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How To Write A Great Project Business Case – Get Projects Approved · Enhance.training

• 0:00
  SPEAKER_00: A great project business case creates excitement and anticipation within the business for the benefits promised.
• 0:06
  SPEAKER_00: In addition to these upsides, a project business case should carefully set expectations about the effort, resources and change needed to achieve those benefits.
• 0:16
  SPEAKER_00: Set the right expectations and you avoid a whole host of problems while trying to implement the project.
• 0:22
  SPEAKER_00: Be unrealistic, say by inflating the benefits and reducing the cost to make the ROI more attractive, and you destroy your credibility and probably your chances of getting the project approved and started.
• 0:34
  SPEAKER_00: Per the Project Management Institute, 70% of projects fail to deliver against all the goals promised to customers and stakeholders.
• 0:42
  SPEAKER_00: Create a compelling project business case without the full potential benefits and more costs than you need, and you have the basis for a great project for you, your team, and your business.
• 0:53
  SPEAKER_00: For how to write a great project business case, we're going to go through firstly eight reasons to write a business case for a project.
• 1:01
  SPEAKER_00: Secondly, four damaging mistakes made when writing project business cases, and then third, eight sections to include when writing your project business case.
• 1:11
  SPEAKER_00: Investing in building a great business case for your projects will improve your reputation, the confidence others have in you, and will save you a ton of time during the planning and implementation of your project.
• 1:22
  SPEAKER_00: I personally think a good project business case is a must to consistently deliver successful projects.
• 1:29
  SPEAKER_00: My name is Jess Coles, and if you're new here, Enhanced.training shares people management expertise, resources and courses teaching you how to build high-performing teams.
• 1:39
  SPEAKER_00: Take a look in the podcast description for a free downloadable project business case checklist, which will help you be more persuasive plus set your project up for success.
• 1:50
  SPEAKER_00: Firstly, let's go through eight reasons to write a business case for a project.
• 1:56
  SPEAKER_00: A well-thought-out business case with good ROI and supporting research and options is a lot more persuasive and instills a lot more confidence than a quickly put-together business case.
• 2:08
  SPEAKER_00: A great project business case sets up the project for success from the start rather than constantly having to fight to overcome the incorrect assumptions and expectations of stakeholders throughout the implementation.
• 2:20
  SPEAKER_00: Eight compelling reasons why you should write a project business case are firstly, it forces you to critically evaluate the benefits, costs, challenges and risks of undertaking the project before investing more time and effort into the project.
• 2:35
  SPEAKER_00: Secondly, it creates clear goals that the project will deliver for the business.
• 2:39
  SPEAKER_00: Third, sets expectations about what resources will be needed and when for successful implementation.
• 2:46
  SPEAKER_00: Fourth, the project business case is a great expectation setting and management tool.
• 2:51
  SPEAKER_00: Fifth, presents a return on investment or ROI the project should deliver for the business.
• 2:57
  SPEAKER_00: Sixth, the business case outlines the impact of different options to the business, including doing nothing.
• 3:04
  SPEAKER_00: Seventh, it protects the scope and success of the project as you undertake implementation.
• 3:09
  SPEAKER_00: And eighth, it provides strong justification to undertake the project assuming that you have a compelling project business case.
• 3:16
  SPEAKER_00: Before committing your reputation, time and effort and loads of business resources to doing a project, you want to make sure you are confident the project can be delivered and it will clearly benefit the company.
• 3:28
  SPEAKER_00: This is much easier, quicker, and safer to do on paper before you have started the project.
• 3:34
  SPEAKER_00: Next, avoid making four damaging mistakes when writing project business cases.
• 3:40
  SPEAKER_00: Building and maintaining confidence in your expertise and ability to scope, plan and deliver a successful project with your boss and leadership team is crucial to getting the go-ahead to start the project.
• 3:52
  SPEAKER_00: Writing a great project business case is the first hurdle, and getting sign off to start is a lot more than just about having a good return on investment.
• 4:01
  SPEAKER_00: The most damaging mistakes I see when writing business cases for projects are, firstly, unrealistic benefits.
• 4:08
  SPEAKER_00: It is better to be cautious and then over-deliver on benefits.
• 4:12
  SPEAKER_00: Gaining all the advertised benefits is usually hard in practice.
• 4:16
  SPEAKER_00: Plus managers signing off projects can usually spot overstated benefits, and when they do, your credibility is seriously damaged.
• 4:23
  SPEAKER_00: Secondly, understated costs.
• 4:25
  SPEAKER_00: Low, indirect costs and understated time requirements to implement are the most common mistakes that damage the business case.
• 4:33
  SPEAKER_00: Third, poor assessment of the challenges and risks of doing the project.
• 4:38
  SPEAKER_00: Implementing change in any business is not easy.
• 4:41
  SPEAKER_00: Think through all the main risks and challenges and realistically include them in your business case.
• 4:47
  SPEAKER_00: Fourth, underestimating the human factor.
• 4:50
  SPEAKER_00: Some people like change, most don't.
• 4:53
  SPEAKER_00: Good communication, persuasion, training and time are needed to gain the full benefits.
• 4:58
  SPEAKER_00: Make sure you address each of these areas realistically in your business case.
• 5:03
  SPEAKER_00: If you are unable to research, be realistic and exercise good judgment in the first stage of a project, why will you be better through the rest of the project?
• 5:12
  SPEAKER_00: Avoid all these mistakes by researching carefully, asking those who will sign off the project to input while drafting the project business case and thinking through the different scenarios and problems that might arise in each.
• 5:24
  SPEAKER_00: Next, I'll cover eight sections to include when writing your project business case.
• 5:29
  SPEAKER_00: There are lots of different ways of presenting your project business case depending on the type of project that you want to undertake.
• 5:36
  SPEAKER_00: I would suggest that you include each of these sections.
• 5:40
  SPEAKER_00: Firstly, a summary, which should include all the key information about the project, the goals, the benefits for the business, the ROI, the timeline, key project risks and mitigations, and the key resources needed.
• 5:52
  SPEAKER_00: Secondly, detail the goals of the project and the timelines needed to achieve those goals with the resources specified.
• 5:59
  SPEAKER_00: These goals must align with the wider business strategy and goals.
• 6:04
  SPEAKER_00: The shorter the timelines and the less resources available, the harder it is to achieve your project goals.
• 6:10
  SPEAKER_00: Make sure the balance is realistic.
• 6:12
  SPEAKER_00: Find out what resources are realistically available before setting your goals.
• 6:17
  SPEAKER_00: Put in the time to research and speak to others in the business.
• 6:20
  SPEAKER_00: It is a lot easier to set good, clear goals rather than persuade the business to change the goals part the way through the project.
• 6:27
  SPEAKER_00: Thirdly, list the benefits created by implementing the project.
• 6:31
  SPEAKER_00: Start with who is going to be impacted by the project and work out how they are going to benefit or not from the project implementation.
• 6:39
  SPEAKER_00: In parallel, think carefully about how the business will benefit.
• 6:43
  SPEAKER_00: Include all the tangible benefits, you know, the ones that you can measure and quantify, such as your future time and costs saved.
• 6:50
  SPEAKER_00: The intangible benefits also need to be included.
• 6:53
  SPEAKER_00: These are harder to quantify.
• 6:54
  SPEAKER_00: Examples include customer satisfaction and staff motivation, etc.
• 6:59
  SPEAKER_00: Fourth, always include the context in the project business case.
• 7:03
  SPEAKER_00: Explain why the business needs the change proposed, why the benefits will be gained, or certain risks avoided.
• 7:10
  SPEAKER_00: Be realistic with this section and be prepared to answer questions about alternative courses of action.
• 7:15
  SPEAKER_00: Fifth, include the options you have considered and disregarded, explaining why for each.
• 7:21
  SPEAKER_00: Including these in your business case demonstrates the depth of your planning, plus it reduces the questions and challenges you get from those signing off the project business case.
• 7:30
  SPEAKER_00: Sixth, include at the very least the high-level resources you will need to undertake the project and how long you'll need these for.
• 7:37
  SPEAKER_00: The key ones for most projects are budget, people, skills and suppliers.
• 7:43
  SPEAKER_00: Seventh, you will need to create a project budget, which lists out all the costs needed to reach the project goals, including the second internal staff or their backfills, software, licenses, etc.
• 7:55
  SPEAKER_00: and any third-party implementation staff.
• 7:58
  SPEAKER_00: Carefully construct the financial benefits of the project, when these will be achieved, and how these compare to the costs.
• 8:04
  SPEAKER_00: Return on investment or ROI must be positive, you know, ideally by two to three times.
• 8:10
  SPEAKER_00: Be realistic on your ROIs and expect a lot of questions and challenge in this area.
• 8:16
  SPEAKER_00: Finally, list out all the key project risks the business is likely to face by undertaking or not undertaking the project.
• 8:24
  SPEAKER_00: Start thinking about how you can mitigate, reduce or avoid these risks.
• 8:28
  SPEAKER_00: Creating a great project business case does require work, effort, research, and conversations with stakeholders in your business.
• 8:36
  SPEAKER_00: Going through this process will give yourself, your team, and the wider stakeholders a lot of confidence in the business case and achieving the benefits promised and a lot of confidence in you.
• 8:47
  SPEAKER_00: You will have set clear and realistic expectations which you should be able to meet when implementing the project.
• 8:54
  SPEAKER_00: It is always a lot easier to get resources allocated to projects that are beating goals compared to ones that are behind, further increasing the chances of successfully delivering your project.
• 9:05
  SPEAKER_00: When you have a good project business case, you are halfway to planning your project, which saves you a lot of time at this stage.
• 9:12
  SPEAKER_00: Plus, you will save a ton of time managing expectations, protecting resources, and managing requests to change the project scope later on.
• 9:21
  SPEAKER_00: So, in summary, creating a great business case for your project is a valuable investment of your time, which will save you a huge amount of time later on, protect your reputation and make implementing the project a lot easier.
• 9:34
  SPEAKER_00: The bigger the investment by the company in the given project, the stronger and more robust the project business case will need to be before getting sign-off.
• 9:42
  SPEAKER_00: For simple projects, a business case over a couple of pages is enough.
• 9:46
  SPEAKER_00: Use project business cases to set expectations and get buy-in from the stakeholders to support the project.
• 9:53
  SPEAKER_00: Don't just use a project business case to justify the project and then forget about it after starting the project.
• 9:59
  SPEAKER_00: Take a look in the podcast description for a free downloadable project business case checklist, which will help you be more persuasive plus set your project up for success.
• 10:09
  SPEAKER_00: If you have any questions on how to write a great project business case, please email me at support at enhance.training and I'll get back to you.
• 10:18
  SPEAKER_00: Thanks very much for listening, and I look forward to speaking to you again soon.