Are you developing a new project that needs resources and funding? Then you’ll need a detailed business case with maximum impact. It’s the most important information for optimal project management.
70% of corporate projects fail so it’s crucial that you have a business case that will justify starting a new project. But where do you start? You’ll find everything you need to know about how to write an excellent business case in this post. Read on to find out more!
What is a Business Case?
A business case is a detailed document that defines the benefits and values your organization will acquire if you pursue a project. A business case can be used for the following:
- Launching a new product
- Proposal to spend capital on an initiative
- Investments with new contractors
Your business case should be developed at the early stages of the project. The document should outline:
- Why you want to launch the project
- How the project will be managed
- What resources you’ll need
- The capital you need to fund the project
The business case must be compelling to attract potential stakeholders and investors. These investors will use the company case to determine if the project is worth investing in.
The Importance of a Business Case
A business case assesses the problems and opportunities of the project you’re developing. It also gives you information on potential risks and what could impact the operation. Without a business case, you won’t have a management tool to make effective decisions on your project.
The reason for launching a new project may be to solve a problem or to generate more profits. The document should detail whether the project is worth doing and if it will solve your organization’s problem.
Steps to Writing an Excellent Business Case
Writing an excellent business case can be a difficult task to complete. In this section, we’ve provided steps to develop a detailed document on any new projects you start.
Gather Your Team’s Input
Whenever you start a new project, it’s always best to gather your team’s input first. Ensure the appropriate managers and stakeholders contribute to the relevant sections of your business case. For example, your finance team can review risk and budget management sections.
Additionally, a business consultancy firm can provide advice if you’re developing a new product line or initiative.
Restructuring a Business Case
Experts suggest that there are some sections such as the executive summary that should be drafted last. Although the summary should be at the top of your document, consider writing it last when you have all your other information gathered for a project.
Your executive summary is a section that presents all your data when creating your document. By gathering other sections first such as risk and finances your executive summary will have all the relevant information.
Build Onto Your Business Case In Sections
A business case takes time and patience and there will be information you may need to change or remove as you go along. Communicate with stakeholders regularly as you’re creating each section of your document.
You don’t want to create an entire project proposal only to have it rejected because it’s not feasible for stakeholders. So when writing each section of your document make sure you communicate your plans with your team.
Consider drafting an outline of your business case when presenting it to your team and stakeholders. Allow them to confirm whether you should go ahead with the project before drafting the rest of your document.
Structuring Your Business Case
The structure of your business case is crucial to get right. You want the most important sections at the top of your document. Additionally, each section should be written concisely. Keep the following in mind when developing your document:
- Include only the most essential information
- Make it compelling to read
- Use short detailed sentences
- Minimize jargon
- It must be written with excellent grammar
- Ensure consistent style and readability
Now it’s time to structure your project proposal. Ensure the document has the following structure:
- Executive summary: This is a high-level summary of the project and provides vital information about the initiative. It should convey the entire story of the project in a summary. The summary is always written last after creating all the other sections on the document.
- Finance: The finance section must be written so you can get approved for funding. It will include a financial appraisal to see if the project is affordable and details about any cost implications of the task.
- Project definition: This will be the biggest and most detailed part of your business case. It must include sections such as business objectives, limitations, benefits, scope and impact. It will also include a marketing strategy and risk assessment as well as a purchasing strategy.
- Project organization: Write this section at the bottom of your document. It should be aimed at your project manager, team and anyone responsible for working on the project. Furthermore, it must include subsections such as project governance and progress reporting.
Refine Your Business Case
After writing your business case ensure you refine each section to ensure it covers all important information. Additionally, editing is essential to ensure the document is grammatically correct. You may need to make adjustments to each section when presenting it to your team or stakeholders.
Read through your document to see if any sections need to be refined, removed or added.
Final Thoughts
Are you struggling to create your business case? You’re not alone. Many organizations have had the same challenges. That’s why Daveron Networking would like to assist you when developing your project proposal. We can provide the guidance you need when structuring and writing your document.
If you need assistance with writing an excellent business case for your initiatives then schedule a call with us today. Our team of experts is ready to help you achieve your goals when launching a new project!
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