Which tool is right for my project? How will I get stakeholder to engage? Who are the right stakeholders to engage with? How do I sell my project idea? These are some questions that you may ask yourself in start up phase of your business. Having a very good understanding of each department tasks and responsibilities help you divide your project into smaller pieces which are easier to implement. Then you can prioritize these smaller projects and find the best management tools for them. Understanding project success metrics is also very important if we want to make sure that our customers will love our product. All this information will help you create a top-notch project business case. Before going ahead we should know,
what is a business case?
A business case is a document which describes all the aspects of an investment that justifies the proposed course of action. The business case is often A requirement from the upper level management in an organization and also helps to convince any potential investors.
Why it is influential to prepare a business case before starting a project
Organizations put a lot of efforts into creating strategies, strategies that are often never implemented because they fail to answer the who, what and why questions. Without properly preparing your strategic business cases you will likely lose them in the chaos of your team’s day-to-day busy work or by failing to reach out to the right stakeholder in order to gain the traction required for implementation. That’s why it is important to have a business case before starting any project.
How to prepare a professional business case for a project
A business case provides a detailed picture of a project and is used to justify the resources needed for its completion. While it’s usually created by the project manager, a business case also includes information from senior management. Following points should be kept in mind, while making a business case for a project
First thing that you need to do is to identify your right stakeholders. Stakeholders are individuals and groups that are invested in the success of your project.
Make Stakeholder analysis
You will not be able to prepare a successful business case if you don’t know what the stakeholders want. You can use a stakeholder analysis template to easily manage your stakeholders and their needs.
Defining objectives and goals of the project
After you have identified your key stakeholders, you need to define the objectives of your project or initiative. Defining objectives is crucial because they keep the project on track, give it direction, and make sure everyone stays focused on why they’re doing this project in the first place.
Determine key success factors
Next step is to determine your key success factors (KSF). The KSF are realistic goals that must be met for your project to fulfill its objective(s). For example, if the objective of your project is to deliver a new product, then having enough resources or money would be KSF for it because without them, you could easily fail at delivering that
Make a problem statement accordingly. Clarify the problems, your company is facing, and always indicate the stakeholders affected by these problems. Don’t forget to mention the consequences of that issue, and your recommendations to solve this.
Always propose a solution to the problem in your business case. Tell the stakeholder, how can your organization coup up with such concerns.
Costs and Benefits analysis
A professional business case must include costs, and benefits analysis. As everyone knows, business decisions are very fragile and complex in nature, a cost benefit analysis will make the business decisions easy for all the stakeholders.
An implementation Plan is key factor in the success of a project. A good business case must include it. It is a strategic plan to carry out your business project. This must include all the steps to be taken by you, to lead the project towards success.
Identification of risks, and ways of managing these risks is called Risk Assessment in business case. Never forget, to make a risk Assessment plan to tackle the risk. This will ultimately reduce the chance of failure of the project, you are carrying out.
Presenting the report
The final step in preparing a business case is presenting the results.
With the right purpose and proper execution, a business case can be a powerful tool to help you succeed as a professional, and support your department’s objectives. And, if you’re really lucky, it can help you do both at the same time.