Research & Preparing a Business Case for a Project
A Business Case sets forward the main elements of a project: the what, where, who, why and how. It’s a justification for the project itself, and all related costs, and it could be the make-or-break element in your planning.
Give your project the best start by creating a strong, well-written Business Case.
First Things First: Preliminary Research
Research, research, research. In preparing a Business Case, you must dedicate time to research.
You might research the project background, target market, competition, as well as specifics relevant to your industry. Part of your research might be to look at real examples of business cases to get a sense of what yours might look like.
Why a Business Case?
A Business Case gives you clarity and refinement in launching a project. Start by defining each element of the proposal. A written Business Case can identify opportunity or problem that the project was inspired by. It can also map out the benefits, risks, staffing requirements, task allocations, timeline and success indicators.
A Business Case can also be a chance to identify any potential problems, and construct creative solutions to future-proof your work. Importantly, a Business Case tracks the budget and all project costs.
How to Write a Business Case
Consider your intended audience. Use their language, and avoid jargon.
Keep it simple, concise and easy to read. Include all relevant information, but keep it interesting, too. You might utilise graphs or images to support your words, or make reference to relevant research studies.
Depending on the size of the project, you might consider including an executive summary. This serves as an abstract, that summarises the main points to be set out in the bulk of the document.
Click here for more information on Creating a Business Case.
Money, Money, Money
Projects can’t run without funding. A strong, well-written Business Case can mean that the project sponsors and key stakeholders will sign off on the proposal, and deliver precious resources to keep a project running.
For a CEO, CFO or other stakeholder to give the green light on a project, they need to ensure that the project is financially viable, relevant and well-planned.
By preparing your Business Case, this is your chance to sell the idea, while being transparent about how feasible the project really is.
Taking Care of Business
Constructing a solid Business Case will facilitate your engagement with stakeholders, and keep your project on track with a clear goal. For more information on research and creating a Business Case, click here.
Neil Anderson is the founder of MarketingSearch.com.au, a privately owned and operated Australian platform enabling businesses to transform their marketing impact and profitability through better agency search and selection, talent sourcing and project optimisation services.