A business case, or feasibility study in French, is an essential document for all project leaders.
Whatever your objective—launching a new product or making a significant investment—a well-structured business case will allow you to assess the relevance of your project and make the right decision.
Although there is no predetermined template for writing it, here are the 6 steps to follow to write an effective business case as well as a relevant opportunity plan.
Business case, business plan, or project charter?
Before starting the steps to write your business case, it is important to clearly understand the differences between the various project planning documents:
The business case
The feasibility study determines a project's viability by outlining the financial and non-financial benefits, the costs, and the risks of such a project for the company.
The purpose of the document is to justify such an investment—whether financial or in terms of time—to management.
It answers four questions:
- What?
- Why?
- Who?
- How much?
The business plan
Unlike the business case, the business plan (or strategic plan) is written when the company is founded.
It sets out the broad lines of the commercial strategy and the means to put in place to achieve the company's objectives.
The project charter
The project charter is similar to the business case. But while the latter covers a substantial project, the project charter is better suited to projects with a smaller scope.
Why write a business case?
Drafting an opportunity plan, which can take the form of a PDF file, a printed document, a presentation, or a video, will allow you to convince your audience.
Provided it answers its four basic questions appropriately:
- What : what does it consist of? Which product, activity, or business process is concerned?
- Why : what will your project bring to the company? What are its objectives, challenges, and benefits?
- Who : who is the project sponsor? Is there a project manager? Which external providers will you use? Who is the team that will carry it out and why are they the best?
- How much : what is the estimated cost of your project? What benefits are expected?
Write an effective business case in 5 steps
The purpose of a business case is not only to provide numbers and facts. Above all, it must explain why the project makes sense for the company.
Be clear and concise and avoid using overly technical terms; some decision-makers are not specialists.
The most important thing is to highlight the value of your project with clear objectives.
1. Gather all your information
Before you start writing, gather all the necessary information and seek input from your team members and stakeholders.
Ideally, have different teams collaborate: you may need the finance team to assess the budget, and the marketing team if your project aims to improve a product's performance.
2. Take the time to write your business case
Unlike a project charter, a business case represents a substantial project and therefore a significant investment for your company.
It would be a shame if your research were rejected once it was finished!
Give yourself the best chance and don't hesitate to regularly ask for feedback from the project sponsor or a member of management you are close to.
The aim is to secure their approval and eventual validation.
3. Save the summary for last!
Although the executive summary is the first part of your plan, it brings together and synthesizes all the key information about your project. It should therefore be written last!
4. Have your project plan reviewed
Proofread and have your business case reviewed regularly. It often happens that after analyzing certain points you will need to go back and modify or refine earlier sections.
5. Follow the SMART method
The SMART method will help you stay focused on realistic objectives. In other words, your objectives should be:
- Specific : that is to say, your project must be clearly defined and your teams clearly identified.
- Measurable : meaning quantifiable or able to be qualified.
- Achievable : that is, achievable. If not, it's better to opt for less ambitious objectives.
- Realistic : this is about assessing the relevance of your objectives.
- Time-bound That is to say, it has a deadline. Concretely, your project must be profitable by a date specified in your opportunity brief.
6. Present your project effectively
Ideally, send your business case to stakeholders before the presentation meeting. They will have time to read it with a clear head. During the presentation:
- Engage your audience by presenting your project as clearly as possible.
- Create an emotional connection with your audience.
- Start with the essentials to convince your stakeholders that your project is indispensable for the company or your department.
- Address points of concern to reassure stakeholders.
- Anticipate questions so you won't be caught off guard.
- Don't read your project; bring it to life by looking at your audience.
Your business case plan
Of course, each plan may differ depending on the project presented, but an effective plan structure should at least include the following points:
1. The summary
The executive summary gathers the essential information and outlines the main points of your project. That is why it is recommended to write it last.
Craft your introduction carefully; it should be engaging and relevant to spark interest and make a good impression from the outset.
2. Explain what your project is about
Although you briefly covered it in your summary, the second point of your plan should set out in detail the process that initiated your approach:
- What problem or opportunity does your project address?
- What reasons led you to consider your project?
- What are your long-term objectives?
- How does your project align with the company's overall strategy?
3. Detail the situation
In this section, you will provide additional information on the environmental, financial, and competitive analysis.
The aim is to clarify the need within a broader context by defining the scope of your opportunity study.
Detail the services and teams to be integrated into the project as well as the external resources you will need.
4. List possible solutions
Mention all possible solutions and options that can address the initial problem.
The point of not addressing only the chosen solution is to demonstrate to your audience that you have considered the project from every angle.
Explain why you chose this particular solution and on what criteria. This could be a commercial, strategic, economic criterion…
5. Describe the expected outcomes
The business case is essentially based on the analysis of the financial profitability of your request. This paragraph and the next are therefore the most important parts of your presentation.
List the expected quantitative and qualitative benefits, that is the ROI (return on investment) of your project, and support them with numerical data.
They can be financial, such as reduced costs or increased revenue.
Benefits can also be non-financial, such as improving customer satisfaction, strengthening competitiveness, etc.
This is also the time to specify the expected timeframe for your project to become profitable.
6. Estimate costs and resources required
Try to be as precise as possible. Budget your project by section (financial, material, human, etc.) to obtain an overall budget that is as close to reality as possible.
Don’t forget to also quantify the hours of work that will be required to achieve your objective.
7. Specify the risks of your project
Every project involves risks and you must be able to identify them.
Create a risk management plan in which you precisely analyze potential risks and their impacts on your project.
8. Present your project plan
The project plan will allow you to demonstrate that you have already planned and organized all actions related to your project.
This work program takes the form of a schedule including the planned deadlines for each action as well as the key items to complete in order to reach your objectives.
Our advice
Writing an effective business case is a long, complex, and tedious task.
By following our advice, you should be able to present a complete and relevant opportunity study.
But don’t face this task alone: ask your team, your collaborators, your colleague, etc. for help, and call on the services of a web copywriter to write the perfect business case!
