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Requirement
Question: Write about Business plan and Business case analysis.
Solution
ABSTRACT
The following project is undertaken to study the difference between a business case and a business plan as various times people are confused between the two. A Business Case is that market opportunity which is concerned at the product level. It is a type of market problem that is lucrative and only exists for already operating businesses. Whereas, A Business Plan is an inspection of a potential business opportunity concerned at the company level. It is a situation of creating a new company to serve products and services in the existing market. Some people are often confused between the business case and business plan. In brief, a business plan revolves around the business and a business case is carried to address problems regarding a single product or decision. The type of business case templates used is a very important aspect of any business plan. So, the type of template used must be strategically designed so that it is easy to get the gist of that business case.
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BUSINESS CASE:
A Business Case is that market opportunity which is concerned at the product level. It is a type of market problem that is lucrative and only exists for already operating businesses.
In layman terms, it is an assessment which is performed at product-level that reaches the decision of whether the company should try to solve a market problem by making a product or not to compete in the market.
For example, should a chips manufacturing company produce a new flavored version to compete with the substitutes available to customers in consumer market or not? This type of situations gives rise to perform a business case. ("Business case", 2016)
Applications of a business case:
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Attracting new customers
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Increased market share
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Hiring new personnel
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Guiding the objectives of managers
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Expanding the business
BUSINESS PLAN:
A Business Plan is an inspection of a potential business opportunity concerned at the company level. It is a situation of creating a new company to serve products and services in the existing market. A business plan can be anything related to a new business opportunity. It can be an NPO, a profit making organization or a government organization, etc. Therefore, it is an evaluation carried at the company level that reaches to a decision of whether we should create a company to compete with others in a particular industry.
For example, should we initiate a new internet providing company called LUXYAIR to compete with other networking companies in the industry? This type of situation gives rise to perform a business plan. Business plans are used for creating a business opportunity but sometimes can also be used as a marketing tool to critically run and guide the company.
Applications of a business plan:
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Bank finance
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Dealing with professionals
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Selling the business
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Alliance
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Equity Fundraising
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Recruitment (Berry, 2006)
COMPARISON AND CONTRAST BETWEEN A BUSINESS PLAN AND A BUSINESS CASE:
Some people are often confused between the business case and business plan. In brief, a business plan revolves around the business and a business case is carried to address problems regarding a single product or decision.
The following table compares and contrasts the differences between a business case and a business plan.
A business case supports the plan of a business by answering the questions like: "How the action that the organization is planning to take will impact the performance of the business?”
A business plan helps a business case by helping the developers of that case in estimating the revenue, expenses, expected changes and costs in different areas.
BUSINESS CASE TEMPLATE:
The details in the business case template show us all the details mentioned and required for building an appropriate business case. This helps the manager to act accordingly to attain the desired goals and objectives. The contents of the template give us the brief information about the business case that allows us to know what the business plan is all about and act accordingly. ("Business Case Template", 2016)
For e.g., charts, tables and diagrams are also added to provide further guidance on how to complete each task.
The representation of the collection of data in the template helps to obtain funding and project approval to get a project started. As the template is brief, it becomes easy to go through each aspect, but while being brief, it also contains sufficient information to get all the important information about that case.
I chose the below business case template because it covered all the essentials required starting from purpose and deliverables to constraints and requirements. And it is better from the other referred templates as they didn't have any point considering either limitations or constraints which are a very important aspect of any business case. Also, this business case template is much more detailed and contains all the required information which is to be needed for developing any business case.
URL of the business case template chosen:-
http://image.slidesharecdn.com/businesscase-100901132122-phpapp01/95/business-case-project-management-template-2-728.jpg?cb=1283347317
The URL of other business case templates referred is given below:
http://image.slidesharecdn.com/2-150401145728-conversion-gate01/95/information-technology-project-management-jack-tmarchewka-ch2-3e-33-638.jpg?cb=1427900403
http://www.fotolip.com/wp-content/uploads/2016/05/Business-Case-Template-1.jpg
CONCLUSION
By conducting this project, we can conclude that business plan and business case are not the same. Where the one revolves around a product, action or decision, i.e., business case, the other revolves around an organization or the whole enterprise i.e., business plan. It is very important to build a business case template to get all the information about a business case. Also, we must choose a business case template very critically so that it supports our business case in the most appropriate manner possible. The one chosen above will be appropriate for most business cases and contains all essential aspects needed in a template.
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Business case. (2016). Wikipedia. Retrieved 5 August 2016, from https://en.wikipedia.org/wiki/Business_case
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Berry, T. (2006). 15 Reasons You Need a Business Plan. Entrepreneur. Retrieved 5 August 2016, from https://www.entrepreneur.com/article/83818
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Business Case Template. (2016). Projectmanagementdocs.com. Retrieved 5 August 2016, from http://www.projectmanagementdocs.com/project-initiation-templates/business-case.html
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Dezhi, L. & Wenjing, C. (2014). On The Art Of Making Business Plan - A Successful Case. Balkan Region Conference On Engineering And Business Education, 1(1). http://dx.doi.org/10.2478/cplbu-2014-0006
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