Writing Business Cases That Get Approved

Most people think business cases are about raising capital. They're not. The real magic of a business case is that it forces clarity—proving whether an idea actually works before you commit resources to it.

Having written hundreds of business cases across industries, I've learned that the ones that get approved share common characteristics. More importantly, I've seen how business cases transform fuzzy ideas into focused operations, regardless of whether external funding is involved.

Beyond Capital Raising: What Business Cases Actually Do

Capital raising is one use of a business case—but it's not the primary one. A business case exists for one fundamental reason: to enable a high-quality decision about a specific course of action.

The business case is an argumentative document. It makes a recommendation and defends it with transparent logic and evidence. Unlike lengthy reports that describe everything, a business case cuts to the question: should we do this?

The Many Uses of Business Cases

Business case applications have moved well beyond the classical focus on capital projects. Modern organisations use them across virtually every decision-making domain:

The Magic Sauce: What Makes Business Cases Work

After writing hundreds of business cases, patterns emerge. The ones that succeed—whether seeking board approval, securing funding, or just getting team buy-in—share these characteristics:

1. Clear Problem Definition

Every failed business case I've seen starts with a weak problem statement. "We should modernise our systems" isn't a problem—it's a solution looking for justification.

Strong problem statements answer three questions:

• What's happening? — Current state with evidence
• Why does it matter? — Quantified impact on the business
• Why now? — Cost of delay or window of opportunity

2. Genuine Alternatives Analysis

Decision-makers don't trust cases that present only one option. They know you've already decided and are seeking validation. Credible business cases analyse 3-4 genuine alternatives:

Option	Description	Why Include It
Do Nothing	Continue current state	Establishes the cost of inaction—often higher than people assume
Minimum Viable	Smallest change that addresses core problem	Tests whether a lighter intervention could work
Recommended	Your proposed solution	The option you believe offers the best value
Comprehensive	Full-featured solution	Shows you've considered going bigger and why it's not optimal

The "do nothing" option is particularly important. Quantifying the cost of inaction often makes the strongest case for action.

3. Honest Financial Analysis

The numbers are where most business cases fail. Not because the maths is wrong, but because the assumptions are hidden, optimistic, or indefensible.

The Three Financial Metrics That Matter

Use all three metrics. Each tells a different story. A project might have excellent NPV but a 5-year payback—which matters if cash is tight. Another might show strong ROI but rely on benefits that only materialise in year 4.

4. Scenario Analysis

Single-point estimates are fiction. The future has a range of outcomes, and your business case should reflect that. Present three scenarios:

Notice that even the pessimistic scenario shows positive NPV. This tells decision-makers the project is robust—it works even if things don't go perfectly. That's often more compelling than optimistic projections.

• Pessimistic: What if key assumptions underperform by 20-30%?
• Base Case: Your most likely outcome based on reasonable assumptions
• Optimistic: What if key assumptions exceed expectations?

5. The Go/No-Go Framework

A business case culminates in a decision. Make it easy for decision-makers by structuring your recommendation clearly:

Even a "no-go" decision is valuable. It prevents wasted resources and documents the rationale. The best business cases include conditions for revisiting the decision: "If market share drops below 25% or competitor launches equivalent product, revisit this case."

Business Cases for Internal Operations

Not every business case seeks external approval. Some of the most valuable cases are internal—forcing teams to articulate why a project matters and how success will be measured.

Focusing Operations

A business case becomes an operational blueprint. When teams know the expected outcomes and how they'll be measured, priorities clarify. The "nice to have" features get deprioritised in favour of the metrics that matter.

Proving Concept Before Scaling

One of the most valuable uses of a business case is testing ideas at small scale before committing major resources. This is where I've written hundreds of cases—proving whether a concept works before the organisation bets big.

The proof-of-concept business case asks different questions:

• What's the minimum viable test of this idea?
• What would prove the concept works (or doesn't)?
• What investment is required just to learn whether this is viable?
• What conditions trigger scaling up or abandoning the approach?

Common Mistakes That Kill Business Cases

After reviewing hundreds of business cases, these are the patterns that consistently lead to rejection:

Mistake	Why It Fails	What to Do Instead
Solution looking for a problem	Decision-makers sense you've already decided	Start with the problem and let the solution emerge from analysis
Hidden assumptions	Undermines credibility when discovered	List all assumptions explicitly with sources
Hockey-stick projections	Benefits that magically accelerate in year 3+ aren't believable	Front-load realistic benefits; discount distant projections
Ignoring "do nothing"	Misses the most compelling argument—cost of inaction	Quantify what happens if you don't act
No risk discussion	Looks naive or evasive	Address risks head-on with mitigation strategies
Unclear ask	Decision-makers don't know what you need	End with specific request: approval, funding amount, resources needed

The Bottom Line

A business case is not a document—it's a decision-making tool. The best business cases don't just seek approval; they create clarity about what matters, why it matters, and how you'll know if you've succeeded.

Whether you're seeking board approval for a major investment, proving a concept before scaling, or simply aligning your team around clear objectives, the discipline of building a business case forces the right questions.

The magic sauce isn't complexity—it's honesty. Honest problem definition, honest alternatives analysis, honest numbers with explicit assumptions, and honest risk assessment. Decision-makers can smell spin. Give them the truth, structured clearly, and let them decide.