In this article, we will reveal the 7 key steps<\/strong> that distinguish a mediocre business case from one that can convince decision-makers, attract resources and guide execution with surgical precision.<\/p>\n\n\n\n In fact, once the business case is prepared, it must be presented to stakeholders, investors, supervisors, department managers … In any case, whatever the public, the project manager needs to be prepared to make a good impression and be convincing.<\/p>\n\n\n\n Today, we talk about how to build and use a business case<\/strong> that can convince the target audience.<\/p>\n\n\n\n Follow us closely: the difference between an approved project and one that is forgotten could lie right here. In short words:<\/p>\n\n\n\n A business case is the way you prove to the customer or stakeholders that the product you want to make is a good investment.<\/strong><\/p>\n<\/blockquote>\n\n\n\n The business case<\/strong> is traditionally a document that defines the main advantage of a project in order to justify its expense.<\/p>\n\n\n\n It often describes how the project aligns with the strategic goals<\/strong> and the key elements<\/strong> of the organization. The preparation of the business case allows the project manager to adopt a disciplined approach to critically examine the opportunities, alternatives, phases, and financial investment of a project. All this in order to formulate a plan for the best course of action in order to create business value.<\/p>\n\n\n\n A well-structured business case will increase the perception of the expected benefits<\/strong> and value of the project and reduce the risk perception. Moreover, it will create more chances of getting support from investors, both internal as well as external to the organization.<\/p>\n\n\n\n A business case is needed when:<\/p>\n\n\n\n By working well and correctly on a business case, the project manager is able to competently present the project to stakeholders whose approval is essential.<\/p>\n\n\n\n The documented business case will provide security and a good level of certainty that the proposal will be accepted.<\/p>\n\n\n\n If a project management software<\/strong> is used in the company, it is useful that this document can be attached to the project in order to always have clear what the conditions were at its start. We use Twproject<\/a><\/strong>, which allows us to link all its documentation to each project, whether it is on an Online service such as Google Drive or on an internal file server.<\/p>\n\n\n\n With Twproject you manage your project from the early stages of its life cycle. The business remains integrated into the project once it has started and you can always check it again..<\/p>\nTry Twproject!<\/a><\/div>\n<\/div>\n<\/div>\n<\/div>\n\n\n\n A project manager needs to take the time to write a business case that can justify the project expenses<\/a><\/strong>. It will have to identify the benefits for the business in general and has to emphasize the profits for the stakeholders.<\/p>\n\n\n\n The following 7 steps will show you how to effectively build and use a business case:<\/strong> Projects are not created solely for the sake of the project itself, but they also have broader goals.<\/p>\n\n\n\n Usually, they are initiated to solve a specific business problem or create a business opportunity, but in the end, they have to benefit the company in general.<\/p>\n\n\n\n Therefore, the first task when drafting a business plan is to understand what the “general” problem or opportunity is, describe it, find out where it comes from, and then identify the time needed to deal with it. Estimating the implementation time of an activity can be a daunting task. But if, for example, you plan using a good Gantt chart<\/a><\/strong>, which is also dynamic and can be integrated with other monitoring tools, the road is much more downhill.<\/p>\n\n\n\n How to know if the project you are undertaking is the best possible solution to the problem defined above? Of course, choosing the right solution is difficult.<\/p>\n\n\n\n One way to narrow the focus and make the best solution clear is to follow these six steps that go from examining alternative solutions:<\/p>\n\n\n\n <\/a><\/p>\n\n\n\n Once the solutions are classified, it is time to identify and recommend the preferred one.<\/p>\n\n\n\n A method that can be applied is to assign a score between 1 and 10 depending on the cost \/ benefit ratio of the solution.<\/p>\n\n\n\n This score helps to quantify and compare the expected benefits<\/strong> of each option in relation to the associated costs.<\/p>\n\n\n\n Here is how to proceed:<\/strong><\/p>\n\n\n\n In order to predict the risks of the project<\/a><\/strong>, it must first be foreseen what the scope of the project could be. Once this has been done, it is possible to proceed with the forecast of the possible risks.<\/p>\n\n\n\n Here are the questions to ask in this case:<\/p>\n\n\n\n When we talk about risk, we will ask instead:<\/p>\n\n\n\n <\/a><\/p>\n\n\n\n This is where we estimate the money needed to complete the work related to the project.<\/p>\n\n\n\n It is also a good time to indicate where the funds are expected to come from: will they be collected? Borrowed? Donated or transferred in the budget?<\/p>\n\n\n\n Moreover, the following questions must be answered:<\/p>\n\n\n\n If you use software such as Twproject<\/a><\/strong>, drawing up a good project budget<\/a><\/strong> will be much easier.<\/p>\n\n\n\n Once you have entered the main values, the system will do the rest of the calculations for you, differentiating between estimated, planned and actual costs. It will update the budget with the work done by employees and additional expenses, and alert you in case of delays or overruns.<\/p>\n\n\n\n <\/a><\/p>\n\n\n\n At this point, the business problem – or the opportunity – and how to reach it is identified. Now is the time to convince stakeholders of the advantages of the project by describing the best way to implement the process in order to achieve the goals.<\/p>\n\n\n\n Here, in short, a preliminary project plan<\/strong> is made and this will include:<\/p>\n\n\n\n Clearly this part does not need to be detailed and precise for now, but it should still be a fairly credible and a truthful draft.<\/strong> An executive summary<\/strong> is simply a summary \u2013 a page – of everything that has been analyzed so far.<\/p>\n\n\n\n The easiest way to do this is to provide quick summaries of:<\/p>\n\n\n\n To make the executive summary as clear and concise as possible, the project manager should aim for an average of one sentence for each point above.<\/strong> In case the length is getting out of the limit, no worries, as you can precisely trim it with the help of a summarizing tool<\/a><\/strong>.<\/p>\n\n\n\n To conclude, by clarifying the goals, identifying the value that the project will bring, and explaining the implementation with clarity and security, the project manager will already be on his way to building and presenting a credible business case.<\/strong><\/p>\n\n\n\n If creating a document like this seems complicated and requires the work of several people, know that project management software such as <\/strong>Twproject<\/strong><\/a> can help you manage all stages of business case drafting independently and effortlessly!<\/p>\n\n\n\n Try Twproject now<\/strong>, start planning your project from the business document to its complete development.<\/p>\n\n\n\n We offer you an unmissable opportunity with our 15-day free trial<\/strong><\/a>.<\/p>\n\n\n\nTABLE OF CONTENT<\/h5>\n
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<\/a><\/p>\n\n\n\nWhat is a business case?<\/h2>\n\n\n\n
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<\/a><\/p>\n\n\n\nWhy create a business case?<\/h2>\n\n\n\n
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![](\"https:\/\/cdn.twproject.com\/blog\/wp-content\/uploads\/2021\/11\/blog-drawing-kanban.png\")
<\/div>\nThat makes all the difference!<\/h3>\n
<\/a><\/p>\n\n\n\nHow to write, build and use a business case<\/h2>\n\n\n
![\"the](\"https:\/\/twproject.com\/blog\/wp-content\/uploads\/the-business-case.png\")
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<\/a><\/p>\n\n\n\nStep 1: identify the business problem<\/h2>\n\n\n\n
<\/a><\/p>\n\n\n\nStep 2: Identify alternative solutions<\/h2>\n\n\n\n
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Step 3: Identify and recommend the preferred solution<\/h2>\n\n\n\n
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<\/a><\/p>\n\n\n\nStep 4: Predict the risks of the project<\/h2>\n\n\n\n
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Step 5: Estimate the budget and search for funds<\/h2>\n\n\n\n
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Step 6: Describe the implementation approach<\/h2>\n\n\n\n
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<\/a><\/p>\n\n\n\nStep 7: The executive summary of the business case<\/h2>\n\n\n\n
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Gestisci le fasi del Business Case con Twproject<\/h2>\n<\/div>\n