initiating a project, it’s important to “lead with the need.” This means figuring out the problem or opportunity, describing it, and understanding its origins. You should also address the timeframe needed to deal with it.
Justifying the timing of the project through research into the economic climate and competitive landscape can help make your case more compelling.
How can you be sure that the project you’re taking on is the best possible solution to the problem at hand? Of course, choosing the right solution is never easy, and there’s no guarantee of success.
One way to focus your efforts and make the right decision is to follow these six steps (after doing your research, of course):
- List all of the alternative solutions.
- For each solution, quantify its benefits.
- Predict the costs involved in each solution.
- Then determine its feasibility.
- Evaluate the risks and issues associated with each solution.
- Finally, document everything in your business case.
And now, you’ve found a business problem or opportunity that you’re excited to solve. To convince your stakeholders that you’re on the right track, documentation is key. It offers a clear path to solving the problem at hand.
But this isn’t just an exercise to appease senior leadership. The research you put into exploring the underlying problem and determining alternative solutions could uncover some unexpected gems. You might save the organization millions with an alternate solution than the one initially proposed. When you put in the work on a strong business case, you’re able to get your sponsors or organizational leadership on board with you and have a clear vision to ensure success.
In conclusion, Atarim is the perfect tool for creating business cases. It has all of the features and functionality you need to get the job done quickly and easily, ensuring you are making the best use of your time and resources.
So what are you waiting for? Get started today and see how Atarim can help your business grow!