Have you ever come across a golden opportunity, wanted to grab it, but could not because you didn’t have enough data that validate your idea?

If yes, then a business case is a brilliant option for you. A business case would help you present your idea backed by proven facts and alternative possibilities.

All in all, it helps you to explain why your project idea is viable and can be successful.

So, if you want to learn how you can write your business case for your idea? Read on.

Let’s get started with the business case definition.

Why should you write a business case?

Many small businesses start up every day but very few go profitable. As per statistics, the startup failure rate around the world is 90%. Out of this, approx 20% of startups fail within their first year, 30% in the second year, and remaining into their fifth to ten years.

The common reasons for failure include running out of money, targetting the wrong market, lack of proper research, bad partnership, or marketing strategy.

So, how can we avoid this failure? And that’s where a business case comes in handy.

Writing a business case helps you understand your business project’s scope, its financial potential, or whether it’s worth doing or not.

In addition, you can use a business case for the following:

  • A complete assessment of the risks involved and their impact.
  • To understand the possibility of financial gains.
  • To set the timelines & milestones of the project.
  • To understand, is it viable to do with your current resources or not? And many more such things.

All in all, it helps you understand whether the project is worth all the time and effort or not.

When to use a business case?

You can use a business case to justify that the project is worth the resources, expenditure, and efforts it would take.

It also can be used to win the approval of the business sponsor or people who are interested in buying in.

How to write a business case?

The easiest and fastest way to write a business case is using a predefined template. The business case template consists of all the required sections and a step-by-step guide about how you can write those sections.

While writing the business case, you must keep the following points in mind:

  • Write in simple language.
  • Keep it brief.
  • Avoid adding vague or unclear information.
  • Write to the point, instead of being overly descriptive.
  • Include facts to back your idea instead of opinions.
  • Make sure that it is readable.
  • Highlight the benefits of your project.

Also, involve experts of their respective areas of your team in the compilation of your business case. And try to make it as simple and easy to understand as possible.

The Business Case Template

This is the standard business case template outline which will cover all important sections that you should include.

  • Executive Summary
  • Business Problem
    • Environmental Analysis (include Business Process as applicable)
    • Current Business Process
    • Objectives
  • Problem Analysis
    • Business Problem
    • Business Opportunity
  • Available Options
    • Option 1
      • Description
      • Benefits, Goals, and Measurement Criteria
      • Costs and Funding Plan
      • Feasibility
      • Risks
      • Issues
      • Assumptions
    • Option 2
      • Description
      • Benefits, Goals, and Measurement Criteria
      • Costs and Funding Plan
      • Feasibility
      • Risks
      • Issues
      • Assumptions
  • Recommended Option
    • Option Rankings
    • Option Recommended
  • Implementation Approach
    • Project Initiation
    • Project Planning
    • Project Execution
    • Project Closure
    • Project Management
  • Appendix
    • Supporting Documentation

After getting started with upmetrics, you can copy this business case template into your workspace and modify the required information and download your business case pdf or doc file. It’s the fastest and easiest way to start writing your business case.

Business Planning Resources

We have plenty of free business planning resources available to help you with your planning. You can download our resources to learn all about business planning.

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DISCLAIMER: The business plans, templates, and articles contained on upmetrics.co are not to be considered as legal advice. All content is for informational purposes, and upmetrics makes no claim as to accuracy, legality or suitability. The site owner shall not be held liable for any errors, omissions or for damages of any kind.

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