If you’re a business, at some point, you may need to write a business case. This is particularly true if you’re seeking financial support.
Definition
Unlike a business plan, which is an operational roadmap for your business, a business case is used to secure funding for your project. It provides justification for your proposal and needs to convince the investor that your project is worthy of support.
Structure
Nothing is set in stone when it comes to how to structure your business case. In other words, no two business cases will look exactly the same – just as no two businesses are the same. You may write a formal detailed document, or keep it brief and informal, depending on the size of your project and who you’re pitching it to.
Key Elements
Business cases can be structured in a variety of ways, but there are certain elements you should include. An Executive Summary is an essential element that should be presented at the beginning of your document. You should aim to write this last and make sure it summarises the rest of the proposal.
Basically, when an investor is pressed for time and needs a quick snapshot of your business case, they should be able to find it in your Executive Summary. It should summarise the rest of the document, excite the reader, and instil confidence in the value of your proposal. The good news is, it doesn’t have to be an essay – all you need is a compelling summary that is brief and straight to the point.
At a basic level, we suggest you also include the following elements:
- A description of the project
- The project’s objectives
- The benefits of the project
- Estimated costs and risks
If you are looking for more than just the buy in from internal stakeholders, you’ll need a pretty robust document. If you already have a business case but aren’t sure if it’s bankable, or you’re starting from scratch, contact our team and we can have a chat about your requirements.