Fred Obiero shares his expertise on creating a business case that is effective. He also gives solid tips for how to prepare and present a business plan that shows the value of your project. Your project will be recognized as a valuable part of your organization’s project portfolio. A business case must be presented by the Project Manager before any new projects can be approved or funded by an organization. It should explain the benefits of the project and how it aligns with the organization’s strategic direction. When developing a business plan, it is important to get input from all stakeholders. This will allow the Project Manager to collect details about all possible alternatives and cost/benefit analyses. This will help determine whether a project will go ahead or not. There are many reasons why a business plan is necessary. The three main reasons are:

Here are some best practices for creating a business plan. Conduct extensive research Project managers should conduct extensive research when developing a business plan. This includes analyzing the market, performing competitive analysis, reviewing previous business cases, interviewing key stakeholders, and looking at other options. The business case will include the results of this research so that the leadership teams can evaluate them. Evaluate and compare all options This is an important step in creating a business case. It is where the Project Manager evaluates all shortlisted options and alternative and assesses their alignment to the organization’s goals, strategies, opportunities, and costs associated with their implementation. A high-level risk analysis for each option is also included so that stakeholders can better understand the potential impacts on the project and the company. After the evaluation is complete, you will find a number of options that stand out. To get the buy-in of the Executive Sponsor, the Project Manager will present the options to the finance and project approval committees. They’ll then evaluate the options and the associated costs and then choose the best option. The Project Manager must explain how the preferred option will benefit the organization and how risks will be minimized. It is highly recommended that Project managers practice their business case presentations with peers and colleagues to get comfortable with their details. Many projects that could have great benefits for an organization were rejected because the Project Manager didn’t present their business case well. It is impossible to leave anything to chance. Therefore, it is important to practice your presentation skills to ensure that your project has the best chance of getting funded and approved. Document appropriately Even though a lot of research is done when preparing a business case, it doesn’t necessarily have to be as detailed as it should be. The Project Manager can use templates from existing tools and applications to make the process of creating a business case much easier. Here are some common components of a business case that is effective: