Securing Your Budget: The Guide to Building a Winning Business Case

Introduction

As we enter a new financial year it’s that critical time when technology and business leaders must prepare to present their budgets and projects to secure funding. The effectiveness of a compelling business case can make or break the opportunity to innovate and make strategic changes. It’s not just about asking for money; it’s about demonstrating value, predicting ROI, and being clear on how your plans align with broader organisational OKRs.

Understanding What to Include

A strong business case for technology and change budget needs to be both compelling and comprehensive. Here are the key elements to focus on:

Executive Summary

Begin with a concise summary that captures the essence of the project. This should include the project’s scope, the problem it solves, and an overview of the benefits for the customer and the business.

Business Problem or Opportunity

Clearly define the business problem or opportunity. Provide detail on how this issue affects the company’s operations, competitiveness, or market position. Use data and analytics to back up your claims and demonstrate how the current technology stack or operational processes are limiting.

Solution Overview

Outline your proposed solution and the technology / change requirement needed to implement it. Be specific about the deliverables and the process for achieving them. Explain why this solution is best fit, considering cost, efficiency, and alignment with existing systems and process.

Alignment with Business Strategy

Demonstrate how your planned initiative aligns with the broader business goals and strategies. Whilst every project should be seen as a business project, often technology teams and the business teams are independent of each other, it’s therefore important that the business view technology as a strategic partner rather than a cost centre. Linking the technology investment directly to business outcomes, such as improved customer experience, increased operational efficiency, or market expansion, is critical.

Cost-Benefit Analysis

This is key. Detail the expected costs of the project along with a timeline. Contrast these with the benefits, both tangible (like revenue increase, cost reduction) and intangible (like improved employee satisfaction, brand enhancement). Use realistic, quantifiable projections to strengthen your case. If your business is resistant to change, it’s here that you can break up the timelines into incremental sprints that deliver value and ROI back to the business in quick bursts.

This is a great way to start winning hearts and minds of those tricky stakeholders and gives the business the ability to quickly pivot in a different direction if required. Your business case has a much better chance of getting approved if your project is budgeted in incremental stages rather than presenting a long-winded roadmap with a big scary number at the bottom of the page.

Risk Assessment and Mitigation Strategies

Identify potential risks associated with the project, including technical, operational, and financial risks. Provide a clear strategy for mitigating these risks. Showing preparedness to handle uncertainties can significantly strengthen your business case.

Project Timeline and Milestones

Include a clear, detailed timeline with key milestones. This not only shows the project’s scope but also a commitment to timely execution. Here you can highlight capability gaps and areas that will require the involvement of an external partner to be engaged.

Stakeholder Analysis and Support

Highlight who within the organisation will be affected and who supports the project. Endorsements from other department heads or business units can significantly enhance the credibility of your proposal. It’s also important to be clear on the time dependencies that may be required from certain stakeholders to drive momentum.

Metrics for Success

Define how you will measure the project’s success. Identify specific metrics that will be used to evaluate the project’s impact on the business. This could include performance indicators, user adoption rates, and return on investment. After implementing any change, it is crucial to celebrate successes and ensure the change is maintained.

Conclusion

Concluding your business case, reiterate the value proposition of your proposed project initiative. Emphasise how critical this investment is to improving customer experience and streamlining internal operations, that drive competitive advantage.