What Is a Business Case Checklist?
A business case checklist is a short, essential, and purposeful document outlining all requirements needed to properly construct a business case for a workplace project, proposal, idea, or solution. If you’ve brainstormed a brilliant business project and weren’t sure of the steps to properly convey it to the management of your organization, creating a business case would be the best solution. A business case will help construct any new business proposal’s strategy, order, pros, and cons.
To be sure that your business case will cover all necessary information, a digital checklist is the best course of action. A business case review checklist can outline various issues concerning a business proposal. A business case proposal checklist will help you:
- Check for any factor that could threaten or contribute to the success of a project
- Point out possible shortcomings and potential impacts on the organization
- Capture every quantifiable and unquantifiable characteristic of the project
- Observe the pros and cons of the project
- Consider marketplace competition of your business project
- Identify the needs of your target customers
While a business case checklist analyzes every requirement that business projects need to be successful, it also helps project managers properly plan a business case and ensure it’s ready for approval. With a business case analysis checklist, you can easily outline the project’s organizational framework and describe how the project will be structured.
Among other necessary elements, a business case checklist allows you to assess a business project’s duration, complexity, requirements, roles, and risks. Prove your project is worth the investment by using a business case planning checklist to build your business case and make it more substantial.
In this article, you’ll be learning about:
2. The Fundamental Structure Of a Business Case
3. A Digital Software That Makes Checklist Building & Usage Coherent
What Is a Business Case and What Should It Include?
A business case is a necessary document that allows project sponsors, quality managers, and key stakeholders to understand the value of a proposed project. A business case is a validation document for the projected worth of a business product or plan. It shows every necessary information about the project that sponsors can use to judge the proposal’s credibility.
- The business issue or opportunity
- The benefits of the project
- The risks involved in the project
- The required costs and investment appraisal
- The impact of the project
- The possible solutions to the project issues
- The duration of the project
- The organization’s productivity
After successfully assessing these factors, the pros and cons are then measured to determine if the project is safe to run on the market. You can use a business case analysis checklist to help guide you in preparing an excellent business case. There are four main functions of a business case checklist. They are as follows:
Identifies the Problem or Opportunity
One of the primary motives of a business case is to solve a problem. A business plan or project is initially conceived to bring a solution to a particular issue. This problem needs to be properly documented, but before doing so, surveys and research should be conducted among the target audience. By doing this, you’ll be able to document the problem in the business case accurately.
Follows a Sequence
A business case must follow an order starting with the executive summary and ending with appendices. The structural outline of a business case document should be simple, concise, and brief. This makes it easy for the project sponsor or stakeholder to understand the content of the business project better. You can always use a business case planning checklist as a guide to creating the perfect business case.
Risks and Benefits
A business case identifies all tendencies associated with a particular market proposal of a product launch. In doing so, it also highlights the benefits and risks involved in launching the market proposal. The reason for the benefits and downfalls will also be added to give stakeholders a clear view of what to expect if they do indeed invest, especially if they’re in doubt. Using a business case analysis checklist will guide you throughout the whole process of creating and highlighting business opportunities and risks in a business case.
Includes Certain Indicators
To increase the worth of a business or make it more compelling for stakeholders, the following indicators are added:
- ROI (return on investment) – this refers to how much profit the stakeholders will make compared to the amount of money they invested.
- The freedom to use resources and duration – the stakeholders are more concerned about these indicators because it determines if they can use their resources and reduce the time required to create and launch a business product.
- Growth indicators – the business’s revenue growth will be included in a business case. A business case approval checklist will help you keep tabs on this aspect.
What is the Fundamental Structure of a Business Case?
As mentioned earlier, a business case should follow a particular order to ensure understanding. Although the structure of a business case can depend on the nature of the business plan or project, this is the fundamental structural outline of a business case:
- Executive Summary
- Situation
- Benefits and Limitations
- Proposed Solutions
- Impacts
- Outline Plan
- Market Assessment
- Governance
- Financial Analysis
- Risk Assessment
A business case checklist will help you provide an overview of the business proposal, what issues it combats, the opportunities that can come out of it, and the actions that need to be done for its success.
Highlight the current situation and stance concerning the business idea in a business case. Using a business review checklist can help you locate any loopholes and address them.
This points out every benefit that could come out of the project. A business case analysis checklist will help you observe financial and non-financial advantages. It also highlights any factor that could limit the business plan.
When drafting a business case, provide potential solutions to any business issues, for instance, introducing a digital platform as a solution for old-school pen and paper tactics. A business planning checklist will ensure this step is included and no others are missed.
This lists out how the project will impact stakeholders and project sponsors, and highlights the side-effects of the project.
This step carefully and logically outlines the implementation method of the project, its requirements, and the estimated timeline.
This part highlights the political, economic, social, and legal factors concerning your business project in more detail to explore your key market.
The essence of this section is to clarify the individuals who’ll be managing, supervising, or leading the project.
This outlines the costs associated with every part of the project from start to finish, including ROI and NPV.
This is a general risk assessment where all elements that could affect the condition of the projects are documented to provide a better understanding of how to manage and execute it. A business case approval checklist will guide a business case for approval by ensuring that you implement this step.
A Digital Software For Intuitive Checklist Building and Usage
A business case checklist is forever a great tool for business managers and the best option as a guide for creating a simple, concise, and straightforward checklist. Although a business project analysis can include a lot of calculations, research, and review, a business case must be able to present numerous reports briefly and in a straightforward manner. Doing all of this and still documenting other aspects of a project can become tedious while using paperwork.
On the contrary, using a digital platform is a very beneficial method for fast, easy, and affordable implementation of business case standards and features. Lumiform, a digital software that you can use to seamlessly create a business case checklist, business case review checklist, or business case proposal checklist, is the perfect tool for doing just that. A digital business case planning checklist will guide you in organizing your business case, and automates reports, surveys, and analyses while doing so.
A digital checklist is what business organizations need to convey a business case message effectively and seamlessly. While ensuring that the essential structure of a business case is followed, a digital checklist platform like Lumiform enables you to do the following:
- Automatically bundle every report collected from various analyses and surveys that have been conducted concerning a business project.
- Generate real-time data to serve as a resource for creating solutions.
- Customize ready-made templates to suit business project analysis, planning, and review.
- Allow effective communication by making the entire business case data available anywhere and at any time.
- Improve mitigation of risks with the use of the analysis feature, which analyzes your business case reports.
