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How to Write a Business Case - Project Managment Training



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[Music]

today we're talking about how to write a

business case well over the past few

years we've seen the market or maybe

organizations companies or even projects

move away from doing business cases but

these days companies organizations and

those same projects are scrutinizing the

investments and they're really seeking a

rate of return so now think of the

business case is your opportunity to

package your project your idea your

opportunity and show what it means and

what the benefits are and how other

people can benefit so we want to take a

look today to see what's in the business

case and how to write one so want to be

clear that when you look for information

on a business case it's not a briefcase

someone called the other day and they

were confused because they were looking

for something and they kept pulling up

briefcases so that's not what we're

talking about today

what we're talking about our business

cases and they include information about

your strategies about your goals it

includes it is your business proposal it

has your business outline your business

strategy and even your marketing plan so

why is that so important today again

companies are seeking for not only their

project managers but their team members

to have a better understanding of

business and more of an idea of business

acumen so this business case provides

the justification for a proposed

business change or plan it outlines the

allocation of capital that you may be

seeking and the resources required to

implement then it can be an action plan

it may just serve as a unified vision

and then it also provides the

decision-makers with different options

so let's look more about the steps

required to put these business cases

together so there are four main steps

one you want to research your market

really look at you know what's out there

where the needs were

the gaps that you can serve look at your

competition you know how are they

approaching this and how can you maybe

provide some other alternatives you want

to compare and finalize different

approaches that you could use to go to

market then you compile that data and

you present strategies your goals and

other options to be considered and then

you literally document it so what does

the document look like well there are

templates out there today the components

vary but these are the common ones and

then these are I consider what's

essential so there's the executive

summary so this is just a summarization

of your company what your management

team may look like summary of your

product and service and your market the

business description gives a little more

history about your company and the

mission statement and really what your

company is about and how this product or

service fits in then you outline the

details of the product or service that

you're looking to either expand or

rollout or implement you may even

include in their patents maybe that you

have pending or other trademarks then

you want to identify and lay out your

marketing strategy like how are you

going to take this to your customers are

you going to have a brick and mortar

store are you going to do this online

and what are your plans to take it to

market you also want to include detailed

information about your competitor

analysis how are they doing things and

how are you planning on I guess beating

your competition you also want to look

at and identify your SWOT and the squat

is your strengths what are the street

the strengths that you have and going to

market and where are the weaknesses

maybe some of your gaps and further

where your opportunities and maybe

threats that you need to plan for then

the operations

overview includes operational

information like your production even

human resources information

about how the day-to-day operations of

your company and then your financial

plan includes your your profit statement

your profit and loss any of your

financials any collateral that you may

have and any kind of investments that

you may be seeking so these are the

components of your business case this is

why it's so important and if you need a

tool that can help you manage and track

this process then sign up for our

software now at projectmanager.com