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Selling Ideas with Business Cases

Guest post by: Jesse Hopps

Article Overview: Your budget has already been reduced drastically this year. Expenditures are being examined very closely by Finance, and projects that do not provide a clear return on investment are being chopped. If this is your situation, you need to read this summary. When times are tough, it is critical that you demonstrate the value of every proposed investment in a clear, logical manner. Use Demand Metric’s Business Case Template to help you justify spending for additional staff or other needed resources.

Selling Ideas with Business Cases

Selling Ideas with Business Cases

Your budget has already been reduced drastically this year. Expenditures are being examined very closely by Finance, and projects that do not provide a clear return on investment are being chopped. If this is your situation, you need to read this summary. When times are tough, it is critical that you demonstrate the value of every proposed investment in a clear, logical manner. Use Demand Metric's Business Case Template to help you justify spending for additional staff or other needed resources.

What is a Business Case?

A Business Case is a formal management communication document that provides an opportunity overview, key success factors, assumptions & decision-making criterion, business impact analysis, sensitivity analysis, risks, contingency plans, and action-oriented recommendations.

How do Business Cases Sell Ideas?

• Demonstrate Preparedness- to increase credibility, document your idea in a structured format that is easy to understand. Demonstrate your thought process, research method, and assumptions, to reduce objections.
• Analyze Cost/Benefit & ROI- clearly document costs & benefits to perform a business impact analysis that shows how your investment will provide measurable returns. Don't forget about qualitative or intangible benefits that add value but may be more difficult to quantify directly.
• Simplify Decision-Making- being proactive and providing a business case makes it much easier to make decisions to approve or deny projects. As you have already done most of the required critical thinking, approval rates go up.

Action Plan:

1. Familiarize Yourself - use Demand Metric's Business Case Template to understand the framework for effectively pitching new concepts and ideas.
2. Try a Test Business Case - next time you are looking to get a budget approval, insert your ideas into a Business Case. Next, confirm that your management team agrees that this communication method makes it easier to assess value.

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Article Tags: business case, business cases, expenditures, logical manner, metrics, return on investment



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