Are you convinced that your new idea has potential, but you’re not sure that your co-founders, investors or team share your brilliant point of view? If so, this is when every entrepreneur must deliver a strong, sound business case – rationale as to why your idea, project or task makes dollars and sense.
When, “Because I said so!” doesn’t cut it you will need a winning formula. Thus here are six steps to craft a logical and persuasive business case for almost anything.
1. Pose the Problem.
If you’re suggesting integration of a new business tool, app or even an investment, it’s important to clearly identify the problem that you intend to solve. Ideally, any new business system, process, or investment should actually solve a clear problem. And if the problem isn’t obvious, make sure to deliver data points and insight on how a perceived problem is negatively impacting the company.
2. Define the Opportunity.
This is where your skills of persuasion should shine. It’s time to positively reveal your solution and correlate its relation to your company’s overall business goals. Include the details, a proposed schedule and success milestones. For example, what type of buy-in will you need in order for your idea to work … additional budget, internal adoption, specific skill sets, etc?
3. Make Assumptions.
By convincing your team to execute on your idea, you’ve likely gathered some assumed benefits. If your idea will cut costs by 50 percent in Year 1, or double sales volume, you should outline those assumptions and compare and contrast what the company will gain. At this point, you should economically justify why your team should dedicate limited resources to a new task. And “Because I said so,” isn’t valid criteria.