BALANCE AT WORK BLOG

3 steps to building a better business case

Are you required to apply for money for initiatives you wish to implement or purchases you wish to make?

When you are putting forward a case for funding for a project, it’s easy to slip into thinking the numbers are all that matter. Yes, the price is important, but it never tells the full story.

You can easily improve your chances of gaining support for your project by demonstrating you can answer some fundamental questions.  Here are the questions we suggest our prospective Career Navigator clients need to be able to answer before they even start talking about the money:

1. What are you hoping to gain by using this product or service, or completing this project?

How will this purchase or project benefit your organisation and/or your clients? For example, you may expect it to help you supply higher quality client services, or to serve your clients more efficiently. Can you clearly and precisely articulate the benefits so they can be easily understood by people who are not experts in your field?

2. How will you know when that outcome has been achieved?

Detail exactly how you will measure if your project has been a success. For example, suitable metrics may be the number of new clients served, time spent with clients, client feedback ratings, time saved and costs cut. Of course to be able to make a comparison, you will need data for your current situation, before the purchase and/or implementation.

3. Is there anything else you need to know?

You need to feel confident you are making the right choice so if there’s anything at all that is unclear, seek more clarification and/or evidence as to why this proposal should be supported. Examples of further information may be white papers, case studies, benchmark or validity data, or opportunities to speak to existing users.

Being prepared in this way – while also paying attention to the financial viability of all options – supercharges your credibility as a business-minded partner in the decision-making process.

Then it’s time to talk about how to make your dream a reality.

What do you think?  Would you follow these steps for better results?

Share your thoughts, suggestions and feedback below.

[Thanks, Rachel Bourke, for providing the inspiration for this article!]

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