Building a Good Business Case

Who wants it, why do they need it, and why don't they have it yet?

A good business case is necessary for promoting any new idea. Some features of a good business case include:

• Outline your idea - A short and simple explanation of your idea -- how it is new and what it will do. Remember it is not what you think but how "they" see it, so try and present it in terms of what it will do for them.
• Market Analysis - Who is it targeted at? Who wants it, why do they need it, and why don't they have it yet? How big is the market? Is it growing, declining, or static?
• Competitors - Who else is out thee, what do they offer, how will this idea get ahead of them, how might they react, and how do you protect yourself from that?
• Why it will work - What do you know, and what prior knowledge, skills, experience, and networks can you bring to the table?
• Rewards - What will you get if you succeed -- money, market share, customer satisfaction -- and how long will you have to wait until you get them?
• Costs - How much will it cost, and what do you need to make it happen?
• Risk Factors - What might pose problems and how will you get around them?
• Project Management - Who will take this forward and how? What reassurances can you offer that you can do it?

ACTION POINT: Use the features above to build a business case for innovation projects.