A Flexible Business Case Template for your Business
Managing and operating a business involves various tasks which need to be performed well in an organized way. Being a business owner, it is your responsibility that each of these tasks, whether it is acquiring projects, making expansion plans, allocating duties, is being performed in a way which benefits your company without involving excessive expenses or time. At the same time, it is crucial that all the key members of your enterprise are aware of what is to be done, how it should be done and most importantly, why it should be done. Making this task easier is the business case template which is becoming a preferred choice of business owners today.
Business case, in simple terms, is a kind of document that allows you to evaluate the purpose of the project, as well as the risks, costs and benefits it involves. In other words, it helps you to analyze crucial factors regarding your projects, such as their achievability, viability and desirability. Thus this management product, if used well, can prove to a beneficial tool for your business and can help you decide if investing your time, money and efforts in a particular project is worthwhile or not.
A business case comes into practice at three important stages of project development. Firstly at the initiation stage, when the outline of the project is being developed. Secondly when the project is in process and required work is being carried out to take it towards completion. The third stage is right before the final and last stage, to ensure that the desired goals are being achieved. The format of a business case template is not fixed, thus it can be changed according to your particular business needs as well as specific project requirements. This offers better flexibility to business owners, allowing them to make additions or eliminate aspects which they find useless.
Some of the sections or aspects which you can involve in your flexible business case template include:
- Executive summary, it involves key points or crucial aspects of the project as well as the expected return on investment.
- Reasons for why a particular project is being undertaken. it is crucial that these reasons are well thought of and carefully assessed.
- Expected benefits, which clearly means that benefits that you, as a business owner, wish to achieve with the said project, such as increased productivity or lowered expenses.
- Besides benefits, listing expected dis-benefits is equally important; as it helps you make careful choices as you will be aware of the consequences a particular project involves.
- Time scale is an important yardstick which can help in analyzing if a project is worth the efforts according to the total time it involves.
- Cost is another significant factor affecting the entire process of project development. It involves the costs of ongoing operations, as well as maintenance costs.
Considering the factors or sections mentioned above, you can come up with a sample prince2 business case template for your business that can help you to undertake, implement and complete every project in a systematic way after considering its value, benefits, risks and costs.