Let’s start with a project business case
Great ideas pop up at the most interesting time…in the shower, driving in the car, during a morning run. They always pop up when we are relaxed and don’t have our daily pressures on our mind…this is a good thing. This is how new and interesting ideas develop. The question however is…when do you know if your good idea makes good business? While I was reading the PM Network Magazine distributed by the Project Management Institute (PMI), I came across an article in the April 2011 Issue, “Making the Case: Good ideas aren’t always good business”.
The answer, as per the author Gary R Heerkens, was simple yet not many companies perform this suggestion…take the time to prepare a project business case. As he states, “a properly prepared project business case explores, examines and presents just about everything needed to make wise choices”.
What makes up a project business case? According to Heerkens, there were five main elements:
- Historical data and future predictions
- Facts and assumptions
- Financial and non-financial considerations
- Personnel and resources
- Logical arguments and mathematical formulas
I would like to add a sixth point:
- Benchmark the organization’s current state
Too many companies guess at where they are today so when they implement new ideas and those new ideas fail, it’s because they didn’t understand the ways of working of their organization today. You can only make positive changes if you know what you are changing, not what you think you are changing. Unfortunately, this happens way too frequently. So, in conjunction with the project business case, benchmarking current state will ensure the good idea was well thought out. This is good business!
Are your good ideas good for your business? Feel free to leave a comment below or shout out to us on Facebook or Twitter. Of course, you could always write your own blog post on the subject and share it with us… We’d love to read it!
