Were you sometimes in the position, where your project proposal was rejected? Or were you working on something, and then realized, there are much more important activities to be done?
This article covers:
- Business case building
- Business case law
- A business case example
- Busenss case word template
- Business case excel template
- Business case – part of project charter
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Business case building
There are many opportunities in our daily lives, that would be great to address. To improve some existing processes or invest on development of some new, not existing process. Opportunities are rising more frequently with larger or growing organizations.
Why is Lean and Six Sigma used together? read here
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Business case helps to prioritize opportunities from the cost and biggest benefits perspectives to the organization. Helps to understand how particular challenge influences growth, long term vision, how it fits to company strategy.
So, if you would like to convince team members, sponsors, stakeholders, to invest at least time on something you consider it is worth it, now it is time to write Business case.
It can also convince you, that there are different higher priorities in the organization and your opportunity for change can wait for the better times.
Business case law
Here are key messages, you must think about when you build the Business case:
- First, what future Benefits can be expected? – consider these key strategy values: Safety, Quality, Velocity, Growth
- Second: Costs – how current company loss can be improved, Expected investments to the project
- Third: use exact data instead of expression like ” I think… “, “We hope…”, and so on
Let me show you a not good example of business case: Last month’s our business lost several key contracts, which influenced our revenue.
And good example of using numbers and data: In the first quarter of 2021, 3 key customers left our business, with consequence of 20% loss in company revenue.
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A business case example
You can list all business cases next to each other and rate the most significant company values for each of them. There is an example of possible rating. You can develop and use your own, that will fit the best for your organization.
This team has chosen ratings from 1- 5 for safety, quality and growth-related values. Estimated money for cost related values. For needed time and resources simply estimated month and number of people to resolve particular issue.
Priority 1 has business case related to safety, for this team. Let me know what would you choose as a priority in the comments under this article 😉.
How to develop a project plan? +Excel template – read here
Business case Word template (or Excel)
You can download business case decision template right below this article. In Word or in Excel, as you wish.
I do videos, blog posts, and all templates for free, in my free time. I will appreciate if you can donate me a cup of cofee, for more energy in my creation. (1 dollar counts, too 😉 Click on this link: I would like to support Erik in his effort
It is obvious, that it will worth it to try to improve current situation. With proven methodology approach, you have high chance to be successful.
Business case – part of Project charter
Project influence to your business future destination is crutial. It is good to have all relevant information together in one place. Project Charter is a great tool to help us with it. There are 6 charter sections? Opportunity statemen, Business case, Project goal, Project scope, Hihg level project plan and Project team.
How to develop a Project Charter? read here.
Do not forget. Six sigma is referring to a data-driven improvement cycle. So do your decision based on understanding current data.
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And do not jump into the solutions however attractive and tempting it would be. Try to understand current problem, identify your ideal state and create a plan to reach it.
Check out my YouTube channel for short explaining videos. Come to learn Six Sigma, Lean and Project leading principles easy way.
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Your sincerely Erik.
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