A business plan is a straightforward document. In it, you’ll include market research, your overall goals for the business , and your strategies for achieving those goals.
But what is a business case and why do you need one if a business plan outlines everything else?
A business case takes a closer look at a specific problem and how you can solve it. Think of a business case as the reason you create a project you’re going to manage in the first place.
The article provides a step-by-step guide on how to write a successful business case, including a checklist for identifying problems, researching solutions, and presenting to stakeholders. As a bonus, we’ll show you how to use Wrike to manage your product business cases with a requirements management template or implement them with a project scheduling template .
A business case is a project you’ll assemble for identifying, addressing, and solving a specific business problem.
The key to a business case is the change it creates in your business. Developing a business case starts with identifying a problem that needs a permanent solution. Without that lasting change, a business case is only an observation about what’s going wrong. A complete business case addresses how a company can alter its strategy to fix that problem.
Front-to-back, a business case is a complete story. It has a beginning, a middle, and an end. It typically looks like this:
In short, a business case is the story of a problem that needs solving.
The problem for many companies is that they can turn a blind eye to challenges that are right in front of their faces. This is even the case when the company has a compelling product to sell.
Consider the example of Febreze. In the mid-1990s, a researcher at Procter & Gamble was working with hydroxypropyl beta-cyclodextrin. His wife noticed that his clothes no longer smelled like cigarettes, which was a frequent complaint.
P&G had something of a miracle product on its hands. However, their approach was wrong. They initially marketed Febreze as a way to eliminate embarrassing smells. Predictably, the product flopped.
But P&G stuck at it. They had a potential business case on their hands: a highly marketable product proved difficult to market. What was going wrong? Working on the business case from beginning to end provided the answer.
After some focus group testing, P&G found out that few consumers recognized the nasty odors they were used to. Instead, they learned to use a different business case for Febreze: it was a cleaning product now, a way to make the house smell nice when the floors are vacuumed and the counters are wiped clean. They gave it its own pleasant smell and fashioned it into a cleaning product. And because it worked so well, so did the campaign.
That’s an example of a business case overall. But let’s get specific: developing a business case is easier when you have a template to look at. Let’s build an example using a made-up company, ABC Widgets, and a hypothetical business case. Let’s call our business case example “Operation Super Widgets”:
Briefly describe the problem and the opportunities.
ABC Widgets’ latest widget, the Super Widget, is suffering from supply issues, requiring higher shipping costs to procure the necessary resources, and eating into profits. We need to switch to a new supplier to restore the viability of the Super Widget.
This section should include the following:
This is a bare-bones example of what a business case might look like, but it does hit on the key points: what’s the problem, how can you fix it, what’s the plan to fix it, and what will happen if you succeed?
When writing your own business case, the above example is a good guide to follow as you get started with the basics.
But, once you’re more familiar with the nuts and bolts, it’s also worth being prepared for some potential roadblocks you could face along the way.
Why don’t more companies create a business case? It might come down to a lack of good communication. Many people don’t even know how to write a business case, let alone present one.
“The idea may be great, but if it’s not communicated well, it won’t get any traction,” said Nancy Duarte, communication and author who wrote The HBR Guide to Persuasive Presentations.
The key challenge, notes Duarte, is taking abstract business concepts (like lagging numbers) and turning them into an immediately recognizable problem. After all, if a company already had perfect awareness that it was making a mistake, it likely would find a way to stop the error in its tracks.
A business case is challenging because it usually means you’ll have to persuade someone that change is needed. And change can be difficult. In a thriving business, it’s especially problematic because it’s easy to point to the bottom line and say that whatever the company is doing is already working.
The tips and examples above give you some nice remedies for creating a business case without the typical problems. But you’ll still want to present a business case with the straightforward proposals and numbers you’d associate with any new project.
Essentially, it all comes down to how well your business case can persuade the decision-makers. That’s why you shouldn’t just build a case off of raw numbers. The bottom line might be a compelling argument, but it’s not always what “clicks.”
If you’re presenting a business case, you’re a salesperson. And not every sale is a matter of precise logic. It’s also about emotion—the story of why something’s gone wrong and what needs doing if you’re going to overcome it.
The art of a good business case is the art of persuasion. Keep these specific points in mind as you craft one of your own:
If you’re presenting a business case to decision-makers, remember that it’s not only the logic of your argument that will convince people — it’s how persuasive you can be.
Before you can check “learn how to write a business case” off your list, you have to know the essentials. Make sure you include the following elements in your business case checklist (and, of course, your business case itself):
With every business case, specificity is key. A vague timeline won’t help — a timeline with specific weekly milestones looks more achievable. To make your business case more compelling, always look for the specific details that tie your story together.
A business case template is a document that outlines the key elements of a business case in a structured format. By using a standardized template, companies can ensure that all relevant information is captured and shared in a clear and consistent manner.
Depending on the size of your business and the scope of your project, your business case template can be as detailed or as simple as you like. For a smaller project, you can use a one-pager to get started, detailing the main points of your project, which include:
Let's see what that might look like.
| Executive summary |
| Team and stakeholders |
| SWOT analysis |
| Risk analysis |
| Budget |
| Project plan |
Wrike’s project management software can step in and turn a business case from the seedling of an idea to a full-fledged initiative.
The requirements management pre-built template can help you document and track project requirements in a structured manner. The template includes sections for capturing stakeholder requirements and business cases, as well as any constraints that may affect the project’s success. By using this template, you can ensure that all necessary requirements are identified and that potential issues are addressed early in the project planning process.
If you want to move from the business case description to the actual implementation faster, consider using the project scheduling template . This template can help you create a detailed project timeline with milestones, identify task dependencies, and assign resources. By utilizing this template, you can ensure that the project is realistically achievable and meets all business needs, giving stakeholders confidence in the project’s success.
Kat is a Midwest-based contributing writer. She covers topics related to careers, self-development, and the freelance life. She is also a columnist for Inc., writes for The Muse, is Career Editor for The Everygirl, and a contributor all over the web.
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A requirements traceability matrix is an integral part of an embedded system's life cycle. It helps organizations ensure that their products are safe and are meeting their intended standards. This is especially important for the medical, technology, and engineering industries. But any business that has a set of goals and standards to uphold can benefit from this proven requirements analysis tool. Here’s how to make an effective requirements traceability matrix and why you should start one today. What is a traceability matrix? A traceability matrix is a document that details the technical requirements for a given test scenario and its current state. It helps the testing team understand the level of testing that is done for a given product. The traceability process itself is used to review the test cases that were defined for any requirement. It helps users identify which requirements produced the most number of defects during a testing cycle. Not only does this show areas in need of improvement, but it also helps mitigate future roadblocks and identify process weaknesses. What is a requirements traceability matrix? A requirements traceability matrix (RTM) is a tool that helps identify and maintain the status of the project’s requirements and deliverables. It does so by establishing a thread for each component. It also manages the overall project requirements. This method is straightforward and can be easily done by anyone. There are many kinds of RTMs. For example, a test matrix is used to prove that tests were conducted. It can also be used to identify issues and requirements during the development of software. What are the benefits of a requirements traceability matrix? An RTM ensures that projects do everything they set out to do. This step-by-step process helps identify the requirements and the products that are required to be tested successfully. It also helps in determining the project's direction and timeline. First, it will support the identification of all requirements in a work product. Then, it will check to make sure there is coverage of all the requirements throughout the project’s lifetime. The RTM will show the requirements coverage in terms of the number of test cases, design status, and execution status. It will also show the UAT status for a specific test case. With all this information at your fingertips, your team will be able to analyze changes in requirements and make informed product development decisions on the fly. And because traceability links artifacts across the development lifecycle, it helps teams identify and resolve issues before they become problems. It can also help avoid the pressure of an audit. And if you do get audited, having an RTM will make it easier to demonstrate that you have complied with regulations which means you can avoid additional expenses or delays the audit may cause. You can even use it to track requirements from compliance regulations in a compliance matrix. That will help you understand what you need to test and develop before the work is finalized. In a nutshell: a requirements traceability matrix makes it easier to meet goals and manage projects. What do you include in a requirements traceability matrix? Create a simple chart with the following columns: Requirements: Add sub-columns for marketing requirements, product requirements, and system-level specifications (if applicable). Testing: Add a sub column for test cases and test runs. Deviation: Add a sub-column for any issues. Requirements traceability matrix example Here is a basic requirements traceability matrix example, including a description of the requirements, their business justification, and the status of the task. How to create a requirements traceability matrix in Wrike The matrix should be created early in the project life cycle to ensure it is up-to-date and incorporates all the details necessary for the project to be successful. A project management tool like Wrike is perfect for tracking, organizing, and assessing every last rule. First, gather your requirements list. Add them as individual projects in Wrike. Assign a due date, priority level, and set of corresponding tasks needed to achieve compliance to each one. Next, each requirement must have a unique and clearly defined purpose. Add these details to the project or corresponding task description so that the assignee fully understands what they are trying to achieve. Then, you can also use Wrike to securely plan for and store related materials. Supporting documents such as test scripts should be prepared ahead of the actual testing process. Simply create a task, set an approver, and add the final product to your Wrike files. Control who sees it with secure sharing. Finally, identify gaps in coverage. If any defects are found during the test cases, then they can be listed and mapped with business requirements and test scenarios. In Wrike, you can assign each one to an individual or team. You can also add an Approver who will sign off on the task once it’s complete. If there are any questions or comments, the collaborators can discuss them right within the task themselves, looping in colleagues using @mentions whenever another POV is needed. If a change request is made, you can view your existing project plans and give an informed evaluation of whether or not it can be done. If the answer is yes, you can then drag and drop project components for a new and accurate timeline. In Wrike, projects with tasks marked as dependent on one another will maintain these connections, so when you move them, you’ll still have all of your necessary components tied together, working uninterrupted. Once your RTM is complete, you can duplicate your processes and workflows in Wrike by creating a template for the ones you plan to repeat. This saves time and adds a layer of standardization that is crucial for meeting requirements. And because the testing process should be clearly defined to avoid any confusion, using Wrike to do so will ensure that it is carried out according to the requirements and time constraints. Wrike provides a secure collaborative workspace to organize, test, and bring all your projects up to speed with your RTM. Ready to streamline your product development compliance? Start today with a two-week free trial of Wrike.
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