These days there are so many ideas and initiatives competing for scarce resources that it can be increasingly hard to get the backing you need to invest in new growth initiatives. How can you build a business case that is truly compelling and overcome the resistance to change?
Of course the risk analysis and financials should be rigorous and central to the argument, but there’s also a need to sell the arguments emotionally, to give people a vision that takes them beyond today, get them thinking wide angle not tunnel vision. A business case that is far more than just the numbers and a financial document. It should engage with the story of the project. Not an exhaustive list by any means, but here are a selection of 10 things for you to consider when building your story for your board directors and C-suite buy-in:
- Identify current performance gaps by developing scenarios and forecasts with varying outcomes (conservative …..stretch), and comparing these versus targets and expectations
- Create a groundswell of enthusiasm in the immediate team, so there is already a sense of excitement beginning to spread for people to pick up on
- Syndicate the direction and strategic intent early so as to start to build acceptance, elicit concerns, listen out for what people want to hear and the success factors to consider
- Aim to put the emphasis on today’s opportunities and avoid speculation, looking for ways to grow the business now and not just over the longer term
- Sponsor customer immersion events, where people have the opportunity for direct, personal contact and experience
- Create prototypes so as to make things real and tangible
- Test and evaluate concepts and ideas on key customer criteria
- Similarly, but often overlooked, sense-check and validate propositions with customers
- Offer options including an assessment of the risk of no investment, rather than focus exclusively on the potential of moving ahead
- Propose key metrics and market feedback mechanisms so as to give people the ability to assess the validity of specific recommendations, also a confidence that progress of implemented initiatives will be effectively measured and reviewed
Get in touch about how we can help you build the case for new investment which people commit to. In particular, by putting the spotlight on actions that will really make a difference to market performance, evaluating the customer proposition or helping you develop the case creatively and convincingly.