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Business Case Template

1. Executive summary
The executive summary is a condensed version of the business case, which is succinctly
summarized in a couple of paragraphs.

● The problem, need, or opportunity of the project

● The options that were considered
● The required resources
● The benefits and values to be derived
● A risk analysis
● The project scope and predicted project outcome
● The recommended action

2. Financial component
This section outlines all of the finances of the project, including the predicted cost of the project,
plus a more detailed breakdown of how exactly the budget will be spent.

Financial appraisal
A financial appraisal is designed to evaluate a proposed investment, in terms of its financial
viability. It assesses the return of investment that it will bring to the investor.

● Project costs
● Profitability index
● Risk analysis
● Ratio analysis

Cost-benefit analysis
This section includes a comparison of projected costs (including associated costs) against the
benefits that it will bring.

The analysis will need to include an objective evaluation of the following:

 ● The cost of installation
● The cost of operator training
● Incremental energy costs, as opposed to the projected benefits
● Increased capacity, efficiencies, additional revenue, margin improvement, and cost
avoidance.

3. Project definition
At this stage in the business case, you will need to provide more detail about the project scope,
including the nature of the project, what it will look like, the elements that it includes, and the
solutions that it will provide.

Background information
You should briefly outline the circumstances, opportunity, or problem identified, which made you
begin to create a solution (i.e. the project).

Business objective
Answer these key questions in the section:

● What do you intend to achieve by initiating your solution, both quantitatively and
qualitatively?
● What are the project’s goals? Be specific about this, break down the benefits, goals,
targets, and objectives in as much objective detail as possible.
● What will you need in order to achieve this goal?
● How can the proposed project advance the business as a whole?
● Will your course of action support the corporate strategy, goals, and culture?

Benefits and constraints

The benefits that you list in this section should cover both financial and non-financial points.
These could include (depending on the nature of the project):

● Saving costs
● Increasing revenue
● Improving customer service
● Achieving a higher quality service
● Improving your position in the marketplace
 ● Matching (or beating) the service of your competitors
● Achieving better communication with your target market

Alternative analysis
State the alternative options that you identified, detail what they would have included, then
evaluate how successful they would be in your particular business context. Specify their
strengths and weaknesses, then conclude by explaining why the project you have chosen is the
one that promises the best results.

Strategic alignment
Answer the following questions:

● Do any of your competitors offer this? If so, how is your version of the project better than
what they offer?
● What advantages will this project provide to your company that your competitors do not
have?
● How will this project make your business stand out in the marketplace?
● Will the project make your customers more likely to choose you over a competitor?
● Will it make your services unique?
● Does it tap into key consumer requirements, or provide a better customer experience?

Project plan
This section should include details surrounding the following:

● The planned activities

● Detailed timelines
● A breakdown of the work that’s required
● The departments that will be involved
● The individuals that will perform each task
● A timescale of the entire project
● The key stages that the project will go through
● The project’s main deliverables

Market assessment
Include all of the factors that are currently influencing your business today, and any new factors
that you predict will impact your company over the period covered by your proposed projects.
Answer these questions:

● How is the market trending?

● Is your market share expanding or contracting?
● Have there been any major market disruptions?
● How has the competition changed?
● Is there new technology being introduced to the market?
● Are there new competitors?
● Do you anticipate any drastic changes to operating margins, due to increases in the
costs of materials or transportation?

Risk analysis
Answer key risk management questions:

● What risks or potential consequences are involved?

● What opportunities does the project promise? How do these outweigh the risks?
● How will the risks be managed?

To close the section, quantify the impact of the risks as much as possible.

Project approach
Detail the methods that you will use to complete the work, adhere to the project’s timeframe,
consistently meet the key deliverables, and deliver the project to the highest possible standard.

Purchasing strategy
Describe exactly how the work will be financed. This section needs to outline whether the
company will be buying a new tool, whether it will need to fund the leasing of the tool (and if so,
how long for), or if the organization will be outsourcing parts of the project to another company.

4. Project organization
This section should include a timescale, key deadlines, naming the project manager and the
project team members who will be involved in this project, and what roles they will be assigned.

Project governance
Outline the specifics of the project governance, including:

● What the decision-making process will look like

 ● Who the reviewers will be
● Who will be given the authority to request changes or grant approval
● When reviews will be undertaken
● The frequency of check-ins
● The roles and responsibilities of your creative team

Progress reporting
To ensure that these progress updates achieve the best possible benefits for the project, you
need to specify the points that each reporting needs to cover.

These could be asking, for example:

● Did you meet the agreed-upon benefits?
● Did the benefits deliver the promised value to the organization?
● If these values have not been achieved yet, why not?
● Moving forward, what can be done to ensure better project execution?