Today’s topic; “Business Case Template Excel“. The business and its planning do not have to be difficult and tricky; you can make things simple by using a helpful tool. A business case template excel can prove to be an extraordinary tool to handle your business. this tool serves as a guide to help you throughout the process from beginning till finish.
It is useful in managing sales, finances, and other operational matters related to your business projects. Simply you can define the business case as (Project Expected Benefits vs Project Cost).
It also includes checking the purpose of the project, the ways considered, a complete analysis between cost and the benefits in the overall project, the key project milestones, project resources, risks and issues, the measurable targets and actual and required budget, etc.
You can also read the related article: Project Specification Template
The business case template is also handing in finding out the feasibility f your business. This will give you an idea of whether to work and worth spending time and money on a business project. This also provides you information like what and when to do and by whom. Therefore, by using all this information you can make better plans and make strategies to help your business grow.
In this article, we will be discussing the concept and importance of business case tools and templates. We will also see how they are helpful in managing your business.
Why Are The Advantages Of Using A Business Case Template Excel?
The business case template is a way of developing and structuring the procedures for the project investment and provides innovative ways to handle them efficiently.
This is also a better way of communicating the financial and business ideas with the other connected members of the business. Furthermore, this could be your best option to help make the batter, and productive decisions for the business to proceed and grow smoothly.
Thus, a business case template is very useful and is a useful source of help throughout your business. Subsequently, all you must do is to pick the best-suited business case tool for your project according to its requirement, and there you have it.
Furthermore, the business case template is an amazing tool to meet the decided benefits of the project. And the tool mainly focuses on the cost mapping and finances of the business.
Thus, tools like these must be used to make the project work smoothly and ensure successful completion. So, this amazing tool enhances the effectiveness and productivity of the project by taking care of some very important components and saving your time as well.
What are the Components of the business case template?
A business case template is very useful and can take your business to next level. This provides a flow of instructions to deal with the different stages of the business.
It usually focuses on the overview of the project along with the project financial plan. This tool makes sure that the project is on right track throughout from start till the ending point and deliverables are well managed as well.
An effective business case template has all the important information about the project procedures.
Following are some points showing the main components of a business case template.
- The main goals of the project and the core concept of starting the project.
- Then it has all the must-have and needed information about the project tasks.
- Project timeline and the important dates and starting till finishing dates are also included.
- After that, comprehensive information of all the costs and budget of the project is added.
- Finally, the associated risks and hazards are also a major part of the business case template.
Contents of BCT (Business Case Template)
Following are the Contents of a Business Case Template:
Field: Here you get the relevant Field of the Project with a complete outline and advice for the achievement of the expected goals and objectives.
Information: Document Information is a unique document ID with complete project information, the file ID & name, stakeholder information, date, time, issues, and other relevant information.
History: Project Version History, (Date and changes)
Document Approvals: Job Title, Job role with description and signatures on the documents of relevant authorities for the Business Case official approvals.
Executive Summary: The Executive Summary option is usually used for Project Executives to make them understand by a quick summary of the Project regarding project objectives, goals, risks and issues, problems & opportunities cost and benefits, and other necessary information.
Business Problem: This section of the business case template excel is designed to mention and highlight the Business problem and issues. So that concerned personals solve these glitches to get the main objective for a successful result.
Environmental Analysis: This section highlights the core features of the business environment.
It may include:
- Business Vision
- Strategy or Objectives Business processes
- Competitor’s new products or techniques
- Commercial trends
- New operational trends
Problem Analysis: This section is used to sort out business problems or opportunities to find out the business or project goals. Business Problem Provide a description of the business problem. This approach is very productive for analyzing the root cause of the problem, project milestones. It also defines the business opportunities e.g., supporting documents, time frames, and positive or negative impacts on business.
Available Opportunities: This section is very important in a business case template excel. Here you can get the best available possibilities and options to sort out the issues to meet your final objectives, e,g,. available opportunities, their costs, benefits, negative aspects, feasibility, risks, and issues with best solutions, it also defines you can use these options on your own or you need outsourcing, additionally, these available options can be automated or implemented manually.
Option Number: In the business case template the option number is a unique identity that segregates it in the whole document. This approach is used to find out the main element of the solution or option either, it is person or organization, etc. It also includes the description, project benefits, project cost, project feasibility, risks, and issues.
Recommendation: Here, in this section, the concerned person recommends an option with valid reasons to choose it for further process.
Implementation Approach: This part describes the recommended option’s overall details and business benefits.
Project Initiation: It defines the complete project method.
Project Planning: It describes the overall project planning.
Project Execution: This step is used to track out the required activities to execute the Project.
Project Closure: Final step of project closing, (resources, staff, etc.)
Project Management: This phase is very important which, describes the main aspects to manage the overall project:
- Time Management
- Scope Management
- Workload Management
- Project Benefits
- Gantt Charts
- Supply Chain Management
- Risk & Issues Management
- Project Acceptance Criteria
Business case vs business plan template
A business case template excel is mainly focusing on the main goals, priorities, and objectives. On the other hand, the business plan is a collection of documents of the project plan and the documented form of the ways that can be opted to accomplish the business goals.
Furthermore, a business plan has information about customers, products, and market situation forecast, but the business case does not necessarily have all this included in it.