Here are the seven key components of a business case that can guarantee success…
A Business case can be seen as a document that explains the reasons why you are embarking on a project. Your project will be financed by stakeholders within and outside the organisation. A business case helps them to know what to expect at the end of the project. A Business case will also help you to choose which of the proposals you are going to execute at a particular time. In this article, I want to look at some of the major components of a business case.
#1 Business need as one of the major components of a business case
As I said in my previous articles, a business case is a document that justifies the reasons why we embark on a particular project. It is what we give to stakeholders and shareholders alike. This helps them to get more money for the proposed project. The business need column explains the reasons why you are embarking on the project. You need to focus your attention on this.
#2 Stakeholders as one of the major components of a business case
In my previous article, I have explained much about stakeholders. They are people that have a business interest in your project. You have to identify your stakeholders and what they are expected to contribute to your project in the long run.
#3 Constraints as one of the major components of a business case
When we talk about constraints, we are talking about those factors that are capable of limiting you to achieving the project. You have to know those factors that are likely to stop you from achieving the objective of the project.
#4 Strategic risks
one other assignment that you need to do is to identify risks that will stop you from achieving your goals. Risks can be classified as low risks, high risks and medium risks. You have to identify the risks and prepare on how to address them as they come.
#5 Benefit evaluation
Another aspect of a business case is the outline of benefits that you are likely to achieve if the business or the project is been executed. This benefit will serve as a motivating factor if a thing seems to be coming to a standstill. You have to highlight this so as to get top management support for your project.
#6 Project Roles
Most at times, when roles are not shared, you may not know who to hold responsible for a particular failure. When you assign roles to individuals, you will be able to monitor them and hold them accountable for their actions and support them with all the materials that they need to achieve organisational goals.
#7 Benefit realization plan
It is one thing to have a plan, it is one other thing to know the benefits of the plan, but you need to have a blueprint or strategy on how you will turn the vision to reality. You must know what you need to do at any given time in order to achieve the stated objectives.
This is what we always refer to as “Plan B”. You must have alternatives for every one of your plans. This can be activated if one of route fails. This is what can help you to achieve your project goals. We have many failed project today because people failed to think ahead. That is why you see many uncompleted projects littering your neighbourhood.
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Adeniyi Salau is a Digital Marketer, Project Manager and SEO Expert of repute with about a decade of Blogging and online marketing experience. He is always ready to share his experience with others.