Aim and objectives
1. Understand why a business case might be required.
2. How to structure a business case.
3. Being able to present a business case.
Information provided by Health Tech Enterprise
Business case
A business case is an important written document that outlines the rationale for initiating a project or task. A business case can also be used to explain and document the value and/or benefits that an organisation will gain from making an investment in a new product or service and outlines the why, what, how and who necessary to decide to embark on a new project or procure a new product or service. An effective business case can therefore be used to leverage senior management buy-in and approval for the procurement of that new product or service.
The following steps are useful to consider when developing and pitching a business case:
1. How to write a business case
The purpose of a business case is communication and so be clear, concise, eliminate conjecture and jargon, be brief and convey only the essentials. Remember that writing a business case is not a one-person mission and so make sure that you have all team members and subject matter experts required to provide input into the development of the business case. Further tips on how to write a compelling business case can be found here.
2. Business case structure and content
The key elements of a business case for procuring new products or services might include:
- Executive summary
A short summary of the entire business case. Often the last section to be written and conveys all the vital information contained in the business case.
- The problem and/or opportunity
Often the longest section and should include detailed information regarding the current need for a new product or solution, the problem that you are seeking to solve or the new opportunity which you might want to evaluate and implement.
- The proposed solution(s)
Undertake a market assessment and explain why the proposed solution will seek to address the problem, how it is better than existing solutions and how it aligns with an organisation’s strategic aims. Also include what metrics will be measured to demonstrate success and how these outcomes will be reported.
Options Appraisals should always be present.
- Benefits/Disbenefits
Highlight the benefits of implementing the new solution such as improved patient care or future cost savings compared to the current standard of care and over what period these might be realised. Include whether there might be any disbenefits or drawbacks of implementing the new solution and how these might be overcome (eg. reduced face-to-face time with a doctor which might impact the elderly population).
- Risks
Conduct a risk assessment to identify all risks associated with implementing a new technology or service. Highlight how likely such risks are to occur, their impact and how they might be mitigated.
- Investment required
Highlight the costs associated with implementing the new solution. These might include costs of conducting an evaluation, the cost of the solution itself and costs associated with implementation/staff training.
- Timescales
What are the timelines required to evaluation and/or implement the new solution?
- Operational impact
What will be the operational impacts of evaluating and/or implementing the new solution? These could include re-allocation of staff time to evaluate the new solution which might impact on existing services or the time needed to train staff to learn how to utilise the new solution. Can any services be decommissioned through implementing the suggested changes?
- Resources required
What resources and/or personnel will be required to evaluate and/or implement the new solution? What will be the future financial or resource savings from implementing the solution?
Find out more on what to include in a business case.
3. Presenting the business case
The process of getting your business case approved is one of incremental negotiation, not unlike the approval of legislation. There is a need to socialise the concept, gather a coalition of support and negotiate with key stakeholders. Dependant on scale this may be achieved in a single meeting or it may require some weeks of considered engagement in a variety of meetings.
As you socialise your business case be prepared, develop an ‘elevator pitch’ version of your case and a short presentation version (eg. approximately 2-3 minutes maximum) highlighting the current need/problem you are seeking to address, the preferred solution and what the benefits to the organisation will be. Practice giving very succinct but complete answers and developing a strong rhetorical link in the case.