There is often the need to present a business case to secure support for a concept, such as a funding or investment request.
While the specific content of a business case will alter depending what is required, we find it is useful to consider the following as a starting point:
- Describe the problem. Outline the current issues and the adverse impacts that are created. Include research and data that supports this view and can outline the magnitude of the problem, as well as forecast trends.
- Recognise potential options. Assess the potential solutions and compare the outcomes that will be achieved. Part of this assessment should consider the impact of undertaking no action.
- Highlight the preferred solution. Demonstrate why the preferred option is the best solution to achieve the identified problems. Outline how it will lead to a greater return than the other options.
- Identify the value proposition. There is a need to identify the value that is created through the preferred solution. What outcomes or benefits will be achieved? Where possible, determine the tangible value of benefits that will be achieved.
A business case is one of several tools that should support the discussions that will be undertaken. Ensure that verbal presentations reinforce written materials, and that all relevant stakeholders support the case you are putting forward.
Just like marketing, inconsistent messages create confusion and can jeopardise the ability to achieve your outcomes.