Writing a business case is one of the most important functions in your career as an entrepreneur or manager. It’s crucial to the success of your company, and it can make or break how much money you have coming in.
Business cases are usually framed as “If we don’t implement this plan, then our company will not succeed.” Or, “This project will give us a significant advantage over competitors.”
The way to write a strong business case is by using the same fundamentals that anyone should know before they enter college. These basics include using logical points, emphasizing benefits, and highlighting action items.
Reader, those things apply here! So let’s dive in and learn some tips for writing a strong business case. Hopefully these hard lessons also teach you something about yourself too.
A business case is to determine if an investment makes sense for your company. It’s not about whether or not you should invest, but rather it’s determined by whether or not investing in this product/service will help your company thrive.
A business case typically involves three parts: situation analysis, cost-benefit analysis, and conclusion.
The situation analysis looks at what your current state of affairs are and what you want to change them to. What problems exist right now? And what would people do without this product/service?
The cost-benefit analysis determines how much each part costs compared to the benefits they receive from it. This can include things like: how much does it sell?, how well known is it among its competitors?, how profitable has it been in the past, etc.
And the final part comes down to deciding whether these benefits outweigh the costs.
When writing a business case, there are several key factors that you should be careful of. These include: reasoning your business case, defining your audience, using past results as examples, and supporting your claims with evidence.
The first thing to do is to determine why you are making this business case argument. Is it to get approval for an idea or project? To win over other people’s support? Or to find out if the organization or leader believes in you enough to back your proposal?
By knowing what reasons inspire the arguments of others, you can use these same reasons to strengthen their belief in you and your ideas.
The main purpose of a business case is to convince others to go along with an idea or argument. It can be about anything, but most are related to investing in new projects or strategies.
Usually, the audience member will have already given their approval and now you need to prove that it makes sense to invest more money in this project or strategy. This is where the business case comes into play!
You will want to make your arguments as logical and clear as possible. Make sure everything makes sense and nothing seems like a random guess.
Business cases typically start with a topic or question and then move onto supporting reasons and conclusions. Make sure to organize these logically so that your reader does not have to re-order information or thoughts.
Once again, writing a good business case takes time and practice. But once you get past the initial steps, it really works well.
Writing a business case is an important part of selling anything, including your own services. It can be difficult to get people to buy your service because they do not believe in it or cannot see the value in it.
Writing a business case for yourself is easy when you understand the process. Start with asking yourself what you want to achieve and then work backwards to determine how much time and money you have available to pull off these goals.
Once you have that determined, start writing!
Keep it simple
Don’t write too long or use complicated vocabulary. This will make it hard for potential buyers to read past the first sentence. They may also lose interest if they have to think about what words mean before they can evaluate the content.
Use plain language and jargon only when necessary. More professional and concise.
Do not try to be fancy. People who are trying to find a way to keep their company afloat will not appreciate it. If needed, look up the meaning of casual and formal vocabulary to describe different situations.
Structure like a bullet point and sequence thematically according to main points. Use clear headings and sub-headlines to aid the reader.
Avoid using clichés or empty rhetoric.
A financial resource is anything that can be used for business, such as money or products. These are typically categorized as either internal (to your company) or external (beyond your control).
Internal resources include things like the computer you use to work here at ACB, the phone we use to communicate, or the office supplies we have access to. External resources include things like the budget of another department, a supplier, or someone else in your organization who can help you with costs.
By having internal and external resources, you will not run out of ways to promote your product or service. Your colleagues and yourself can help you spend time and energy promoting your product/service if you make it clear that they are a valuable asset to your company.
If you’re ever struggling to find an internal or external resource, ask around! People often know of others within the company that could help you fulfill your mission, or know of outside vendors that would be able to offer you their services at a discounted rate.
Beyond having a knack for writing, business cases rely heavily on your personal strengths as an individual. This is particularly true in these days of digital distractions where you will likely be spending lots of time online working on business projects.
As mentioned earlier, being able to write well goes a long way towards helping you make the case for investing in new technology or other internal changes. But if you can’t, there are some things that can help you.
These include hiring someone with writer skills to do it for you, or developing your writing ability by practicing more.
Writing a business case can sometimes feel like pulling teeth. There are so many ways to do it, and no one way that is considered better than another. What we can say about writing a business case is that you should always try your best to write with natural flow and ease.
Business cases are not only hard to create, but they also require you to describe how you will use the money spent on marketing to increase sales or profits. It may seem easier to spend lots of money on expensive advertising, but this isn’t necessarily the most effective way to market your company.
There are several reasons for this. For one, studies show that people perceive companies with large amounts of advertisement as being more trustworthy and professional than ones that advertise less. This is definitely not the case when it comes to marketing your product or service!
Another reason why using excessive marketing methods could be seen as negative is due to cost. Even though it might seem obvious to spend money to make a sale, if you are looking into investing in marketing strategies, making a solid business case requires weighing out all of the possibilities.
It is important to remember that although spending money to promote your services is necessary at times, putting too much focus onto advertisements can have disastrous results on your business.
The second step in writing a business case is determining if the proposal is feasible or not. This article will talk about some important points to consider while doing this research.
It’s very difficult to write an effective business case when you don’t do your homework first! Before you begin drafting, make sure that you have done all of the necessary groundwork to ensure the success of your proposal.
Don’t try to start writing until you are certain that everything is okay; starting a conversation with no preparation is never a good idea.
In the case of writing a business proposal, things can easily get out of hand unless you take time to evaluate the situation before diving in.
You want to be clear on what resources you have and how much money is available to invest in the project. It’s also helpful to know whether there are any similar proposals already out there so that you can use their strategies as templates for yours.