Everything You Need to Know about Business Cases

Business CasesAn effective business case contains the topic about the various approaches to a particular problem, thus, helping managers to select the best option for each particular situation. The selected options must be in line with the interests of the company so that the transition process is smooth. For that reason, the writer should possess considerable depth of knowledge on the subject or topic about the organization and the business cases. For example, an author requires having finance knowledge to write about financial matters. In such a case, the information is more reliable and represents the real picture of inside and outside factors affecting the business.

Before Writing Business Cases

Writing a business case can be time-consuming and tedious. Therefore, it is important for the formulator of the case to perform a timely evaluation to determine its feasibility. A thorough analysis of the case must, therefore, be done at the onset of the business case. The first stage involves a clear understanding of the project to be covered in the case and the resources necessary for a successful completion. For example, a manager preparing a business case may determine the amount of human resources to be required, the time it will take for its preparation, and the possible return on investment upon its completion.

Sources of Data for Business Cases

According to Hax, sources of data are integral components in the preparation of business cases that contain real information. This data acts as supporting framework of the business cases project. Sources may include financial data within the organization, similar case studies, existing forecasts and industry trends, and quantitative and qualitative research. Once the sources are determined, it is important to consider the views of other people regarding the project’s worth and its feasibility. This stage is critical for the success of the project because its effectiveness may be greatly dependent on the confidence people.

How Useful are Business Cases?

Business cases form an important component in organizational decision making. A strong business case, for example, may be an important decision-making tool in regards to accounting processes of an organization. A business case of an accounts project proposal must persuade budget analysts and company executives to do more than merely comply with its preparation. It must convince them that it is a sound investment proposition and would improve the accounting systems of the organization. Perhaps, the most critical stage in the preparation of business cases is the planning stage. This is important because it enables the project to gain the much-needed support. Additionally, the project needs to have the confidence of stakeholders for it to be accepted. This is because the implications of business cases are felt beyond the people who prepare them.

Structuring a business case requires widespread consultations with various stakeholders within an organization. This is because the cases impact on a larger number of people other than those who are responsible for their formulation. Moreover, business cases formulation can be time-consuming and costly. Because of this reason, preparation must be well thought-out beforehand. Business cases can impact on stakeholders beyond the organization, an extra reason why formulators must be extra keen in creation of business cases.

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