Business Justification Checklist

When establishing the business justification for a request, here are some helpful questions to consider:

• What opportunities does your initiative enable? Note, while it may be most comfortable to lead with this answer, many bosses focus much more on problem-solving than opportunity-seizing. As such, if yours is like that, figure out how to re-frame the opportunity you want to address as a problem in need of being solved.
• What pressing business problems does your initiative solve or at least meaningfully address? Don't forget to articulate the implications of the problem not being meaningfully addressed and how the mere passing-of-time (read: inaction) will impact the situation's ongoing risk and exposure.
• What's the precedent-setting nature of your request? You'll no doubt find that your answer to this question can have some significant implications as to what happens next. As such, it's best you know beforehand so you can speak intelligently on the topic when it inevitably comes up - and modify your request accordingly, if necessary.
• What's the ROI (Return on Investment)? In other words, if things go as planned, how long will it take to recoup the initial investment based on anticipated savings or additional revenues resulting from the investment. If you don't already know, you may also want to benchmark your request against the ROI projections of previously-approved projects and programs.
• What synergy can be expected? How will approving your request also move other initiatives forward? What other expenditures will no longer be needed if this one is approved? Broaden your view - you know your boss will likely go there, so get there first!
• How might existing dollars be used to fund it? While this isn't always possible, there often are lesser-priority initiatives that have already received funding approval that could be de-listed and its monies reallocated. Example: A more expensive seminar - in town - costs the same as a less expensive one requiring travel and lodging; purchasing more expensive equipment than planned might be manageable if there's a resulting reduction in year-over-year maintenance costs.
• In what order do you want to order your points? In that you'll likely have several points you'll want to use as the basis of your business justification, give consideration to the proper sequence of your making them. Whenever I'm providing more than 3 points, I try to lead with my strongest two points, and save my third-strongest for last - a grand finale as it were. Each point should be strong enough to stand on its own merit, though - if it can't, you likely have more homework to do.

Hope this helps you get your next initiative approved.