Building a business case is, as with many things, simpler than you think - once you know how! With a little direction and guidance from the right people you will be able to focus your thoughts, ideas and business objectives putting you and your business on the path to success.
To help you on your way, we have highlighted some of the main points that will help you build a business case in less than an hour.
1. What is the business objective? – This could simply be achieving a minimum level of sales within a pre-determined timescale. It could be to achieve world status!
2. What is the “sustainable competitive advantage”? – This is not fundamental but is always something that is important to consider i.e. what can we achieve which other competitors can’t?
3. What are the short-term objectives? – e.g. would this be to ensure that we cover all our costs including a proportion of capital costs in the first year?
4. What is our short-term strategy? – Assuming the short-term objectives, what is it that must happen to enable us to achieve those? e.g. we may need to focus on a minimum number of key customers.
5. What are the specific needs related to this business? – not necessarily the normal needs one would anticipate with any business, but specifically related to your business e.g. international focus, foreign currency, highly technical individuals etc.
6. What are the specific risks related to this title? – e.g. This could include the international nature of the business, the need to employ individuals with specialisms, the inability to monitor activity oversees etc.
7. What are the brand needs of this business? – What is it that needs to be done to maintain and indeed grow the brand awareness? e.g. do we need to ‘market’ at international exhibitions or locally, is there a Big Bang approach to announcing the business arrival in the market place etc.
8. Perhaps to carry out a SWOT analysis? – These are reasonably old fashioned but forces thinking. A SWOT (Strengths, Weaknesses, Opportunities, Strengths) analysis with actions to enhance the strengths and minimise weaknesses would be very relevant.
9. Expenditure – What are the main direct and indirect costs, such as insurance, advertising, computers, recruitment etc.
10. Sales – How are these made up? What is the safe model from start to banking the money?
The above points are guidelines to enable a clear understanding of your business objectives and strategies, enabling you to pinpoint strengths and weaknesses which may be apparent.
We can help you develop your business further. As well as being a top 13 UK accountant, we are also prominent business advisers with many successes in helping both start up and mature businesses grow and develop.
Contact Andrew Scott on 01727 838 255 to find out how we can help you and your business.