Business Case Development.docx
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Business Case Development.docx
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BusinessCaseDevelopment
BusinessCaseDevelopment
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Whatwouldyoudo?
SydneyPungerheadsthetraininganddevelopmentgroupatSatelliteElectronics.Satellite'sleadershiprecentlydecidedtochangeitssalesstrategyfromselling"products"toselling"solutions."Tosupportthenewstrategy,Sydney'sgroupwillneedtoprovideservicessuchasdevelopingandimplementingnewtrainingforthesalesstaff.Sydney'sbossaskshertoprepareabusinesscasetosupportthehiringoftwonewemployeestohelptrainthestaff.Sydneyisn'tsurethisisthebestcourseofaction.
Whatwouldyoudo?
Sydney'sbossmadethecommonmistakeofignoringauniverseofpossibilitiesandthinkingaboutabusinesscaseasameanstojustifyadesiredcourseofaction.Instead,Sydneyshouldbuildacasearoundhowthecompanycanbestcreateandsupplynewtrainingtothesalesstaff.Bythinkingabouttheopportunity,insteadofjustonewayofapproachingit,Sydneyislikelytocomeupwithabetterrecommendation.Aspartoftheprocess,Sydneyshouldconsidermultiplealternatives,includingremainingwiththestatusquo.ItmayturnoutthatSydney'scompanywoulddobetterbyfocusingoneliminatingcurrenttrainingprojectsthantryingtoexpandthestafftotakeonnewones.
Inthistopic,you'lllearnhowtobuildabusinesscasetoexploremultiplealternativesbeforemakingarecommendationtosupportaparticularoption.You'lllearnhowtodefinetheopportunity,identifyandanalyzealternatives,andpresentyourfinalrecommendationtokeystakeholders.
Howdoyoudecideonthebestcourseofactionforyourcompanytotakeadvantageofnewopportunities?
Bybuildingabusinesscase.
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TopicObjectives
Thistopicprovidesaframeworkforbuildingabusinesscase.You'lllearnhowto:
∙Clearlydefinetheopportunityyou'llwanttoaddressinyourbusinesscase
∙Identifyandanalyzearangeofalternatives
∙Recommendoneoptionandassessitsrisks
∙Createahigh-levelimplementationplanforyourproposedalternative
∙Communicateyourcasetokeystakeholders
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AbouttheMentor
JuneParadiseMaul
PresidentofAdvantageValue,aconsultingandeducationcompany,Dr.JuneParadiseMaulhasexperienceleadinglarge-scalechangeaswellaslineorganizations,havingbeenChiefLearningOfficeratQwestandhavingheldseniormanagementpositionsatAT&T.Dr.Maulhastaughtexecutivedevelopmentprogramsincorporationsandgraduatelevelbusinessandleadershipprograms—incorporatingstrategicplanning,balancedscorecard,strategicleadership,virtualworkplace,decisionmaking,andcreativeresourcingintoeducationinitiatives.Sheisinvitedtospeakgloballyonleadership,strategicplanning,andcreativeresourcing.Dr.MaulreceivedherBachelorofScienceinAsianStudiesandGeologyfromM.I.T.andherDoctorateinScienceandHumanitiesfromRutgers.
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BusinessCaseBasics
Whatisabusinesscase?
Perhapsyou'vebeenmanagingaprojectandyou'veconcludedthatacquiringsomenewsoftwarewouldhelpyourcompanycutcostsandincreaseefficiencies.Orperhapsyouwanttohireseveralnewemployeesorbuyanewpieceofequipmentforyourgroup.
You'vepresentedyourproposaltoyourboss,andheresponded,"You'llneedtomakethebusinesscaseforitbeforewecanconsiderit."
You'rehappytooblige—butyou'renotsurewhat,precisely,abusinesscaseconsistsoforhowtogoaboutcreatingone.Youwonder,"Doeshemeanabusinessplan?
"Butabusinesscasediffersinimportantwaysfromabusinessplan.Yourfirststepinbuildingacaseforyourgreatideaistounderstandthedifference.
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Businesscasevs.businessplan
Abusinesscaseanswersthequestion:
"Whathappensifwetakethiscourseofaction?
"
Forexample,ifyourunitisconsideringexpandingsalestoanewmarket,yourbossmightask,"Whichofthreealternativemarketsshouldweinvestintocreatethemostvalue—andshouldweevenmakethisinvestment?
"
Managersatalllevelscreatebusinesscasestogainsupportforallmannerofdecisions,toinitiateaction,ortoobtainresourcesforaninitiative.
Abusinessplan,ontheotherhand,describeshowanorganizationorbusinessunitplanstonavigatesuccessfullythroughitsownuniquecompetitiveenvironment.Businessplansfeaturelong-rangeprojectionsofrevenues,expenses,businessstrategy,andotherinformation.Typically,managersandexecutivesusebusinessplanstosecurefinancingfrominvestorsortoplanstrategyexecution.
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RelatedTopic
BusinessPlanDevelopment
Whentocreateabusinesscase
Doyouneedtodemonstrateaproduct'svalue?
Doyouhaveprojectstoprioritizeorneednewresources?
Ifso,it'stimetobuildabusinesscase.
KeyIdea
Inmanyways,theprocessofbuildingabusinesscaseissimilartosolvingaproblem.
Forexample,supposeyoudon'thaveenoughstafftoaccomplishyourresponsibilities,oryoubelievethatyourcompany'scompetitorsusemoreefficientprocessesthatallowthemtohavelowercoststhanyourfirmdoes.
Developingabusinesscasewouldnotonlyhelpyouidentifypotentialsolutionstosuchproblems,itwouldalsohelpyou"sell"yourideastokeydecisionmakers.
Abusinesscaseisusefulwhenyouwantto:
∙Demonstratethevalueaproposedproductorservicewouldgenerateforyourorganization,
∙Prioritizeprojectswithinyourgroupandidentifywhichonestoeliminate,
∙Demonstratethevalueofaproductorservicetoacustomertomakeasale,
∙Obtainadditionalresourcesforanewproject,initiative,ororganization,
∙Modifyanexistingoffering,
∙Investinanewcapability,suchasasoftwareprogramortraining,
∙Ordecidewhethertooutsourceaparticularfunction.
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Thecomplexityofabusinesscase
It'snottheplanthatisimportant,
it'stheplanning.
—Dr.GraemeEdwards
Asyoumightimagine,buildingabusinesscaseforarelativelysimpledecision—suchaswhethertobuyanewcopierforyourdepartmentand,ifso,whichonetoselect—isaprettystraightforwardprocess.Butwhenyou'remakingacaseforamoreexpensive,complexcourseofaction,theprocessrequiresmorethought.
Asyou'lldiscover,thistopicusesafairlysophisticatedexampleforillustrativepurposes—soyoucanseehowtheentireprocessofcreatingabusinesscaseunfolds.Inyourrole,youmaynotneedtogatherasmuchinformationasshownintheexampleorusecomplexnumericalanalysis.Whileabusinesscasesimilartotheexampleusedinthetopicmaytake10to15daystocomplete,yourbusinesscasemaytakeyouonlyacoupleofdays.
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Theprocessvs.theproduct
Still,itisimportanttodistinguishbetweentheprocessofbuildingabusinesscaseandtheproductyoudelivertodecisionmakersandstakeholders.Theproductisadocumentorpresentation.Manyorganizationshavetheirowntemplatesandspecificguidelinesforhowtocreatethisproduct—includinghowtoformattheinformation,howtotreatgraphics,andsoforth.
Thistopicfocusesontheprocessofgatheringthenecessaryinformation,analyzingit,andpreparingtosellyourideas.Afterall,buildingabusinesscaseisaboutidentifyingandconsideringmultiplealternativesbeforemakingawell-informedrecommendationtosupportoneoption.Thecreationofadocumentorpresentationisthefinalstepinthisprocess—andcanhappenonlyafteryou'vecompletedtheearliersteps.
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Howtobuildabusinesscase
Businesscasescanbeusedtodemonstrateawidevarietyofsolutions.However,theprocessyou'llusetobuildeachcaseshouldbethesame.
KeyIdea
Regardlessoftheformatofyourdocument,youcanusethefollowingstepstoprepareyourcase:
∙Step1:
Definetheopportunity—Describethesituationandthebusinessobjectivesthatyourproposalwillimpact.
∙Step2:
Identifythealternatives—Brainstormmultipleapproachesandthenchoosethreetofourtoanalyze.
∙Step3:
Gatherdataandchooseatimeframe—Gatherinformationabouteachalternativeandestimatehowlongeachoptionwilltaketoimplement.
∙Step4:
Analyzedata—Analyzehowyouroptionswillaffectthebusinessobjectivesyou'vedefined.
∙Step5:
Chooseanalternativeandassesstherisks—Makearecommendationbasedonyouranalysesandevaluatehowyouwillmitigateanyrisksassociatedwithyourrecommendation.
∙Step6:
Createahigh-levelimplementationplan—Identify,atahighlevel,howyouwillachieveyourgoalsandwhowillbeaccountableforeachmilestone.Spelloutwhenyouexpecttoseebenefits.
∙Step7:
Communicateyourcase—Createadocumentand/orapresentationtosellyourrecommendationtodecisionmakers.
Youwillneedtocompleteeachofthesestepstobuildastrongbusinesscase.However,thedepthofanalysisanddocumentationnecessarytosupportyourcasewilllikelyvary,dependingontheproposedinitiative'sscope,organizationalimpact,andrisk.
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DefiningtheOpportunity
Identifytheproblem
Thefirststepinbuildingabusinesscaseisidentifyingtheproblemyouwanttosolveoropportunityyouwanttoseize.Evenifyourbosshastheideaandasksyoutobuildthebusinesscaseforit,youwillstillneedasolidunderstandingoftheissueathand.
Considerhowyouwoulddescribethefollowingsituation,whichwillbeusedasanexamplethroughoutthistopic:
SatelliteElectronics'newstrategywillrequirethat200salesstafflearnhowtoidentifycustomers'needsanddefinethebestsolution,orsetofproductsandservices,tomeetthoseneeds.Acompetitorthatrecentlyadoptedthisapproach
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