Fundamental Components of a Business Case

Overview/Description
 "I don't know why a business case is necessary. Let's just go talk to the boss about our idea. I'm sure she'll give it a 'thumbs up'!" Sound familiar? Lots of us have heard these words before. Maybe we've even said them. But the truth of the matter is that your chances of persuading the decision-makers within your organization to implement your new product/service ideas based merely on a spoken suggestion stand little chance these days. The reason? Supervisors, managers, and other decision-makers want to SEE (not just HEAR) the arguments for developing new products, and the BEST way to convince them is by presenting a well-thought-out business plan! You'll learn solid reasons for preparing business cases and why they are worth the time and effort involved. You'll understand how to determine just exactly who your audience will be--it's usually not just your manager! You'll take a look at ways to adequately and appropriately define your product or service to your audience. Finally, you will examine ways to conduct the background research that will be an integral piece of your successful business case.

Target Audience
 supervisors, managers, product developers

Expected Duration
3.5 hours

Lesson Objectives:

Why Prepare a Business Case?

  • recognize the benefits of a well-prepared business case.
  • recognize the definition of a business case.
  • identify organizational decision-makers who will approve new products and/or services.
  • recognize the four major steps in testing the business idea.
  • specify the internal resources needed to implement a new idea/product.

    • The Business Case Audience

  • recognize the value of correctly identifying the audience of a business case.
  • specify possible decision makers for a business case.
  • determine the audience using the business case to implement the project.
  • identify methods of persuading doubtful decision-makers on the viability of given products and services.
  • identify the do's and don'ts of using appropriate business language.

    • Defining the Business Case Concept

  • recognize the value of clearly defining the concept of the business case.
  • select the correct definitions for products and services.
  • recognize whether the end-user is a business or a consumer.
  • identify the three elements of a "total" product: core benefit, actual product, and augmented benefits.

    • Researching Your Business Case for Viability

  • recognize the benefits of conducting adequate background research before writing a business case.
  • recognize the role of key ratios in establishing economic viability.
  • identify information needed to analyze customer base.
  • identify three technical issues that affect competitive edge.
  • identify the important factors in analyzing competitive viability.

    • Course Number: STGY0211