How to build a business case for projects in 2024
As we head to the end of the year, what projects would you really like to get off the ground in 2024, and how can you write an effective business case for them?
Let’s set the scene
After recently attending The Learning Network’s Connect 2023 conference in London, a theme that came out of some of the panels and discussions centred on? writing an effective business case for L&D projects. On the day this was spoken about in relation to broad subjects, like accessibility or sustainability, but also on a more individualised basis in relation to the overarching projects that L&D are responsible for. Although there was clearly a consensus that this level of business acumen was a requirement for L&D teams, there was also a wary acknowledgement that this is often a skill those teams lack.
If 2023 is anything to go by, the pace at which budget will be allocated and projects authorised will continue to slow in 2024. This is because more people are now involved in the decision-making process, and monetary spends are being scrutinused much more readily than in previous years. This is set likely to continue, so how can you as an L&D practitioner prepare yourself to write a convincing business case for the projects you really want to get up and running next year?
Why is writing effective business cases a crucial skill?
Above all, writing an effective business case will stand you in good stead for securing the funding and resources you need. A well-crafted business case serves as a persuasive tool to secure funding and resources for your initiatives, and not only serves to demonstrate the value proposition of the project but the potential Return on Investment (ROI) too.??
In turn, this then acts as a jumping-off point for stakeholders to ask more questions and really dig into the meat of what’s on offer. Involving the right people in the plan, the review and the analysis will mean you’re exposing the key players in your business to your ideas. And this is why storytelling is a complementary skill for any L&D professional. If you’re able to effectively articulate the tangible and intangible benefits of your initiatives, you’ll be able to convince stakeholders that investing in L&D is worthwhile.
One way to do this is to focus on business alignment. If you’re not already thinking about how what you’re doing aligns to your wider company goals, now is the perfect time to do that. Being able to tie in what you want to do to where the business wants to head is absolutely crucial, and in turn reinforces your business acumen. In some cases, the goals that exist within certain organisations can be really hard to interpret, and without defined OKRs (or KPIs if we’re old school) it can be really tricky to pin down exactly how you’re going to move the needle. This type of feedback on company objectives should be welcomed by your leadership team because creating tangible metrics or milestones is the easiest way to bring people along on a journey with you. In other words, it benefits everyone.
There are three? other key points to consider here:
If you can provide clear benchmarks and parameters in which you will be able to effectively evaluate the impact of your initiatives on wider business performance, you are on to a winner.
Knowing who is responsible for what is really important for your stakeholders, so they know who to turn to if things are going well (or not). Taking accountability for a certain level of impact is crucial here.
L&D should be seen as a strategic partner within an organisation. Elevating this perception will enhance collaboration across departments or business units, and ultimately open up alternative avenues of business impact, too.
Overall, as mentioned above, there’s a degree of economic uncertainty that exists at the moment, which means cross-organisational buy-in is more important than ever. When you’re pulling your business case together, you’ll need to provide evidence that any investments about to be made are strategic; helping to drive business growth, rather than discretionary spend.
So, to reiterate:
领英推荐
A good business case will:
Nail the basics
Ultimately, when you're writing a business case you’ll want to cover some basic principles:
To help you do this, let’s lean into radical product thinking here to create a problem and vision statement using the [statements] above:
As we work towards [the business goal] as a business, L&D have a key part to play in supporting our [target audience] to [objectives]. In order to do this, we need to [actions to take]. Currently we’re able to tell that [benchmarks] which isn’t ideal because we need to [benchmark expectation], and without tackling this we might [cost of doing nothing]. We have identified the opportunity to change this, and help [target audience] towards achieving this. The outcome of this initiative will be demonstrated through [impact].
In order to achieve this we require [investment required], in order to provide [predicted ROI].
The [Project plan] & [Stakeholder) list are highlighted below.
It’s worth noting that we have identified the following risks associated with this project [risk list].
Like what you see? Download our free template and business case here.
You can write the answers to these questions and statements in whatever format works best for you and your business, but laying it out in this way will help you to identify where your case is strongest or weakest.
Once you have all of this information, think about the story you want to tell about the change and impact your project could have, and then make sure you share that, too. Effective storytelling is half the battle when it comes to securing buy-in and helping people visualise where you want to head. Simply sharing data or information in black and white often isn’t enough to convince most people that what you’re pitching for is sound; you really need to communicate the vision.
What do you think?
What tips and tricks have you got up your sleeve when it comes to writing your business cases for the year ahead?
Are you interested in some of the topics we’ve covered here? It would be great to chat to you more. Book a chat with us to see how we can help you and don't forget to download your free guide to building a business case in 2024.?