business case vs business plan vs business model

Business plan vs business case: what's the difference?

Do a business case and a business plan sound pretty similar to you? We think so, too! However, those two words don't mean the same thing at all. So it's vital to understand the difference between a business case and a business plan.

What kind of entrepreneur would you be if you didn't know how to differentiate the two? In this guide on business plan vs business case, The Business Plan Shop helps you get your facts right.

What is a business case?

A business case is a document that provides the necessary justification to invest time or money in a new project, generally within a company.

Commonly used in bigger companies, the business case helps the decision-making process in the prioritisation of one project over another.

Big companies often have a vast variety of teams, and with all of them likely believing that their project is top priority, the company's money needs to be used carefully.

The difference between a business case and a business plan here is that the business case will be used for decision making inside the company.

What is the business case's purpose?

The business case must answer 4 questions:

What is the project?

Why should this project get picked over another?

Who will be involved?

How much will it cost?

The business case presents the project in detail. Whether it's a product or a service, a business case demonstrates what the project will achieve for the company.

The business case highlights the project's benefits, and how valuable it is for the company.

It could be a business opportunity, such as adding a feature to an existing product to boost sales, or implementing an organisational improvement, such as changing the customer support software to gain in productivity and serve customers better.

The business case introduces the people involved in the project, whether they're in the company or not.

It also gives an approximative value of how much the project will cost from start to end, including which team will be in charge and if external support or a third party will be used.

The business case should also underline that the team has the required skills to complete the project.

The business case gives an accurate overall cost of the project, as well as how much profit or cost savings it will bring.

This section shows how long the project will last, and what equipment, financial, and human resources will be needed.

Business case sample

When deciphering the difference between a business plan and a business case, looking at a short sample version of what a business case should look like might help:

The management is looking at improving Coventry's factory production line. The project would involve replacing the equipment on production lines 3 and 4 which were installed in 2004 with more recent equipment.

The cost for this modernisation is estimated at £150k, and would reduce the production cost by 5%, along with reducing the yearly maintenance cost by £5k, which would result in a total gain of £175k, taking into account the expected production volume in the yearly budget.

The replacement should take 3 days and line 3 and 4 will have to cease production during this period. The rest of the lines should continue to run as normal.

Business plans and business cases are not too dissimilar, but it's important to discern why they're not the same.

They both highlight an opportunity. The business case, however, is a short-term gain, whereas the business plan takes on a global and long-term approach.

The difference between a business case and a business plan also derives from the fact that the business case usually refers to a project and one aspect of the business, whereas the business plan presents a detailed plan of action for the entire organisation over several years.

The business plan cannot be completely accurate, as it cannot predict the future and will evolve regularly based on market trends and inflation.

The business plan is based on a series of hypothesis, action plans, and a long-term calendar. Contrastingly, a business case is concrete - mainly because it's aimed at creating a short-term gain for the business with a well defined return on investment.

To sum-up: a business plan is a strategic document, whereas a business plan is a tactical one.

We hope this article helped you in understand the difference between the two. Please do not hesitate to get in touch if you have any questions.

Also on The Business Plan Shop

• What is a business plan and how do I create one?
• Download our free business plan template
• Business model vs business plan: what's the difference?

Founder & CEO at The Business Plan Shop Ltd

Guillaume Le Brouster is a seasoned entrepreneur and financier.

Guillaume has been an entrepreneur for more than a decade and has first-hand experience of starting, running, and growing a successful business.

Prior to being a business owner, Guillaume worked in investment banking and private equity, where he spent most of his time creating complex financial forecasts, writing business plans, and analysing financial statements to make financing and investment decisions.

Guillaume holds a Master's Degree in Finance from ESCP Business School and a Bachelor of Science in Business & Management from Paris Dauphine University.

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Business Model Vs. Business Plan: When And How To Use Them

A business model is a holistic framework to design how a business might create and capture value. A business plan is a document explaining how a business might become viable. Where a business model is made to be tested, a business plan’s primary goal is to gain investments. 

Table of Contents

The key difference between a business model and a business plan

It is easy to confuse a business model with a business plan . Yet those tools have specific functions, in some cases similar, in most other cases completely different.

Indeed, while a business model is a framework to understand the way an organization works, a business plan is a document that helps to understand the future strategy of an organization and its expected performance in a three to five years time frame.

While in some cases, a business plan can also serve the purpose of better understanding your own business, and in some other cases, the business model can be comprised within the business plan .

Indeed, as an investor, I want to know exactly how your business works or how you think it will work in the future. Keeping a distinction between those tools is critical.

In particular, I want to focus on the critical difference from two perspectives:

• external (investors, stakeholders, and other parties)
• internal (owners, top management, shareholders)

External:  business plan or business model?

If you’re looking for a tool whose aim is to show how attractive your business is, a business plan is the most suited for that.

Indeed, suppose you want to attract investors and grow your business via external resources.

In that case, a detailed business plan is the most effective way to allow those investors to understand the several parts of your business.

Also, the business plan is a way to show where you see the business in the future. Indeed, one key ingredient of a business plan is a set of projections for three-five years.

While investors will also want to know what kind of business model you want to build (depending on whether or not your business model will be scalable will make or break the interests of investors).

The primary tool to show where your business will be in the future and to address the kind of resources needed to get there is the business plan. In short, for external subjects to know about your business and invest in it, the business plan is the best tool.

Internal: business plan or business model?

Among the tools to leverage on to understand your business, a business model is one of the most effective.

Indeed, the business model is a framework (usually a one-page) that allows you to understand how your business works from several perspectives.

Depending on what kind of business you’re trying to build or where you want to steer your organization, you might want to look at a few tools, such as:

• FourWeekMBA Busines Model 
• Business Model Canvas
• Blitzscaling Business Model Innovation Canvas
• Value Proposition Canvas
• Lean Startup Canvas

Each of those tools will help you to build a different kind of business.

For instance, in a start-up phase, the business model canvas and the lean startup canvas are the most suited.

In a phase of scale-up, the lean startup is better suited than the business model canvas.

Instead, if you’re trying to blitzscale your business , the Blitzscaling Canvas will be your best companion.

In conclusion, if you’re looking for a way to understand better your business in the present or how to design a business model that can help you grow, the business model frameworks are the most suited to the business plan .

In some cases, though, a business plan might also work for that purpose, especially a one-page business plan.

Key takeaway and resources

A business plan is a tool that is most suited to shot external stakeholders where your business is headed and why they should finance or invest in its future.

The business model instead, is a framework that helps you assess how your business works from several angles and the kind of actions you can take in the now.

Below you can find an example on how to build a one-page business plan as well:

Key Highlights:

• Business Model vs. Business Plan: A business model is a comprehensive framework for creating and capturing value in a business, while a business plan is a document that outlines how a business can become viable. The primary goal of a business plan is often to secure investments.
• Key Difference: The main distinction between a business model and a business plan lies in their functions. A business model explains how an organization operates, while a business plan focuses on the future strategy and expected performance over three to five years.
• External Perspective: For external stakeholders like investors and partners, a detailed business plan is essential. It helps them understand various aspects of the business and provides projections for the future. Investors also want to know about the scalability of the business model.
• Internal Perspective: When looking to understand the current state of your business or design a business model, tools like the Business Model Canvas, Lean Startup Canvas, and others are more effective. These tools offer insights into how the business operates and can guide decision-making.
• Choosing the Right Tool: The choice between a business model and a business plan depends on your goals and the stage of your business. For startups, the Lean Startup Canvas and Business Model Canvas are useful. In a scale-up phase, Lean Startup tools might be more suitable, and for rapid growth , the Blitzscaling Canvas can be valuable.
• Key Takeaway: A business plan is best suited for presenting your business to external stakeholders and securing financing, while a business model is a framework for understanding your business from multiple angles and making informed decisions in the present.
• Resources: Various tools, such as the Business Model Canvas and Lean Startup Canvas, can help you analyze and improve your business model. A one-page business plan can also be effective in clarifying your business’s core problem, target customers, and distribution channels .

Case Studies

Case Study 1: Nike – Business Model vs. Business Plan

• Nike utilizes its business model to create, deliver, and capture value. It focuses on the core components of a business’s operations and revenue generation.
• When considering external stakeholders like investors, Nike might develop a detailed business plan to showcase its future strategies and financial projections.

Case Study 2: Coca-Cola – Business Model vs. Business Plan

• Coca-Cola employs digital marketing channels like social media and email marketing to better communicate its products and engage with consumers.
• Coca-Cola may use a business model framework to understand how it creates and delivers value through marketing , while a business plan could be used to outline future marketing strategies and financial goals.

Case Study 3: Amazon – Business Model vs. Business Plan

• Amazon uses technology not only for its e-commerce platform but also integrates customer feedback into its product design, enhancing its business model .
• In the process of attracting investors or lenders, Amazon might create a comprehensive business plan to demonstrate its long-term growth strategy , financial viability, and risk mitigation.

Case Study 4: Tesla – Business Model vs. Business Plan

• Tesla leverages technology to shape its electric vehicles, constantly improving features and performance based on user feedback and data collected from their vehicles.
• Tesla could use a business model to understand how it delivers value through innovation and customer feedback. Simultaneously, a business plan might outline its future growth strategies and financial projections.

Case Study 5: Airbnb – Business Model vs. Business Plan

• Airbnb operates a two-sided platform that connects hosts and travelers, creating interactions that generate value for both parties.
• To secure investments for expansion or growth , Airbnb may develop a business plan that outlines its financial outlook, expansion strategies, and risk management, while its business model emphasizes how interactions drive its value.

Case Study 6: Uber – Business Model vs. Business Plan

• Uber’s platform connects riders and drivers, creating a multi-sided marketplace driven by network effects .
• Uber could use a business model to understand the dynamics of its marketplace. When seeking investors or funding, it might present a comprehensive business plan highlighting its growth potential, financial projections, and strategies to address market challenges.

Case Study 7: Apple – Business Ecosystem vs. Business Plan

• Apple’s App Store has evolved into a thriving business ecosystem that benefits both the company and app developers.
• While the business ecosystem concept is central to Apple’s strategy , the company may use a business plan to outline its future ecosystem development, financial projections, and governance design for potential investors.

Case Study 8: Ethereum – Business Ecosystem vs. Business Plan

• Ethereum’s blockchain platform facilitates the creation of decentralized applications (dApps) and smart contracts within a larger business ecosystem .
• Ethereum might use a business model to understand how its ecosystem creates and captures value. For attracting investors or funding, a business plan could illustrate its growth strategies, financial outlook, and governance design.

Key Difference – Business Model vs. Business Plan

• A business model is a strategic framework for understanding how a business creates, delivers, and captures value. It focuses on the core components of a business’s operations and revenue generation.
• A business plan is a comprehensive document outlining a company’s goals, strategies, financial projections, and operational details, often used for fundraising and as a roadmap for the business.

Choosing the Right Tool

• The choice between a business model and a business plan depends on the goals and stage of the business. While a business model helps understand the present and guide innovation , a business plan is primarily for external stakeholders, showcasing future strategies and financial projections.

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SWOT Analysis

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Failure Mode And Effects Analysis

Blindspot Analysis

Comparable Company Analysis

Cost-Benefit Analysis

Agile Business Analysis

SOAR Analysis

STEEPLE Analysis

Pestel Analysis

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Related Strategy Concepts:  Go-To-Market Strategy ,  Marketing Strategy ,  Business Models ,  Tech Business Models ,  Jobs-To-Be Done ,  Design Thinking ,  Lean Startup Canvas ,  Value Chain ,  Value Proposition Canvas ,  Balanced Scorecard ,  Business Model Canvas ,  SWOT Analysis ,  Growth Hacking ,  Bundling ,  Unbundling ,  Bootstrapping ,  Venture Capital ,  Porter’s Five Forces ,  Porter’s Generic Strategies ,  Porter’s Five Forces ,  PESTEL Analysis ,  SWOT ,  Porter’s Diamond Model ,  Ansoff ,  Technology Adoption Curve ,  TOWS ,  SOAR ,  Balanced Scorecard ,  OKR ,  Agile Methodology ,  Value Proposition ,  VTDF

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The business plan, the business case, the chronological order.

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Business Plan vs Business Model: All You Need to Know

• August 23, 2023

When you’re starting a new company, it can be difficult to determine what you should focus on first. Financing, marketing, developing your product or service, etc. are all important components. This guide to business plan vs business model will compare two of the most important documents for establishing these systems and building a successful business.

Both a plan and model are essential components of any successful business, so it’s important to understand the differences between them and how they intersect. This way you can use each one effectively.

Whether you’re considering launching a new business from home or growing an existing enterprise, understanding each of these concepts can help ensure future success.

Let’s dive 🤿 into the comparison of business plan vs business model!

Table of contents 📚

What is a business plan?

What is a business model.

• Differences and similarities

According to Dictionary.com, a business plan is “a detailed plan setting out the objectives of a business, the strategy and tactics planned to achieve them, and the expected profits, usually over a period of three to ten years” [1] .

We like to think of it as a roadmap for any business starting out, as it allows entrepreneurs to think through the practicalities of getting off the ground and running successfully.

A typical business plan has many different components, including:

• Your company’s basic information . It is essential to include the basic information that describes the company’s purpose and operations so that potential investors or partners can clearly understand the company’s goals. Essential details to include in a business plan include a summary of services, target markets, funding needs, competitive landscape analysis, company name , and registration details.
• Mission statement . A mission statement is an integral part of any successful business plan as it sets out the company’s ambition and establishes the general direction of its operations. It defines the company’s goals. In addition, it guides decision-making throughout the business, by clearly focusing on all stakeholders, from top-level management to entry-level employees.
• Executive summary . The executive summary is structured to include information on the primary team guiding the business.

Now let’s move on to the next part of the debate of business plan vs business model: defining a business model.

Investopedia defines a business model as “a company’s core strategy for profitably doing business” [2] .

You can view it as the blueprint for how your company does business. It involves intricate processes like defining customer segments, pricing strategies, production phases, distribution modes, and so on. In other words, a business model outlines what the business will do to make money. It also lays out the structure of how the business will operate, including its resources, customers, partners, and operations.

A typical business model will include components such as:

• Your company’s primary purpose . What is the end goal of your business? The answer to this question can help you plan effectively for future decisions to align with short- and long-term objectives.
• Value chain position . Having a firm grip on your value chain position allows you to see precisely where inefficiencies might lie and what components of your service you can improve. It will let you identify any potential points of failure, such as weaknesses that competitors may be able to exploit or aspects of the operation that cost time or money.
• Competitive advantage . A comprehensive business model should include a company’s competitive advantage (e.g., running a thought-leadership business blog to connect with customers), which presents a unique set of capabilities that sets it apart from its competitors.

Business plan vs business model: differences and similarities

Creating a business plan and a business model can seem complex, but understanding their key differences and similarities makes for strong groundwork for successful entrepreneurship.

Key differences

A business plan focuses on the following :

• The structure of the company
• The teams needed to meet the demands of the business model
• Equipment and resources needed

It’s no secret that a successful business requires more than just a great concept. You need a surrounding structure, a team to bring it to life, and the appropriate resources for success. Your business plan should have all these details. It’ll make it easier for you, or any of your team members, to refer back to at any time.

A business model focuses on the following :

• Identifying services customers value
• Focusing on the large income generators
• Helping to ensure the company is making money

It helps to track financial performance, identify services that customers most value, and focus on activities that will produce the biggest income generators. When crafted correctly, a business model paves the way for achievable goals and long-term strategies to see a company thrive in its industry.

Key similarities

Both business plans and models share several key similarities. They help entrepreneurs to:

• Clearly articulate their value proposition and target market
• Develop a clear understanding of their competitors
• Establish a detailed financial plan, including revenue projections and expenses
• Identify potential risks and challenges, and develop strategies to overcome them

Business plan vs business model: which is more important?

From the differences and similarities highlighted above, we can conclude that a business model is a framework that outlines how a business will create and deliver value to its customers. On the other hand, a business plan is a comprehensive document that outlines how a business will achieve its goals.

Therefore, a business model will often be a critical component of a business plan, as it informs key elements such as the revenue model, target market, and competitive strategy. By including a business model in your business plan, as an entrepreneur, you can communicate your vision and strategy more clearly to potential investors and partners.

Business plan vs business model: use both elements

The difference between a business plan and a business model is often misunderstood.

A business plan lays out the fundamentals of your project and helps guide decisions during its execution phase. While the best way to think of a business model is as the engine that makes a company’s plan come to life, specifying how it will make money and satisfy customer needs.

In addition, some essential things you’ll need to help your business succeed are adequate funding, necessary licenses and permits, a legal structure, a website , a social media presence, and a solid marketing strategy.

A passion for your business idea, a willingness to learn, and a commitment to hard work can also go a long way toward helping you achieve success as an entrepreneur.

🏁 Starting a new business? Check out our best tips on starting your own business to help you get started.

[1] https://www.dictionary.com/browse/business-plan [2] https://www.investopedia.com/terms/b/businessmodel.asp

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Business Model Vs Business Plan: What’s the Difference?

There’s a big misconception about the whole business model vs. business plan debate because both terms have been wrongly used. Today, we’ll look into what they’re really for and why they’re needed for the business.

Strategy has always been a building block of business. In the ever-competitive and highly volatile industry, you have to come up with a sustainable advantage over your competitors. Few lucky entrepreneurs successfully start on the right foot, but luck often runs out while keeping a great momentum. This is where a solid business strategy comes to play.

You can’t just launch your startup without establishing where it’s heading. You need a business strategy to identify which direction you’ll operate towards. This is why a business plan and a business model are essential factors in a company’s success. But because they seemingly have a similar purpose, they’re mistakenly used interchangeably. The truth is, one cannot exist without the other.

To truly understand the difference between a business model vs. a business plan, we’ll need to define what they are and what they’re used for. 

What is a Business Model?

A business model is the company’s rationale and plans for making a profit. It explains how a company delivers value to its customers at a specific cost. A business model would include details about the company’s products and services, its target market, and all expenses related to the operations and production.

Why is it necessary?

It’s considered a roadmap for a business to achieve its financial goal in a given period. It maps out how you can sustain the value you deliver to your customers. Entrepreneurs use it as a tool to study, test, and estimate cost and revenue streams.

They can make quick hypothetical changes to the business model to determine how a financial decision can impact their long-term operations . This allows business owners to anticipate and adapt to trends and challenges in their industry.  

Consequently, a strong business model also helps attract investors, recruit talent, and motivate employees. The management and staff are often motivated by how well a company adheres to the business model.  

Types of Business Model

When it comes to different kinds of business models, there are several options for a company. For example, a software company might go with a subscription model because it’s easier to sell their product through a license subscription. On the other hand, retail companies might go for the accessories model because it’s more straightforward.

In determining which type of business model to use, companies choose the style that best suits their operations and industry. A growing method is using a combination of business models to create a hybrid system for the business.

The following are some of the most widely used types of business models:

• Subscription
• Transactional
• Retail sales

Creating a Business Model

Now that we’ve established what a business model is, it’s time to learn how to create one for your startup. Your business model has to answer all the critical questions about your business.

Here are the key components you must include in your business model:

• Key Objectives
• Target Market
• Product Value
• Product Pricing
• Required Funding
• Growth Opportunity

Keep in mind, the business model has to be updated regularly to fit your goals. All companies undergo a stage of maturity that directly affects the business model it follows. 

For early-stage startups, the business model would ideally be simple and straightforward. Most business owners would even opt for a flat organization where staff could communicate their concerns directly to the owner. This, of course, will change as the company expands.

Now that we’ve learned what a business model is, it’s time to move on to the next part of the business model vs. business plan discussion. So, let’s discuss what is a business plan.

What is a Business Plan?

A business plan is a written document that details a company’s goals and its strategies to achieve them . It’s considered the “blueprint of the business” because it summarizes all the essential aspects of the company such as finance, marketing, and operations.

It serves as a reference for the company owner and the management in making major business decisions. It can also be presented to investors when the owner is raising capital. It’s beneficial for startups who have no proven track record since a business plan can pitch its full potential.     

A business plan is not only helpful to a business in its early stage, but it also helps it pivot during unforeseen circumstances. In a volatile industry, a company needs to adapt quickly and efficiently. Hence, update the goals and methods should accordingly.

Creating a Business Plan

So, what should a business plan include?

Business plans vary according to industry, but there is a general format for writing a business plan. You can expand or shorten this template based on long-term goals.  

• Executive Summary
• Business Description
• Market Analysis
• Product Development
• Marketing Strategies
• Operations and Management
• Financial Plans

You can choose from a wide selection of business plan templates when it comes to the actual writing. Remember to keep it concise and avoid jargon in the content. You will present your business plans to investors and stakeholders; hence, they need to get a clear idea of it in one reading.

Business Model vs. Business Plan: How to Use Them 

At this point, we’ve established that both a business model and a business plan are essential to success. However, both can only take your business so far. How well you execute and follow them is a whole other story. It’s challenging to start a startup , let alone maintain it.

If you want to avoid common startup mistakes , you need to build your business on a strong foundation. Hire the best people, invest in reliable tools, and sign up for mentoring.

Speaking of mentors, Full Scale founders Matt DeCoursey and Matt Watson are incredibly passionate about helping entrepreneurs succeed. They’ve created Full Scale to assist startup owners in launching and managing their companies.

Full Scale is an offshore software development company that offers a wide array of services for startups. We offer the best talent and resources needed to begin your entrepreneurial journey.

We have seasoned project managers, marketing specialists, and technology experts at your service. We’ll take care of all the hassles out of your daily operations so you can focus on your core competencies.

Want to learn more about Full Scale? Get your FREE consultation today!

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Business Plan vs Business Model Canvas Explained

6 min. read

Updated December 15, 2023

It might be stating the obvious, but planning and preparation are keys to success in business.

After all, entrepreneurs put in hard work to develop their product, understand the market they plan to serve, assess their competitive landscape and funding needs, and much more.

Successful business owners also take time to document their strategies for guiding the growth of their companies. They use these strategies to take advantage of new opportunities and pivot away from threats.

Two common frameworks for documenting strategies – the business model canvas and the business plan – are also among the easiest to get confused.

Though they can complement each other, a business model canvas and a business plan are different in ways worth understanding for any entrepreneur who’s refining their business concept and strategy.

Let’s start by digging deeper into what a business model canvas is. 

• What is a business model canvas?

You may have heard the term “business model” before. Every company has one. 

Your business model is just a description of how your business will generate revenue. In other words, it’s a snapshot of the ways your business will be profitable.

Writing a business plan is one way of explaining a company’s business model. The business model canvas takes a different approach.

A business model canvas is a one-page template that explains your business model and provides an overview of your:

• Relationships with key partners
• Financial structure
• And more…

While the business model is a statement of fact, the business model canvas is a strategic process—a method for either documenting or determining your business model.

It’s meant to be quickly and easily updated as a business better understands what it needs to be successful over time. This makes it especially useful for startups and newer businesses that are still trying to determine their business model.

You can think of a business model canvas as a condensed, summarized, and simplified version of a business plan. It’s a great way to quickly document an idea and get started on the planning process.

The business plan is a way to expand on the ideas from the canvas and flesh out more details on strategy and implementation.

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Components of a Business Model Canvas

The simplest way to think about your business model canvas is to map it out visually. A business model canvas covers nine key areas:

• Value proposition : A company’s unique offering in the market and why it will be successful.
• Key activities: The actions that a company takes to achieve its value proposition.
• Customer segments : The types of people or businesses that are likely to want a company’s products or services.
• Channels : How a company reaches customers through marketing and distribution efforts.
• Customer relationships: How a company interacts with customers and maintains important relationships.
• Revenue streams: The ways in which a company makes money.
• Key resources: The assets such as property, equipment and staffing that a company needs to perform its key activities.
• Key partners: The relationships with suppliers, vendors, customers and other stakeholders a company must maintain in order to be successful.
• Cost structure: The major drivers of company expenses that will need to be tracked and managed.

[Want an even simpler alternative? Try downloading our free one-page plan template and start building your plan in less than 30 minutes.]

To get a better sense of how a business model canvas documents business strategy, consider a company like Netflix. The streaming company’s business model is based on generating subscription revenue through its content library and exclusive content.

If Netflix executives were to create a business model canvas, it would map out how the company leverages key resources, partnerships, and activities to achieve its value proposition and drive profitability. The business model is the destination.

The great thing about a business model canvas is that you can quickly document business ideas and see how a business might work at a high level. As you do more research, you’ll quickly refine your canvas until you have a business idea you think will work.

From there, you expand into a full business plan.

• What is a business plan?

If a business model canvas captures what a company looks like when it’s operating successfully, then a business plan is a more detailed version along with a company’s blueprint for getting there.

Think of your business plan as a process of laying out your goals and your strategies for achieving them.

The business plan is more detailed, and changes over time. It examines each aspect of your business, from operations to marketing and financials.

The plan often includes forward-looking forecasts of a company’s projected financial performance. These are always educated guesses. But these forecasts can also be used as a management tool for any growing business.

Comparing actual results to the forecast can be a valuable reality check, telling a business if they’re on track to meet their goals or if they need to adjust their plan.

A business plan is also a must for companies hoping to receive a bank loan , SBA loan , or other form of outside investment . Anyone putting up funds to help you grow will want to see you’ve done your homework.

So a business plan is how you not only prepare yourself, but also show your audience that you’re prepared.

Components of a business plan

While there are several different types of business plans meant for different uses, well-written plans will cover these common areas:

• Executive summary : A brief (1-2 pages) overview of your business.
• Products and services : Detailed descriptions of what you’re selling and how it fills a need in the market.
• Market analysis : Assessing the size of your market, and information about your customers such as demographics (age, income level) and psychographics (interests, values).
• Competitive analysis : Documenting existing businesses and solutions your target customers are finding in the market.
• Marketing and sales plan : Your strategies for positioning your product or service in the market, and developing a customer base.  
• Operations plan : Describing how you will run the business from day to day, including how you will manage inventory, equipment, and staff.
• Organization and management team: Detailing the legal structure of the business, as well as key members, their backgrounds and qualifications.
• Financial Plans : Business financials that measure a company’s performance and health, including profit & loss statements, cash flow statements and balance sheets. Effective financial plans also include forward-looking sales forecasts and expense budgets.

How a business plan and business model canvas inform business strategy

Avoid the trap of using the two terms interchangeably. As we’ve shown, the two have different focuses and purposes. 

The business model canvas (or our one-page plan template ) is a great starting point for mapping out your initial strategy. Both are easy to iterate on as you test ideas and determine what’s feasible.

Once you have a clearer sense of your idea, you can expand the canvas or one-page plan into a business plan that digs into details like your operations plan, marketing strategy, and financial forecast.

When you understand how – and when – to use each, you can speed up the entire planning process. That’s because the business model canvas lays out the foundation of your venture’s feasibility and potential, while the business plan provides a roadmap for getting there.

The work of business planning is about connecting the dots between the potential and the process.

See why 1.2 million entrepreneurs have written their business plans with LivePlan

Tim Berry is the founder and chairman of Palo Alto Software , a co-founder of Borland International, and a recognized expert in business planning. He has an MBA from Stanford and degrees with honors from the University of Oregon and the University of Notre Dame. Today, Tim dedicates most of his time to blogging, teaching and evangelizing for business planning.

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Business Model vs Business Plan What’s the Difference?

Free Business Model Canvas Template

• January 2, 2024

The idea of starting a business comes easier than actually starting a business, isn’t it? Business plan, business model, marketing, and whatnot.

Are you confused between a business plan and a business model? Worry not many entrepreneurs started with just an idea without knowing anything about business terminologies.

Business plans and business models are sometimes mistakenly interchanged. Although they sound similar, they are not the same. Let’s see what they mean, their differences, and their types.

Here are the points we are going to go through:

• What Is A Business Model
• What Is A Business Plan

Types Of Business Models

Types of business plans, what is a business model.

A business model  is a mechanism that directs how you create, deliver, and attain value in the market; it’s the profit-generating plan of your company. Simply put, it’s how you sell your product to make money.

• Defining your offerings
• Identifying and describing your target audience
• Stating your sales strategy
• Predicting expenses along the way

Don’t find customers for your products, find products for your customers. – Seth Godin

What Is A Business Plan?

A business plan is a document that outlines your entire business operations. From product launches to setting milestones to planning an exit strategy, it includes every step of your business journey. It says what a company does, its vision and goals, and its strategies to achieve them.

• Executive summary
• Company Overview
• Mission statement
• Vision statement
• Problem statement
• Products and services
• Market analysis
• Customers analysis
• Competitors analysis
• SWOT analysis
• Marketing and sales plan
• Operations plan
• Financial plan

There are online business plan tools that help you to write business plans in a standardized format which helps the whole business ecosystem to understand the business.

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• Business Model: Your business model focuses on optimizing the internal and external operations of your company to earn maximum profits. It explains your relationship with dealers, distributors, service partners, customers, and target audience.
• Business Plan: Conversely, your business plan focuses on how you set goals , create strategies, make predictions, and manage labor to sustain and scale your business . It also outlines your relationship with your customers, competitors, industry, and the market.

Adopting The Right Business Model(s) Helps You:

• Gain A Competitive Edge: Incorporating a unique business model amazes your audience and attract them to be your first-time customer. It also provides you with a competitive edge over other companies in your industry.
• Ensure Sustainability And Scalability: A business model pushes an entrepreneur to have monthly updates and what exactly your next month should look like. Most businesses get close due to poor financial management, which is why a business model is required. From economic storms to any unexpected difficulties, a business model ensures both sustainability and scalability.
• Inspires Trust In Investors: Investors know what is the failure rate of any small business , which is why incorporating a business model will give a sense of security. They will also know that you have a strategy and what is your profitability expectations from the upcoming years.

Writing A Great Business Plan Helps You:

Test the viability of your business idea:

A business plan defines the target audience and their willingness to pay for your product or service. This way your business idea will get the validation of whether to go ahead with it or not.

If you have no idea about how to write a business plan , worry not, Upmetrics – the business planning software is here to the rescue!

Acquire Funding:

If you want funds from banks, investors, or other parties, then you will require proper financial goals, plans, and projections. So, an ideal business plan will help you out with impressing investors.

Plan For Exit:

The business plan includes strategies and a timeline to accomplish any task, which helps in planning the exit of your business too. While handing over your business or closing it directly, meeting the financial goals is also important, which are very specific in the business plan.

Some of the other advantages of writing an ideal business plan are:

• Identify market gaps and threats
• Organize and plan business processes
• Forecast financial estimates and market trends
• Create strategies to achieve objectives

While Adopting A Business Model, You:

First, consider the scalability of your business, then measure the value you offer. List down your competitors, segment your customers, see the market potential, and then choose a business model.

Here are other points to consider:

• Aim to receive validation from prospective customers
• Modify assumptions to match customer preferences
• Focus on the current financial position

While Creating A Business Plan, You:

Answer a few questions first like where you think your business will be in 10-15 years, what is your expected income, or what are your projections.

• Aim to find factual information through research
• Support assumptions through data from customer analysis
• Focus on the current and future financial position

How many business models there can be since new models are created all the time? Here are some of the most recognizable business models:

• Brick-and-mortar
• Bricks-and-clicks
• Razor and blade
• Subscription
• Advertising

If you feel none of the above business models suits your vision, you can build a custom business model for your company via business planning software.

As your business grows, it is advisable to modify your business model to accommodate the changes in the economy, customer buying behavior, industry trend, etc.

Nine Key Elements

• Customer Segments: Who are you selling your product to? Identify the top three revenue-generating segments in the market.
• Value Proportion: How are you solving your customer’s problems? Describe the product or service you are offering.
• Revenue Streams: How do you receive payments for your offerings? Think advertisements, direct sales of products, etc. List your top three revenue streams.
• Channels: How do you reach your customers and sell your offerings? Think stores, wholesalers, door delivery, etc.
• Customer Relationships: How do you communicate with your customers? How do you offer support? Think self-service, personal assistance, telephonic support, etc.
• Key Activities: What are your daily business activities? State the activities that are vital for operating your business.
• Key Resources: What do you need to run your business? List all the physical, financial, intellectual, and human resources you need. For instance, a SaaS company needs human expertise, equipment, etc.
• Key Partners: Who are your business partners ? What are their responsibilities? What are the activities only they can do?
• Cost Structure: What are your key costs? Considering your activities and resources, list your important expenses. Do you follow a cost-driven structure or a value-driven one?

• Traditional business plan :This is a detailed 40-page business plan. It is ideal if you want to record all your business activities without leaving anything up for assumption.
• Lean business plan: A lean business plan is half the size of a traditional business plan and is common among most modern-day businesses.
• SBA business plan: SBA business plan This is a specific business plan that banks and investors require you to submit if you are looking for funding.
• Startup business plan: A startup business plan includes all the steps you need to take before and during establishing your startup.

Planning To Grow Your Business?

Although some functions of a business model and a business plan do overlap, you cannot replace one with another. Both focus on different outcomes and are must-haves in your business arsenal.

Planning to run a company requires you to use online business plan tools to maximize your chances of success. Try Upmetrics for your business, and join 110K entrepreneurs who trusted us.

Build your Business Plan Faster

with step-by-step Guidance & AI Assistance.

About the Author

Riya Shah is a skilled content writer experienced in various areas of writing, currently working with Upmetrics. Fascination with reading led her to be a writer. Highly creative, focused, imaginative, and passionate. Read more

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6 Components of a Strong Business Model

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What is a business case and how to write one (with template)

In this guide, we’ll define what a business case is, help you determine when you need one (and when you don’t), and walk you through a four-step process for creating a business case.

We’ll also outline what you should include in a business case and provide a free template you can use when writing a business case to secure stakeholder support for your next big project.

What is a business case?

Every project needs the support and approval of key stakeholders before it can launch. Many project and product leaders use a project plan or charter to communicate pertinent details to those involved.

Similarly, for large initiatives that require significant resources, potential investors are presented a business case outlining the costs, benefits, business need, and risks involved.

A business case is a document that defines the value it will deliver if executed and benefits the company over the costs involved. With a thorough understanding of the components to be included and necessary resources, it is possible to create a compelling business plan.

Why do you need a business case?

If a project is green-lit without a business case, it can lead to serious issues down the road. A project without clearly articulated expectations and goals can go on endlessly and aimlessly. This leads to wasted resources, money, and time with no outcome in the end.

A business case enables you to:

Align with strategy

Gain stakeholder support, prioritize projects, track outcomes.

A business case helps to showcase how a project is aligned with the overall strategy and goals of the organization. It clearly defines the problem or opportunity that the project is intended to address.

A business case also enables you to determine expected benefits and outcomes before you start a project or initiatives, thus projecting how the project contribute to achieving the organization’s goals.

A business case is a useful tool to provide a clear rationale for pursuing the project. A thorough business case can help key stakeholders decide whether to invest in the project by evaluating the feasibility, costs, risks and potential returns. A business case presentation gives stakeholders an opportunity to ask questions and address concerns.

A business case defines the value that the project is expected to deliver. Based on the value delivered by each project, business and product leaders can prioritize projects for budget cuts or further investments. Proper prioritization helps the organization achieve the goals aligned with the business strategy.

A business case provides a roadmap for the project, including the goals, milestones, and key deliverables. Once the project starts, a roadmap helps you keep track of your progress toward project goals, including what has already been achieved and what will be delivered at the end. Providing a timely update on the project to the key stakeholders is critical for setting expectations.

When you don’t need a business case

A business case is certainly helpful for large initiatives requiring support from key stakeholders, but there are some situations where creating a business case might be a waste of time.

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For instance, small or low-risk projects that would not impact the organization in any negative way do not require a business case because it would not make sense to spend that much effort on a low-scale project.

A business case might also be considered superfluous for a project that is already ongoing. It can be tempting to create a business case post-launch for the sole purpose of documenting decisions made and milestones achieved. However, it’s typically not worth the time investment because such a business case rarely adds any value or insights.

Before you take on the task of creating a business case, it’s important to carefully consider the need and to ensure that doing so would produce valuable insights to the decision-making process. It is in the best interest of everyone to forgo the business case creation process in situations where it does not provide any additional value and to focus instead on other activities that directly impact the project.

Business case vs. business plan

A business plan is not the same thing as a business case.

A business case outlines a proposed project and its potential benefits to convince key stakeholders to invest. It typically includes analysis of costs, value to be delivered, and associated risks, along with ROI.

A business plan, on the other hand, outlines the overall strategy and goals for an entire organization. It defines the what, why, and who for the business, covering the products and services offered, target segment, marketing and sales strategy, and operational and financial projections over a period of time. A business plan is designed to help potential outside investors make informed decisions about whether the business is worth investing in.

The table below breaks down the differences between a business plan and a business case:

How to write a business case

Before we dive into steps to create a business case, let’s review what we’ve learned so far:

• A business case is a document created during the initiation of the project but is referred throughout the project lifecycle
• A strong business case helps in building confidence and gaining support of key stakeholders
• A business case also helps you track a project’s progress over time
• A weak business case that is not aligned with strategy can lead to project failure

To write a business case, follow this four-step process:

• Identify the business need
• Explore all possible solutions
• Propose the best approach
• Outline the implementation process

1. Identify the business need

Projects are initiated to solve a business need and achieve a value or a benefit aligned to the goals of the organization.

The first step to create a business case is to identify the business problem and define it clearly. Market research and any available data to justify the business need is helpful to include in the business case.

2. Explore all possible solutions

Once the business problem has been identified, the next step is to explore all the possible solutions for that problem. You can do this systematically by listing out all the possible solutions along with other parameters, such as:

• The benefits of each approach
• Feasibility
• Time period
• Assumptions

A detailed analysis of each option predicting the cash flows, ROI, and value delivered would help key stakeholders understand each solution and cross-question the assumptions, feasibility, and other parameters.

3. Propose the best approach

Set a criteria to showcase how you evaluate each solution and then come up with the best out of the list.

To set the criteria, identify attributes that closely align to the organization’s strategy. For example, if the organization’s goal is to increase revenue in the next year, then an important criterion might be the solution with maximum revenue projection.

List the top three-to-five attributes to evaluate alternative solutions against and rank each solution 1–5. Once you rank all of them, total the ranks for all the attributes to indicate a clear winner.

Document this process and present it to stakeholders to ensure they are on the same page with the selection process of the best solution.

4. Outline the implementation process

Once the best solution has been proposed, the next step is to think about how it will be implemented.

When it comes to planning the implementation process, you need to define:

• Resources needed
• Timeline from initiation till the end
• Risks and how to mitigate
• Milestones and when they will be achieved
• Total cost involved and how much will be used by when

These four steps, when captured in detail, can help you win the support of key stakeholders and kick off your project with a solid foundation and a clear objective.

What is included in a business case?

Now that we’ve walked through the steps of how to create a business case, let us also take a look at what to include in the business case document to support the four steps outlined above.

Here’s what to include in a business case:

• Executive summary — A quick overview of the project and the topics being covered in the business case
• Business problem — A description of the business problem and why it is important to solve it
• Possible solutions — A list of possible solutions and how the best possible solution is identified
• Project definition — Define the business objectives to be achieved along with general information about the project
• Project plan — Create the project plan with key elements your team needs to accomplish to successfully achieve your project goals
• Project scope — Clearly define what would be covered as a part of the project and what is out of scope to avoid any confusion
• Project budget — Estimated cost involved to complete the project needs to be captured with a detailed breakdown
• Project roadmap — Projection of the estimated timeline for each stage of the project to be done. Be sure to include any important project milestones
• Project financials — Financial metrics depicting the cash flow, such as NPV, IRR, ROI, and payback period to help stakeholders understand the financial value the project can bring in over a period of time
• Risk assessment — Capture the risks involved and the steps planned to mitigate the risks
• Project stakeholders — A list of key stakeholders involved can help anyone looking at the document to reach out to them when needed. The list can include the project team, sponsoring executives, and any external stakeholders who might be involved

Business case template

To help you get started writing a business case for your next big project or initiative, we created a business case template that you can download and customize for free.

You can access this simple business case template by clicking here (be sure to select File > Make a copy from the main menu bar before editing the template).

Preparing the business case is only half the journey of initiating a project. The next step is to present the business plan to key stakeholders , answer their queries, and compel them to support the project.

Lastly, be sure to follow up with the attendees to make sure all the stakeholders are on the same page and aligned to support the project.

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• The beginner’s guide to writing an effe ...

The beginner’s guide to writing an effective business case

Nearly every project needs to be approved—whether that means getting the simple go-ahead from your team or gaining the support of an executive stakeholder. You may be familiar with using a project plan or project charter to propose a new initiative and get the green light for a project. But if your proposed project represents a significant business investment, you may need to build a business case.

If you’ve never written a business case, we’re here to help. With a few resources and a little planning, you can write a business case that will help you get the resources and support you need to manage a successful project.

What is a business case?

A business case is a document that explains the value or benefits your company will gain if you pursue a significant business investment or initiative. This initiative can be anything from the messaging for a new product or feature launch, a proposal to increase spend on a current initiative, or a significant investment with a new agency or contractor—to name a few. A compelling business case will outline the expected benefits of this significant investment decision. Key stakeholders will use the business case you provide to determine whether or not to move forward with an initiative.

If you’ve never created a business case, it may sound similar to other early project planning documentation. Here’s how it stacks up:

The difference between a business case and business plan

A  business case  is a proposal for a new strategy or large initiative. It should outline the business needs and benefits your company will receive from pursuing this opportunity.

A  business plan , on the other hand, is an outline for a totally new business. Typically, you’d draft a business plan to map out your business strategy, your mission and vision statements, and how you’re planning on getting there. There may be a case where you create a business plan for an already-existing business, but you’d only do so if you’re trying to take your business in a significantly new direction.

Business case vs. executive summary

Business case vs. project charter.

If you need to create an elevator pitch for your project but you don’t quite need the full business case treatment, you might need a project charter. Much like a business case, a project charter outlines key details of an initiative. Specifically, a project charter will cover three main elements of your project: project objectives, project scope, and key project stakeholders. Your management team will then use the project charter to approve further project development.

Do you need a business case?

Not every project needs a business case—or even a project charter. Plan to build a business case only for initiatives or investments that will require significant business resources. If you’re working on a smaller initiative, consider creating a project charter to pitch your project idea to relevant stakeholders.

Even if you don’t need to pitch your project to any stakeholders, you should be ready to answer basic questions about your proposed project, like:

What is this project’s purpose?

Why are we working on this project?

How does this project connect to organizational goals and objectives?

Which metrics will we use to measure the success of the project ?

Who is working on this project?

When is this project going to be completed?

5 steps for creating and pitching a business case

Your business case shouldn’t just include key facts and figures—it should also tell a story of why pursuing a particular investment or initiative is a good idea for your business. When in doubt, avoid jargon and be brief—but always focus on communicating the value of the project. If this is your first time creating a business case, don’t worry. Follow these five steps to create a solid one.

1. Gather input

You don’t have to write a business case on your own. Instead, make sure appropriate team members and stakeholders are contributing to the relevant sections. For example, the IT team should be involved in any tooling and timeline decisions, while the finance team should review any budget and risk management sections. If you’re creating a business case to propose a new initiative, product line, or customer persona, make sure you also consult subject matter experts.

2. Plan to write your business case out of order

Some of the first things that appear in your business case—like your executive summary—should actually be drafted last, when you have all of the resources and information to make an informed suggestion. Your executive summary will present all of your findings and make a recommendation for the business based on a variety of factors. By gathering all of those details first—like project purpose, financial information, and project risk—you can ensure your executive summary has all of the relevant information.

3. Build your business case incrementally

A business case describes a significant investment for your company. Similarly, simply writing a business case is a significant investment of your time. Not every initiative is right for your business—so make sure you’re checking your work with stakeholders as you go. You don’t want to sink hours and weeks into this document only for it to be rejected by executive stakeholders right off the bat.

Consider doing a “soft launch” with an outline of your business case to your project sponsor or an executive stakeholder you have a good relationship with to confirm this initiative is something you should pursue. Then, as you build the different sections of your business case, check back in with your key stakeholders to confirm there are no deal-breakers.

4. Refine the document

As you create sections of your business case, you may need to go back and refine other sections. For example, once you’ve finished doing a cost-benefit analysis with your financial team, make sure you update any budget-related project risks.

Before presenting your business case, do a final read through with key stakeholders to look for any sections that can be further refined. At this stage, you’ll also want to write the executive summary that goes at the top of the document. Depending on the length of your business case, your executive summary should be one to two pages long.

5. Present the business case

The final step is to actually present your business case. Start with a quick elevator pitch that answers the what, why, and how of your proposal. Think of this presentation as your chance to explain the current business need, how your proposal addresses the need, and what the business benefits are. Make sure to address any risks or concerns you think your audience would have.

Don’t go through your business case page by page. Instead, share the document with stakeholders before the presentation so they have a chance to read through it ahead of time. Then, after your presentation, share the document again so stakeholders can dig into details.

A business case checklist

Start with the why.

The first section of the business case is your chance to make a compelling argument about the new project. Make sure you draft an argument that appeals to your audience’s interests and needs. Despite being the first section in your business case, this should be the last section you write. In addition to including the  traditional elements of an executive summary , make sure you answer:

What business problem is your project solving?  This is your chance to explain why your project is important and why executive stakeholders should consider pursuing this opportunity.

What is your business objective ?  What happens at the end of a successful project? How will you measure success—and what does a successful project mean for your business?

How does this business case fit into your overall company business strategy plan?  Make sure your proposed business case is connected to important  company goals . The initiative proposed in your business case should move the needle towards your company's  vision statement .

Outline financials and the return on investment

At this point in your business case, you should outline the project finance fundamentals. Don’t expect to create this section on your own—you should draft this in partnership with your company’s finance team. In particular, this section should answer:

How much will this project cost?  Even if the initiative is completely new to your company, do some research to estimate the project costs.

What does each individual component of the project cost?  In addition to estimating the total overall cost, break down the different project costs. For example, you might have project costs for new tools and resources, competitive intelligence resourcing, agency costs, etc.

What is the expected return on investment (ROI)?  You’ve talked about the costs—now talk about how your company will benefit from this initiative. Make sure to explain how you calculated the ROI, too.

How will this project impact cash flow?  Cash flow is the amount of money being transferred into and out of your business. Significant investments are going to cost a lot of money, so they’ll negatively impact cash flow—but you should also expect a high ROI, which will positively impact cash flow.

What is the sensitivity analysis?  Sensitivity analysis is a summary of how uncertain your numbers are. There will be a variety of variables that impact your business case. Make sure to explain what those variables are, and how that could impact your projections.

Preview project details

Your business case is proposing a new initiative. In addition to the financial risks, take some time to preview project details. For example, your business case should include:

Your  project objectives  and  key project deliverables .  What will happen at the end of the project? What are you expecting to create or deliver once the project is over?

Your  project plan .  A project plan is a blueprint of the key elements your team needs to accomplish in order to successfully achieve your project goals.

The  project scope .  What are the boundaries of your project? What exact goals, deliverables, and deadlines will you be working towards?

A list of relevant  project stakeholders .  Who are the important project stakeholders and key decision makers for this work? This can include the members of the project team that would be working on this initiative, executive stakeholders who would sponsor the project, and any external stakeholders who might be involved.

A general  project roadmap  in a Gantt-chart like view.  At this stage in the process, you don’t need to provide a detailed project timeline, but you should outline a general sense of when each project stage will happen in relation to the others. To do this, create a project roadmap in  Gantt-chart like software . Make sure to include any important  project milestones  in your roadmap as well.

Any important project dependencies.  Is there anything that would get in the way of this project getting started? Does this work rely on any other work that’s currently in flight?

Discuss project risks

Once you’ve outlined the financial impact and important project details, make sure you include any potential project risks. If you haven’t already, create a  project risk management plan  for your business case. Project risk management isn’t the process of eliminating risk—instead, it’s about identifying, analyzing, and proactively responding to any potential project risks. Clearly defining each project risk and how that risk might impact your project can best equip you and the project team to manage and avoid those risks.

In the risk section of your business case, include:

A risk analysis of any potential project risks.  What is the risk? How likely is it to happen? What is the priority level of this risk?

What, if any, assumptions you are making.  In project risk management, assumptions are anything you think will be true about the project, without those details being guaranteed facts. Basing project decisions around an assumption can open your project up to risk. Make sure you ratify every project assumption to avoid jeopardizing project success.

Any comparable alternatives in the market.  If you’re writing a business case to pitch a new product or angle in the market, evaluate anything that already exists. Could the alternative impact your financial assessment or project success?

Develop an action plan

In the final section of your business case, outline how you will turn this business case into an actionable project. This section should answer questions like:

How will decisions be made?  Who is responsible for the project? Who is the project sponsor? If you haven’t already, consider creating a  RACI chart  to outline project responsibilities.

How will progress be measured and reported?  Not every project stakeholder needs to be notified of every project change. Outline key parts of your project communication plan , as well as how you’ll communicate  project status updates .

What is the next course of action?  If the management team ratifies this business case, what next steps will you take to put this into action?

Bring your business case to life

You’ve built a solid business case and it’s been ratified—congratulations! The next step is to bring your business case to life. It can be intimidating to  initiate large-scale change , and implementing your business case is no exception.

If you haven’t already, make sure you have a  project management tool  in place to manage and organize your new initiative. With a central source of truth to track who’s doing what by when, share status updates, and keep project stakeholders in the loop, you can turn a great business case into a successful project.

Related resources

Unmanaged business goals don’t work. Here’s what does.

How Asana uses work management to drive product development

How Asana uses work management to streamline project intake processes

How Asana uses work management for smoother creative production

ORGANIZING4INNOVATION

Business plan, case, model, or canvas?

While related, business plans, business cases, business models, and business model canvases are very different things that serve different purposes. What to use when?

Let me first explain what is what.

A business plan

A business plan is a detailed description of how you plan to start and grow your business. Typically it is a plan for a time period of 1 to 3 years. It details what the organization plans to do. That is, what the cost structure will be, the expected revenues, and how you will go about the execution. As you can imagine, writing such a plan requires a lot of data. Data often does not exist when the service is novel or when you are just starting the innovation journey for a new offering. Nevertheless, most investors ask for a business model before they are willing to invest in a start-up. For some useful dos and don’ts, including templates, go here .

A business case

A business case explains why it is worth exploring an opportunity. It is the justification for a proposed project. Making the case why spending money figuring out how to address a problem or going after an opportunity makes sense. This terminology is more used in project management than entrepreneurship. In sum, it explains why the organization should fund the adventure. Our hands-on approach will help you create a business case for your project in just a few weeks. More than you want to know about writing a business case can be found here .

A Business model

A business model explains how a new service or company is going to generate revenues and serve its customers. There are various standard models, such as a fee-for-service, razor-blade, or subscription models, see here for nine commonly used models .  Combinations of these models are of course possible too. Please beware that the business model is not cast in stone. It takes most start-ups about two years, to figure out which business model works best for them.

A business model canvas

A business model canvas is an abbreviated one-page overview that provides a snapshot picture of a start-up. It sketches who the start-up targets as clients. What the benefits are of the provided solution. How customers will be reached etc. All these topics are subject to change in the early phases of a start-up. Therefore, the canvas is meant as a snapshot. A picture that requires periodic if not constant updating. More on the business model canvas, including templates, can be found on Strategyzer.com .

Throwing business plans out of the window?

In the entrepreneurship community, business plans are no longer in vogue, because most start-ups lack the data to write an accurate and truthful plan. Instead, entrepreneurs are now using the business model canvas, especially in the early stages of their start-up. The canvas is part of the lean start-up methodology . Following this methodology, a start-up is a series of experiments to collect data and figure out what actually works. The business model canvas helps to ensure these experiments are aligned. It also ensures all the necessary components that will be needed to run the business are being addressed.

What about organizations, should they abandon the business plan too?

Not so fast I would say. Companies have a huge advantage over start-ups. They have experience. Many of the innovation projects a company undertakes are variations on a theme. If that is the case for your project, new product, or new service, you should dig up the data on these previous projects and undertakings. Those experiences provide useful information that will help you plan the future and write your business plan. After all, if the data is there, you should use it to learn valuable lessons from the past. Stand on the shoulders of giants if you can!

However, if the project entails venturing into novel territory, then it will be a waste of time to write a business plan. You will lack the data necessary to make meaningful projections about the future.

The business model canvas is most suited to address changes and uncertainties, however, it does not provide sufficient information to get approval for your project.

While helpful at the start, the business model canvas or variations made for organizations alone will be insufficient. Most organizations require you to create a business case, as a justification, before an investment can be made in your innovation project.

Planning for the future

In sum, whether it is a case, plan or canvas, all these templates enable teams to plan for the future. They describe why it is worth the time and effort to explore an opportunity, how (new) clients will be served, and what it will take to get there. The more data you have, the more elaborate and detailed you can – and should- make your plans. If you have data from similar experiences in the past - or if you have sufficient data on your present endeavor - that you can use to extrapolate and project the future, write a business plan. A plan that not only justifies your project but also provides targets for the execution.

If you don’t have such data, start with a light version. Use the business model canvas to start collecting necessary data. If you wonder how, consider signing up for one of our support plans .

A final note

Whether you ask - or are asked- to create a canvas, write a case, or draft a business plan, you need the knowledge and tools to do so. While not overly complex, there are dos and don'ts that can save your project or business from failure. Many professionals - physicians, lawyers, and engineers - are trained to practice your trade, not in the business aspects of your profession. Creating a business case provides an excellent opportunity to get engaged in the business side of your organization.

Getting your project set up properly will save you a lot of time and money down the road, in the execution of your project.

Creating a business case can be a challenge if you have to Google your way through on your own. I have seen many innovators wasting a lot of their valuable time trying to figure out what template to use, what information to add, and where to find the relevant data. Consider signing up for one of our support plans,   if you want to get results 3x faster and with a 5x higher chance of success.

Related blogs:

• Prioritizing in uncertain times
• Business Model Innovation
• How to differentiate between good and superior business case proposals?
• It takes more than a business case to get your innovation project approved

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How To Write Business Plans and Business Cases

Setting the scene

“What’s the difference between a business case and a business plan?”

Few people can produce a ready answer to that question. After all, both business plans and business cases make predictions about future outcomes, but there is a big difference between the two.

Business plans

are based on the business model or business line of an organisation. They explain how the business will achieve its operational and financial goals by capitalising on the capability of the organisation.

Business plans may be written to explain how a business may meet its growth targets over one or more years.

Business cases

are based on a cost model. Business cases comprise an argument to convince a decision maker to approve a specific course of action over another.

A business case may be produced to justify the purchase of capital equipment.

1. What is a business plan?

2. how do i prepare, 3. how do i start, 4. how long should a business plan be, 5. how should i clarify my ideas, 6. what should a business plan contain, a) executive summary, b) management profiles, c) vision statement, d) mission statement.

e) Your proposition – company, product or service

f) Market description, analysis, segmentation, targeting and positioning

G) explanation of how the product, service or idea is different, h) outline marketing plan, i) outline sales plan and forecast, j) resources.

k) Financials (to include ROI and cash flow)

l) How to make it happen

7. should i use images and colour, 8. how should i present charts, 9. what is a business case, 10. what is the first stage, 11. how do i test my ideas, 12. defining options, 13. structure of a business case, 14. how do i encourage a decision, 15. any winning tips.

16. One last thing…

Business Plan

A business plan is a written document which describes your business, your goals and how you intend to achieve them over a given period. It is a forecast. It describes your starting point and the strategy you need to reach your proposed end point in one, two or three years.

It details your aims, describes your products and services, analyses market demand, and details the resources you need, the capability you have, and the income you anticipate to generate over a period of time.

In essence, your plan should provide sufficient information for the reader to calculate the credibility of your strategy, your chance of success, and in some cases, the risk people may take by investing in your business.

Ensure that you can answer questions about your plan with logic, completeness and clear thinking. You need to be able to describe three things:

• The situation – opportunity or problem
• Your plan to address the situation
• The payback

Creating an effective business plan means converting an exciting idea in your head into a compelling story on paper. It means applying logic and reasoning to your thoughts and creating a credible plan of action. Above all, it requires clarity of thought.

Clarity is the connection of your idea – your business proposition – to a coherent set of words, sentences, and numbers. It details what you wish to achieve – the business benefits – the why and who and when and where and how you are going to achieve them.

You must be able to answer why people should buy your business, product, service, or idea, in preference to someone else’s. Your answer should include the financial reasons why people should buy from you, which then means that your answer is essentially your value proposition.

A value proposition is a statement of value which you propose to deliver to potential buyers. This should be your starting point for developing your business plan.

Think of your value proposition as your elevator pitch. It should be clear, concise and compelling. It is about how you can deliver greater value or offer a better deal to potential customers than the current market can offer.

A value proposition details how your business, product or service can offer higher quality, lower cost, or something else desired by your customers, that your competitors can neither offer nor replicate easily. A value proposition should comprise a simple set of statements which:

• Describe how your business, product, service, or idea addresses the situation – problem or opportunity.
• Detail why the situation should be addressed or needs to be addressed in terms of opportunity, difficulty, or cost.
• Explain the benefits of your business plan – your business, product, service, or idea over alternatives.
• State the cost advantages of your business, product, service, or idea over competitive alternatives.

A business plan should contain essential information and no more than essential information necessary for the plan. The plan should be as short and as concise as possible. But it must contain everything necessary. In other words, it must be complete and leave no obvious questions unanswered.

A business plan can be as short as a couple of pages to many pages long depending on the product, service, market, and complexity of the proposition.

You need to have clarity about all aspects of your business plan and the influences upon it. SWOT may help you to distinguish between unimportant and important aspects which you need to consider. A SWOT analysis is a way of focusing on factors which may influence your success.

In particular, you need to be clear about threats to your plan. Readers need to see that you are knowledgeable about the environment in which you will be trading. That means you should never skip over areas of potential difficulty. Instead, define, analyse and conclude how and why you can overcome them. Realism is desirable in all business plans.

The number of sections your plan needs depends on the focus, technology or complexity of the proposed offering and may include:

b) Management profiles (if relevant)

The executive summary is the most important part of the document because it is likely to be read by all stakeholders. But don’t think of it as purely a summary of your business plan.

Think of it as an opportunity to “sell” your business idea. Think impact, engagement, and appeal. From your first word to your last, your executive summary requires high energy.

Your first sentence should be a benefit-focused entrée into an appealing, scene setting, first paragraph.

It should detail your vision, mission, the situation, proposal, and payback. It needs to mirror your document in the precise order of your document – from the proposition, market description, considerations, resources required and return on investment to cash flow. It needs to be well-structured, appealing, and highly credible.

Sketch out your executive summary in draft before starting your document. It should represent the skeleton of your document. Produce it in rough before writing your document and complete it after writing your whole document.

An executive summary – over one or perhaps two pages – should have seven parts:

• Proposition summary and how it meets the customer/market needs
• Situation definition - problem or opportunity
• Approach and proposition
• Financials/costings/payback
• Benefits/rationale to approach
• How to make it happen

If the business plan is to secure funding, investors will want to know the capability, experience, and track record of the people who will be driving the business. Short biographies of key people should be detailed.

State where you see your business in the future. A vision statement is a high-level overview of the business, the characteristics the business will display, and the goals that it will have achieved by a specific time.

Summarise your company’s purpose, means of operation, market, and scope of activity.

e) Your proposition - company, product or service

This section should start with an outline of why you have developed your offering – the need for it – and how it fits within the market, competitively. You should position your company, product or service in the mind of the reader.

The main focus of this section is on what you will offer the market in terms of business, product or service, technically and operationally. You should include charts, diagrams, and images as necessary to enable the reader to understand your offering and its comparative capability.

Ensure that the information you give is complete, that your narrative explains essential details, and that no questions are begged.

You should describe your product or service in terms of what marketers call a marketing mix. It’s a means of structuring an offering from a marketing perspective. It comprises: Product, Price, Placement, and Promotion, otherwise known as the 4 Ps.

This is about describing your product range or service, and how you will adapt it to support your customers’ needs and desires.

You should also include guarantees, support, and maintenance. Also include product variation, differentiation, and innovation.

This is the process of setting product prices. It may include discounts which relate to what you think customers are prepared to pay, and how they may wish to pay.

This might involve distribution channels, direct sales, indirect sales or e-commerce. In essence, you need to detail how you will get your product to market. Don’t go into detail here – instead, give detail at the section on sales plan and forecast.

This is about how you will promote your product, product line or company.

Markets are divided into groups of buyers – or segments. You should describe your market in segments.

Tailoring an approach to one or more groups – or one or more segments – over others is the only way to promote your offering. That’s why airlines promote first class services differently from economy class services.

One other thing you need to be aware of is that the segment or segments you propose are valid. Provided that a segment can be identified, is of reasonable size and can be reached economically, then it is a valid marketing target. Here are some variables:

These relate to age, gender, income, race, and ethnicity for the purpose of creating a clear and complete picture of the characteristics.

There are often regional differences. Customer preferences differ depending on which part of the country they may live.

Some customers are brand loyal. Others are heavy users while others are identified as light users.

This is based on activities, interests and opinions.

Segmentation

Segments which should be attractive are those which complement your business’s strengths and where demand, profitability, and growth are favourable.

Identify the variables, and then:

• Group potential customers into segments
• Group products into categories
• Produce Market/Product grid/s

You should also detail market influences. Markets are influenced by a number of factors such as technology, economics, politics, geography, social views, and so on. Refer to your SWOT analysis. You need to identify market factors which may influence your business plan and link them to justify your approach to achieving your proposition.

Link your marketing mix to your target segment. To do so, you need to answer these questions:

• How well is our target segment served by existing suppliers?
• What would be the cost of reaching that segment?
• How compatible with our strengths is this new target segment?
• What is our competitive position?
• What is the market growth potential?

Positioning

You need to think about how you compare with competitive products and services. You then need to decide how you wish to position your product or service in the eyes of your market.

Positioning is the process by which you create an image or identity in the minds of your target market. It is the “relative competitive comparison” your product or service occupies in a given market – as perceived by the market.

It is about identifying the differential advantage of your business to your target segments. For example, a Rolls Royce Dawn is positioned differently from a Ford Fiesta even though both products are classified as cars.

Your business plan may be focused on an existing product or service or developing something completely new. Alternatively, you may wish to compare what you are offering with a competitive product or service.

Differentiation is about a product, service or idea which is perceived by the market – not purely by you – as being different. Differentiation is the aim of most businesses.

It may relate to lower cost, faster delivery, higher quality, greater adaptability and so on. The aim of differentiation is to match your offering to customer needs, attract your market and generate market advantage. You need to be clear about how you are going to achieve this.

At this point, you should also detail the uniqueness of your offering – your unique selling proposition (USP) – which distinguishes you from the competition.

Think through each element of your offering and link it to the process of getting your offering to market.

Produce an outline marketing plan – summarising essential points. Leave full detail to the marketing plan. Digital marketing is likely to play a role in promoting your business, product or service, so you need to detail how it will achieve your goals.

A typical marketing plan includes the following:

Detail the income the plan is to generate.

• Environment – Focus on every  external influence on getting your offering to market. It includes economics, social trends, political influences, legal and technological influences. Some factors may be advantageous to you, some not. Whatever they are, you need to detail them.
• Competitors – You need to detail the market positioning of all relevant competitors and their comparative strengths and weaknesses with specific reference to your market. 

Based on the above analysis.

Segmentation, targeting, and positioning.

The four Ps – Product, Price, Promotion, and Placement.

Activity is likely to include search engine optimisation (SEO), content marketing, paid advertising (PPC) and social media marketing. Whatever it is that you decide to do, you need to detail it. Produce a chart of proposed activity against forecast return, over time.

Link these through to the financial section of your business plan.

The outline sales plan and forecast should include essential sales information from your full sales plan, and nothing more. It should detail the tactics you intend to use to reach your sales goals. If B2B, you should specify the market segments you intend to target and the companies and people you intend to approach.

You need to provide a chart which specifies sales resourcing needs and timescales of the complete sales lifecycle. It should be designed so that it is understood at a glance.

If you have prospects stating an intent to buy, these statements should be included here. The sales plan is the sharp end of your business plan.

The purpose of this section is to give readers confidence by demonstrating realism about your market and credibility about your forecast.

You should detail the resources you need to achieve your business goals – people, time, equipment and money. Specify lead times – recruitment times if relevant – and whatever else you deem essential. Demonstrate how you will achieve what you propose to achieve with the resources you propose to have.

k) Financials

The primary purpose of business, any business, is to make a profit. There is no other primary purpose. For that reason, the methods by which profit will be made needs to be detailed, clear and understandable at a glance

It should be complete and presented simply and clearly, and include:

• Funding requirements, envisaged return on investment, and cashflow.
• Clear description attached to numbers and lines as appropriate.
• Tables and charts with a consistent style.
• Key messages highlighted from each table or chart.

Include a timeline of who has to agree on what and by when.

The answer is yes. Images are a good way of getting points across. If colour makes your proposal look more attractive to read, then use it. Ensure, however, that images and colour support your message and don’t get in the way of it.

Give your chart a figure number and provide a summary underneath explaining the message your chart conveys. Provide narrative. Never leave it to the reader to interpret what your image or chart might mean.

Business Case

A business case is a justification for a proposed project or plan of action on the basis of its expected commercial benefit. It is a business argument.

It reveals a situation which is either a problem or an opportunity and details how the situation could be addressed in terms of benefits and risks.

It needs to show a compelling case for change, value for money, commercial viability, affordability, and achievability.

The first stage is to produce a rough justification for addressing a problem or opportunity. It may start with your belief that you can improve a situation, save cost, make money, or achieve competitive advantage.

Whatever it is, you are unlikely to have complete information straight away, but you should have a rough idea.

For instance, you should have an approximate idea of feasibility factors. These may include situation knowledge, market size, competition, income opportunity, costs, funding, resourcing, and risk.

What you should be clear about are the drivers for addressing the situation and why your idea, product or service may have commercial traction. While you might not have complete information, you should have sufficient data to list your anticipated business benefits.

The result of this information is called your value proposition and is the basis of your business case. Refer to section 3 to remind yourself of what a value proposition should contain.

At this stage and at every stage of writing your business case, you need to probe and test your ideas. Great business narrative doesn’t beg questions but answers them, so every one of your statements needs to be supported and credible.

All options need to be defined, and your analysis needs to be non-controversial. Your analysis should be written in such a way that interested parties would agree with your analysis – even those who are likely to oppose your recommendations.

You should deal with researched facts and not show bias, or reveal recommendations. All reasonable options need to be considered including that of doing nothing (provided that is a reasonable option).

Options need to be detailed in precisely the same way – proposed option, implications, and payback – so that they can be compared equally. Consideration may be:

This relates to business synergy and strategic fit. It answers the question whether the option will be good for the overall business.

This aspect relates to whether it is good value for money.

This relates to how the business case will be structured financially and whether it can be considered to be a good deal.

This is primarily focused on whether the proposal can be funded and is affordable.

This aspect is concerned with whether the preferred option can be delivered successfully as outlined in the business case.

It should have 7 sections comprising:

Executive summary

Problem or opportunity definition, proposed business case, market analysis.

This is the most important section of your business case as it is likely to be read by all stakeholders. Produce a benefit-focused first sentence as an entrée into an appealing, scene setting, first paragraph. Your complete summary should be written so that it can be understood at a glance. It should be credible and highly persuasive.

You should draft your executive summary after you have drafted your value proposition but before writing your document. The draft will be approximate and should be finalised after the document has been written.

This section should mirror your document in the precise order of your document – from the proposition, market description, considerations, resources required to the return on investment.

From your first word to your last, your writing requires high energy. It should detail the purpose of your business case, the situation which it addresses, and above all, the benefits of your business case.

• Summary of proposed solution.
• Summary of the situation - problem or opportunity.
• Expected outcomes.
• Summary of benefits of proposal solution.

Detail the problem or opportunity so that it can be understood at a glance. Your writing should be jargon-free and easily understood by anyone not associated with your business idea.

Your analysis should be non-contentious and utterly factual of the problem or opportunity. It should provide a background and context to your business case and include research data both favourable and unfavourable to your proposition.

Identify all sources of information which contribute towards your proposition. These may include:

This is the main body of your business case. Your proposition and your approach to the problem or market should be detailed stage by stage. Start with a description of your offering in terms of benefits, features and advantages in that order.

Above all you must explain why your proposition is well-placed to address the situation and precisely how your approach complements your current business strategy.

Three questions your proposition needs to answer at every stage are: How does your idea compare against competitive ideas? How will you reach the market? Where’s the proof that you are likely to succeed?

Anticipate reader questions and answer them within your business case. Provide credibility and proof if possible at every stage.

As a conclusion to this section, you should detail your prospects – or likely users of your proposition or offering – along with their job titles. Readers will be looking for assurance that you really do know your market, can reach it, and are able to generate your forecast financial return.

• Explanation of how the solution addresses the problem or opportunity
• Cost savings
• Non-economic (perhaps relating to regulatory compliance)

If your business case is opportunity focused, then market analysis, competitor analysis and factors related to the selling environment need to be evaluated.

Show complete understanding of the market, and provide a detailed explanation of how you will reach the market.

Identify which organisational objectives the business case supports and explain how it will support them. (These may include policy, regulatory requirements or commercial governance.)

• List assumptions which drive the business case.
• Detail the environment (financial, operational, political or other) on which the solution is dependent.

Summarise competitive practices or competitor positioning. If helpful, produce a SWOT analysis.

List alternative solutions including “do nothing” provided it’s a realistic alternative.

• Timescales for agreement stages.
• Invite questions.
• Summarise and conclude with strong benefit statement.

This section should provide a cost-benefit analysis detailing the pros and cons of your case. Use facts, figures, and charts to get your messages across and use captions to emphasise them.

Readers need to assimilate critical points from your data at a glance.

• Detail funding requirements, envisaged return on investment, and cash flow.
• Make sure description is attached to numbers and lines as appropriate.
• Ensure every table and chart has a consistent style.
• Highlight key messages from each table or chart.

List the benefits in order of importance. These should relate to all considerations from the financial to the strategic.

Specify the critical path – a timeline – of all stages of approval necessary to proceed. Include the names of the people who need to give their approval.

Once you’ve checked the coherence of your argument and the completeness of your document, it is time to cast a critical eye. In addition to being complete, your document needs to look highly readable.

Make sure that your proposition is business-appealing, logical, strong, well-written and with all essential facts and figures.

Ensure your document is clear, complete, and looks good. Appearance is important. Something which looks good is likely to be read. Masses of text is unappealing. Short paragraphs and clear structure is appealing. Ensure that essential information can be read at a glance.

16. One last thing...

Mistakes in spelling, punctuation or grammar not only distract but reduce the credibility of your document. Ask others to proofread. Then check and recheck before submitting what will become your highly effective business case.

This blog was written by Richard Walker, a director of Walkerstone Limited.

He can be contacted at: [email protected]

Walkerstone comprises business case writers, proposal writers and professional trainers.

We delivery scheduled courses, in-company training and executive coaching to people and organisations throughout Europe.

Courses include:

Business Case Writing

Essential Business Writing Skills

Report Writing

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How to Write a Business Case (Template Included)

Table of Contents

What is a business case, how to write a business case, business case template, watch our business case training video, key elements of a business case, how projectmanager helps with your business case.

A business case is a project management document that explains how the benefits of a project overweigh its costs and why it should be executed. Business cases are prepared during the project initiation phase and their purpose is to include all the project’s objectives, costs and benefits to convince stakeholders of its value.

A business case is an important project document to prove to your client, customer or stakeholder that the project proposal you’re pitching is a sound investment. Below, we illustrate the steps to writing one that will sway them.

The need for a business case is that it collects the financial appraisal, proposal, strategy and marketing plan in one document and offers a full look at how the project will benefit the organization. Once your business case is approved by the project stakeholders, you can begin the project planning phase.

Projects fail without having a solid business case to rest on, as this project document is the base for the project charter and project plan. But if a project business case is not anchored to reality, and doesn’t address a need that aligns with the larger business objectives of the organization, then it is irrelevant.

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Use this free Business Case Template for Word to manage your projects better.

The research you’ll need to create a strong business case is the why, what, how and who of your project. This must be clearly communicated. The elements of your business case will address the why but in greater detail. Think of the business case as a document that is created during the project initiation phase but will be used as a reference throughout the project life cycle.

Whether you’re starting a new project or mid-way through one, take time to write up a business case to justify the project expenditure by identifying the business benefits your project will deliver and that your stakeholders are most interested in reaping from the work. The following four steps will show you how to write a business case.

Step 1: Identify the Business Problem

Projects aren’t created for projects’ sake. They should always be aligned with business goals . Usually, they’re initiated to solve a specific business problem or create a business opportunity.

You should “Lead with the need.” Your first job is to figure out what that problem or opportunity is, describe it, find out where it comes from and then address the time frame needed to deal with it.

This can be a simple statement but is best articulated with some research into the economic climate and the competitive landscape to justify the timing of the project.

Step 2: Identify the Alternative Solutions

How do you know whether the project you’re undertaking is the best possible solution to the problem defined above? Naturally, prioritizing projects is hard, and the path to success is not paved with unfounded assumptions.

One way to narrow down the focus to make the right solution clear is to follow these six steps (after the relevant research, of course):

• Note the alternative solutions.
• For each solution, quantify its benefits.
• Also, forecast the costs involved in each solution.
• Then figure out its feasibility .
• Discern the risks and issues associated with each solution.
• Finally, document all this in your business case.

Step 3: Recommend a Preferred Solution

You’ll next need to rank the solutions, but before doing that it’s best to set up criteria, maybe have a scoring mechanism such as a decision matrix to help you prioritize the solutions to best choose the right one.

Some methodologies you can apply include:

• Depending on the solution’s cost and benefit , give it a score of 1-10.
• Base your score on what’s important to you.
• Add more complexity to your ranking to cover all bases.

Regardless of your approach, once you’ve added up your numbers, the best solution to your problem will become evident. Again, you’ll want to have this process also documented in your business case.

Step 4: Describe the Implementation Approach

So, you’ve identified your business problem or opportunity and how to reach it, now you have to convince your stakeholders that you’re right and have the best way to implement a process to achieve your goals. That’s why documentation is so important; it offers a practical path to solve the core problem you identified.

Now, it’s not just an exercise to appease senior leadership. Who knows what you might uncover in the research you put into exploring the underlying problem and determining alternative solutions? You might save the organization millions with an alternate solution than the one initially proposed. When you put in the work on a strong business case, you’re able to get your sponsors or organizational leadership on board with you and have a clear vision as to how to ensure the delivery of the business benefits they expect.

Our business case template for Word is the perfect tool to start writing a business case. It has 9 key business case areas you can customize as needed. Download the template for free and follow the steps below to create a great business case for all your projects.

One of the key steps to starting a business case is to have a business case checklist. The following is a detailed outline to follow when developing your business case. You can choose which of these elements are the most relevant to your project stakeholders and add them to our business case template. Then once your business case is approved, start managing your projects with a robust project management software such as ProjectManager.

1. Executive Summary

The executive summary is a short version of each section of your business case. It’s used to give stakeholders a quick overview of your project.

2. Project Definition

This section is meant to provide general information about your projects, such as the business objectives that will be achieved and the project plan outline.

3. Vision, Goals and Objectives

First, you have to figure out what you’re trying to do and what is the problem you want to solve. You’ll need to define your project vision, goals and objectives. This will help you shape your project scope and identify project deliverables.

4. Project Scope

The project scope determines all the tasks and deliverables that will be executed in your project to reach your business objectives.

5. Background Information

Here you can provide a context for your project, explaining the problem that it’s meant to solve, and how it aligns with your organization’s vision and strategic plan.

6. Success Criteria and Stakeholder Requirements

Depending on what kind of project you’re working on, the quality requirements will differ, but they are critical to the project’s success. Collect all of them, figure out what determines if you’ve successfully met them and report on the results .

7. Project Plan

It’s time to create the project plan. Figure out the tasks you’ll have to take to get the project done. You can use a work breakdown structure template  to make sure you are through. Once you have all the tasks collected, estimate how long it will take to complete each one.

Project management software makes creating a project plan significantly easier. ProjectManager can upload your work breakdown structure template and all your tasks are populated in our tool. You can organize them according to your production cycle with our kanban board view, or use our Gantt chart view to create a project schedule.

8. Project Budget

Your budget is an estimate of everything in your project plan and what it will cost to complete the project over the scheduled time allotted.

9. Project Schedule

Make a timeline for the project by estimating how long it will take to get each task completed. For a more impactful project schedule , use a tool to make a Gantt chart, and print it out. This will provide that extra flourish of data visualization and skill that Excel sheets lack.

10. Project Governance

Project governance refers to all the project management rules and procedures that apply to your project. For example, it defines the roles and responsibilities of the project team members and the framework for decision-making.

11. Communication Plan

Have milestones for check-ins and status updates, as well as determine how stakeholders will stay aware of the progress over the project life cycle.

12. Progress Reports

Have a plan in place to monitor and track your progress during the project to compare planned to actual progress. There are project tracking tools that can help you monitor progress and performance.

Again, using a project management tool improves your ability to see what’s happening in your project. ProjectManager has tracking tools like dashboards and status reports that give you a high-level view and more detail, respectively. Unlike light-weight apps that make you set up a dashboard, ours is embedded in the tool. Better still, our cloud-based software gives you real-time data for more insightful decision-making. Also, get reports on more than just status updates, but timesheets, workload, portfolio status and much more, all with just one click. Then filter the reports and share them with stakeholders to keep them updated.

13. Financial Appraisal

This is a very important section of your business case because this is where you explain how the financial benefits outweigh the project costs . Compare the financial costs and benefits of your project. You can do this by doing a sensitivity analysis and a cost-benefit analysis.

14. Market Assessment

Research your market, competitors and industry, to find opportunities and threats

15. Competitor Analysis

Identify direct and indirect competitors and do an assessment of their products, strengths, competitive advantages and their business strategy.

16. SWOT Analysis

A SWOT analysis helps you identify your organization’s strengths, weaknesses, opportunities and threats. The strengths and weaknesses are internal, while the opportunities and threats are external.

17. Marketing Strategy

Describe your product, distribution channels, pricing, target customers among other aspects of your marketing plan or strategy.

18. Risk Assessment

There are many risk categories that can impact your project. The first step to mitigating them is to identify and analyze the risks associated with your project activities.

ProjectManager , an award-winning project management software, can collect and assemble all the various data you’ll be collecting, and then easily share it both with your team and project sponsors.

Once you have a spreadsheet with all your tasks listed, you can import it into our software. Then it’s instantly populated into a Gantt chart . Simply set the duration for each of the tasks, add any dependencies, and your project is now spread across a timeline. You can set milestones, but there is so much more you can do.

You have a project plan now, and from the online Gantt chart, you can assign team members to tasks. Then they can comment directly on the tasks they’re working on, adding as many documents and images as needed, fostering a collaborative environment. You can track their progress and change task durations as needed by dragging and dropping the start and end dates.

But that’s only a taste of what ProjectManager offers. We have kanban boards that visualize your workflow and a real-time dashboard that tracks six project metrics for the most accurate view of your project possible.

Try ProjectManager and see for yourself with this 30-day free trial .

If you want more business case advice, take a moment to watch Jennifer Bridges, PMP, in this short training video. She explains the steps you have to take in order to write a good business case.

Here’s a screenshot for your reference.

Transcription:

Today we’re talking about how to write a business case. Well, over the past few years, we’ve seen the market, or maybe organizations, companies or even projects, move away from doing business cases. But, these days, companies, organizations, and those same projects are scrutinizing the investments and they’re really seeking a rate of return.

So now, think of the business case as your opportunity to package your project, your idea, your opportunity, and show what it means and what the benefits are and how other people can benefit.

We want to take a look today to see what’s in the business case and how to write one. I want to be clear that when you look for information on a business case, it’s not a briefcase.

Someone called the other day and they were confused because they were looking for something, and they kept pulling up briefcases. That’s not what we’re talking about today. What we’re talking about are business cases, and they include information about your strategies, about your goals. It is your business proposal. It has your business outline, your business strategy, and even your marketing plan.

Why Do You Need a Business Case?

And so, why is that so important today? Again, companies are seeking not only their project managers but their team members to have a better understanding of business and more of an idea business acumen. So this business case provides the justification for the proposed business change or plan. It outlines the allocation of capital that you may be seeking and the resources required to implement it. Then, it can be an action plan . It may just serve as a unified vision. And then it also provides the decision-makers with different options.

So let’s look more at the steps required to put these business cases together. There are four main steps. One, you want to research your market. Really look at what’s out there, where are the needs, where are the gaps that you can serve? Look at your competition. How are they approaching this, and how can you maybe provide some other alternatives?

You want to compare and finalize different approaches that you can use to go to market. Then you compile that data and you present strategies, your goals and other options to be considered.

And then you literally document it.

So what does the document look like? Well, there are templates out there today. The components vary, but these are the common ones. And then these are what I consider essential. So there’s the executive summary. This is just a summary of your company, what your management team may look like, a summary of your product and service and your market.

The business description gives a little bit more history about your company and the mission statement and really what your company is about and how this product or service fits in.

Then, you outline the details of the product or service that you’re looking to either expand or roll out or implement. You may even include in their patents may be that you have pending or other trademarks.

Then, you want to identify and lay out your marketing strategy. Like, how are you gonna take this to your customers? Are you going to have a brick-and-mortar store? Are you gonna do this online? And, what are your plans to take it to market?

You also want to include detailed information about your competitor analysis. How are they doing things? And, how are you planning on, I guess, beating your competition?

You also want to look at and identify your SWOT. And the SWOT is your strength. What are the strengths that you have in going to market? And where are the weaknesses? Maybe some of your gaps. And further, where are your opportunities and maybe threats that you need to plan for? Then the overview of the operation includes operational information like your production, even human resources, information about the day-to-day operations of your company.

And then, your financial plan includes your profit statement, your profit and loss, any of your financials, any collateral that you may have, and any kind of investments that you may be seeking.

So these are the components of your business case. This is why it’s so important. And if you need a tool that can help you manage and track this process, then sign up for our software now at ProjectManager .

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Business model vs business plan: What’s the difference between them

If you aspire to be an entrepreneur, that means you already have some ideas in mind. Knowing what the difference is between a business model and a business plan is going to help you. Each has its own use, so understanding them is important.

Any successful business owner will have to do some business planning . There are a lot of benefits to doing this, and the more organized you get, the better it is going to be for you. In the digital era, you don’t have to do it on paper – you can do it much more efficiently using IdeaBuddy, for example, but the better you understand the essence, the higher your chance of building a successful plan you have.

The differences between business model vs business plan

The business model is the foundation of a company, while the business plan is the structure. So, a business model is the main idea of the business together with the description of how it is working.

The business plan goes into detail to show how this idea could work. A business model can also be considered the mechanism that a company has to generate profits. At the same time, the business plan also does its part in being the way a company can present its strategy. It is also used to show the financial performance that is expected for the near future.

Comparing how business models and business plans work to help you in different ways is important. A business model can help you be sure that the company is making money. It helps to identify services that customers value. It also shows the reciprocation of funds for the activity that a business renders to its customers.

Any business can have different ways of generating income, but the goals of the business model should aim to simplify the money process. It does this by focusing on the large income generators.

So, we now understood that a basic business model is a gateway to show how an organization is functioning. A business plan is a document that shows the strategy of an organization together with the expected performance details.

We can find the details of a company when we check its business plan. What it does is offer more info about the business model. It does this by explaining the teams needed to meet the demand of the business model. It explains the equipment needed, as well as resources that need to be obtained to start creating. Explaining the marketing goals , and how the business is going to attract and retain more customers over the competition , will be part of the model.

Another interesting thing when it comes to comparing business models and business plans is that they cannot function without each other. Just remember this, the business model is going to be the center of the business plan.

Business plan

When comparing using a business model versus a business plan, we also need to understand each one better to draw some final conclusions. One of the first goals of a company could be to define its business model.

The business plan is going to be the detailed part that includes all the information and steps like Mayple’s marketing plan template, organization, products or services, sales plan, business proposal for investors , and so on. Some useful questions that you can use when developing your business plan are:

• What do we have now?
• What do we want to have in the future?
• What do we need in order to be there?

Business Model

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Business Models vs Business Plans

Have you ever written a business plan? Did you enjoy the process? Or maybe you’re one of the lucky few who have never had to write one.

Most people hate writing business plans.

They take too long to write. You end up making up most of the answers. And worst of all, the people who make you write these plans (i.e., investors) don’t even take the time to read them — opting instead for shorter versions like the 1-page executive summary, 10-page slide deck, or 30-second elevator pitch.

But a no-plan alternative isn’t the solution either.

It would be akin to building a house without a blueprint. While carrying your core business model assumptions in your head alone might seem like the fastest alternative, you must beware of the reality distortion fields that plague entrepreneurs.

Reasonably smart people can rationalize anything, but entrepreneurs are especially gifted at this.

Most entrepreneurs start with a strong initial vision and a Plan A for realizing that vision. Unfortunately, most Plan A’s don’t work.

Instead of chasing a mythical perfect plan, you need a well-documented starting point and a systematic process for going from your Plan A to a plan that works before running out of resources.

This is where the 1-page business model comes in.

The 1-Page Business Model Canvas

While writing a business plan can be a good exercise for the entrepreneur, it takes too long and, more importantly, falls short of its true purpose: Facilitating conversations with people other than yourself.

The problem with business plans isn’t the planning but the format.

Additionally, since most Plan As is likely to be proven wrong anyway, you need something less static and rigid than a business plan.

Compared to business plans, creating a 1-page business model is:

Fast Instead of taking weeks or months, you can outline multiple business models in an afternoon.

Concise Because your business model has to fit on a single page, you must pick your words carefully and get to the point. This is great practice for distilling the essence of your business.

Portable A single-page business model is much easier to share with others, which means it will be read by more people and be more frequently updated.

Lean Canvas

Here is what a 1-page business model looks like:

The image above shows the Lean Canvas format, which is my adaptation of Alex Osterwalder’s Business Model Canvas.

If you’ve ever written a business plan before, you should immediately recognize most of these boxes.

I liken these boxes to lego building blocks. You can use the same basic building blocks to build both simple and complex models.

Like lego blocks, the canvas also invites an element of play and creativity which is healthy for achieving breakthrough innovation.

But most importantly, the lightweight nature of the canvas is ideally suited for the innovator’s journey, which is best characterized more as a search than the execution of a working business model. This requires a multi-faceted plan of attack (to avoid ending up on a local maximum) and an agile mindsight that can quickly adapt and evolve with on-the-ground learning.

How many people keep their business models updated? Doing so with a Lean Canvas is not only quick but an effective way for telling your business model progress story to a room full of external stakeholders (aka advisors and investors).

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Business Plan vs. Business Model: What’s the Difference?

Posted by Baritechsol

Published: October 28, 2022

10 min read

Table Of Content

Discover what separates a business plan from a business model of your business.

For an entrepreneur or a businessperson, there are many factors to consider when starting a business. One of the elements foremost on their list is identifying the right customers, and finding the right strategy that helps them reach out to those customers. This entire exercise and several others taken by a businessperson are all designed to find ways to generate the desired revenue.

So, where in all this lies the business plan or business model? While business plan vs. business model does offer several differences, essentially, they are both used as guidelines to create and run a business successfully. So, we can say that in the grand scheme of things, they are both quite important to the success of a business.

Now, as an entrepreneur or a businessperson, you might be wondering – if a business plan and a business model are both useful to a business’s success, and they aren’t the same thing, then how are they different?

Let’s take a look at the differences that define a business plan and a business model distinctly, and understand how each of these two types of documents plays a role in the success of a company like a software outsourcing company .  

Business Plan – What is it?

Let’s start with the business plan. Essentially, a business plan is a detailed formal document that outlines the strategy/s a specific business will use to generate revenue and achieve success. It outlines the goals of the business, along with the methodology and timelines designated to achieve those goals.

For a business owner, it acts as a roadmap that directs them how to succeed as a company, financially, with the required strategies and plans outlined clearly in it. That is why, a business plan often contains:

• Background of the business/company
• A detailed and structured marketing plan
• A distinct and targeted sales plan
• A well-defined organizational structure with the hierarchies addressed properly
• The working of the individual offices/departments
• A report of the existing finances and other assets
• A plan on attracting and inviting investors
• A framework to achieve the desired outcomes and milestones
• The details of the target market
• Risks and assumptions for your business and how you plan to overcome them

These are just some of the major points that are covered in detail in a company’s business plan. So if all of that is covered in a business plan, what role does the business model play? Let’s find out.

What is a Business Model?

A business model can be considered a framework that is used to run a business successfully. It addresses a variety of factors, both internal and external. These factors include social, economic, cultural, and a variety of other conditions that could affect the outcome of your efforts.

As a business framework, it defines processes and strategy for various business elements, such as the target customers, financing, offered value, sources of revenue, and much more. Essentially, we can say that it defines how the company is going to earn a profit.

Now, it does not mean that the profit would always be calculated in terms of monetary value. A company may use different business models at different times of its lifecycle. For example, an IT project outsourcing company in the beginning of its life may follow a growth-oriented business model. However, a few years down the line, and once they have a loyal following, they may start to follow a revenue-oriented business model.

What Constitutes a Business Model?

No matter the type of business model you follow, it should have three elements necessary to consider it a successful business model. A well-designed strategic model for a business addresses the following elements.

Should be Sustainable

Sustainability is the crux that defines how successful any framework or model is going to be, whether it is for a business, or for anything else. There are a number of factors that can affect the sustainability or the viability of your business model .

• Competitive advantage is a great driver for sustainability. If your business model has a competitive advantage, then chances are that it will be sustainable.
• Innovation is another great driver for sustainability, which allows your business to grow steadily.
• Pitfall assessment can help you identify and navigate potential pitfalls for a more successful business.
• Scalability can also affect a business’s sustainability, as it affects how easily a company can scale back or exit the market if the business requirements prove difficult to achieve due to change in the environmental factors.

Should Mention Monetization Strategies

A monetization plan in your business model is necessary as it identifies and outlines how your business would earn its revenue. And as every business in the world is ultimately there to earn a profit, a well-defined monetization strategy can help your business model succeed.

It usually consists of two elements:

• A profit strategy defines how the business would generate a revenue stream, a necessary task that allows you to know where and how your money comes.
• A series of marketing and sales plans and frameworks that help your company set up and maintain the revenues streams outlined in your profit strategy.

Relevance and Alignment With the Organization

Relevance of your business model is dependent on how well it aligns with your organization and its expectations. It doesn’t matter how good a marketing or production plan is, if it fails to adhere to the business guidelines of your organization. This alignment is usually checked by:

• Your business’s unique value proposition. Basically, how well does your offering provide potential customers with the value they need?
• How attractive is your offering for potential customers, when compared to the ones created by your competition?

These factors, and many others, are what define the business model. And if you follow the factors above, you too will be able to create and outline a successful business model easily.

Now, let’s take a look at the business plan vs. business model debate, and see how the two are different when compared side by side.

Business Plan vs. Business Model – How are They Different?

When we talk about business plan vs. business model, there is often a lot of confusion as to what each individual item entails. The reason for that is that both of these documents are often used in conjunction, which makes it quite difficult for people to identify the distinctive characteristics of each.

Let’s say there is a service-provider that offers a number of business process outsourcing services, like customer support, technical hiring, and more. We can say that outsourcing is their business model, while the way they outsource is their business plan.

Let’s take a look at how the both of them are different from each other.

Some Popular Business Model Examples

Now that you know the difference between a business plan vs. business model, let’s take a look at a few use cases of popular business models and how you can implement a robust business model for your company.

Production Model

The production business model is one of the most basic forms of business models. To put it simply, the company sells its own products and services, and must meet a benchmark number of sales to make a profit.

For example, let’s take the example of a software development firm. They specialize in creating custom software solutions for their customers, and need to ensure that they are able to fulfill the software project requirements and make a profit while keeping their prices competitive.

Advertising Model

The advertising model is an age-old business model, and relies on creating custom content that appeals to the customers’ sensibilities. That ensures that the customer wants to check out and engage with your content, making it less likely that they will be agitated or annoyed by ads.

Marketing Model

People have always been more partial towards buying items and services recommended by the people they know and trust. Essentially, recommendations are a great way to sell you offerings, if you can manage it.

It also depends on the product or service being sold. Gadgets are some of the most popular items where recommendations and reviews can affect the number of sales. And the multilevel marketing model is what helps this type of business thrive.

Franchise Model

The franchise business model is one of the oldest still being used nowadays. Essentially, you sell the rights to use your business name and symbol to someone who will use the goodwill they embody to sell products.

This business model is quite popular in the food business, where restaurants offering perks for businesspeople interested in franchising their business. This allows them better, and quicker reach to a larger pool of customers.

Affiliate Model

Affiliate business model is often found related to the advertising model. However, it is mostly used online, and links to pieces of content that are designed as advertisements, but made to look like they are adding value. Basically, we can say that they are the type of advertising that also cares for the needs of the readers, and offers them something of value in exchange for advertising products to them.

Different types of websites , especially the ones who offer digital services including marketing and branding services, often offer the affiliate-marketing model to promote the offerings of their customers.   

In short, the business plan vs. business model debate has a lot of merit, and requires a deeper understanding of the roles that each document plays in the success of a business. Therefore, when you start out in creating your own company, you need to know what goes into each document. And that is easily possible if you understand the differences described above.

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Everything you need to know to create a winning business case

Georgina Guthrie

March 28, 2021

Think of your business case as your sales pitch. It’s essentially a document (which is usually combined with a presentation) that explains how your proposed initiative aligns with your boss’s overall goals, the board, stakeholders, sponsors — or whoever else it is you’re trying to secure investment and/or support from.

In a nutshell, your business case should help decision-makers scrutinize their investments and ensure the proposed project will provide value compared to alternative options. Think of it as an opportunity for you to present your initiative and show off its benefits.

Business case vs. project proposal

The term ‘business case’ is often used interchangeably with ‘ project proposal .’ While they’re both tools for convincing stakeholders to invest time or resources, they are two subtly different things, each done at a different stage of the project.

A project proposal comes before the business case. It’s developed during the early stages of an initiative and focuses on your project’s vision, benefits, time and cost estimates, and impact on the organization. As with a business case, its initiation relies on the approval of stakeholders or board members.

A business case is the next stage of your sales pitch. It sets out, in more detail, the why, what, how, and whos of a project. A key difference is that, while a project proposal outlines budgets and return on investment, a business case explains financial requirements in more detail.

Some people like to do both, whereas others choose to combine them and present just one highly detailed project proposal instead. That’s absolutely fine. Your choice depends on time constraints, presenting opportunities, and the preferences of you and your investors. As with a project proposal, the initiative can’t progress until the stakeholders or investors have accepted or revised this.

Next comes a statement of work (SOW for short). This is a detailed, formal document that defines exactly what makes up a project to guarantee work is carried out according to expectations.

Finally, a project charter is a formal document setting out how the project will be managed, including assumptions, risks, scope, budgets, and timelines. It’s something you create after your business case and project proposal have been given the green light.

How to create a business case

Step 1: understand your problem and define your opportunity.

Many projects fail because there simply isn’t a need for the product or initiative. So before you begin, make sure your proposal is answering a real need. It sounds obvious, but millions of products, apps, business ventures, and projects have fallen flat because they didn’t get this first part right.

Step 2: Do your market research

Once you’ve defined a real need for your initiative, then do some market research. And do it thoroughly. Have any initiatives like yours existed before? If not, then you have a unique opportunity. If they have, then explain how yours is different. When you cite past similar-sounding ventures that failed, explain why and how yours will overcome their issues. When you cite the ones that succeeded, then, again, explain how your project will leverage their success while still differentiating itself.

Pro tip: Create a business SWOT chart  to organize your thoughts and pinpoint your initiatives, strengths, and weaknesses.

And remember to research thoroughly. You don’t want to be standing up in the presentation explaining to the board that what the world really needs right now is bacon-flavored floss, only to be told it already exists . (Cue awkward silence…)

Step 3. Think of a plan B (and a plan C, D…)

Speaking of awkward silences, make sure you always, always, have a backup plan. You know those moments during a pitch or an interview when someone asks a really reasonable question, and the poor candidate doesn’t have an answer? It’s so uncomfortable. Make sure that doesn’t happen to you.

Choosing the right solution is tricky, and there are bound to be unanswered questions. It’s okay not to have a solution to every single question, but you’ll stand in better stead if you’ve shown you’ve considered these issues, rather than having the board highlight them, making you look unprepared.

The best thing to do is to have a series of alternative routes or solutions prepared, along with their respective benefits and risks, costs, and feasibility. The more you plan ahead, the more prepared you’ll look.

A good way to make sure you’ve considered every avenue is to run your proposal past your colleagues and non-work people. Your colleagues will address business-specific questions you perhaps hadn’t considered, and non-work people will ask those important questions that people working in the industry or business sometimes overlook.

Step 4: Show you’re the expert

Okay, so we told you to have backup plans and alternative routes. But that doesn’t mean you should throw them all at the board and see which one sticks. They want you to tell them what you think is best. So choose your preferred route, then rank the other options, being sure to explain why you think this is the best way to go.

Step 5: Describe your implementation plan

It’s not enough to talk the talk. Next, you’ll need to show off your practicality! This project is your baby, so if it gets the go-ahead, you’ll be the expert people turn to.

Show you’ve thought about how the initiative will look once it begins. This includes outlining your resource requests (backed up by reasons), and your plans for managing the project, including process improvement methodologies (if appropriate), and project management tools for tracking and automation.

You’ll need to show your stakeholders you’ve plotted out a clear path to achieving your goals. As we mentioned before, it’s a good idea to consider alternative routes to demonstrate your depth of understanding and diligence.

And remember, this isn’t an opportunity to look at the world through rose-tinted glasses (aka optimism bias ) and lead your stakeholders into a false sense of security. Practice due diligence and talk them through the risks, as well as the opportunities. That way, when you start your project, there’ll be no nasty surprises. A successful business case demonstrates a strong vision backed up by thorough research.

Step 6: Double-check you’ve included the key components

What should your business case include? Everyone’s different, but the following list contains the key elements.

• Executive summary (aka preface)
• Contents page/slide
• Business description/mission statement
• Product or service description
• Marketing strategy
• Competitors analysis
• SWOT diagram: Strengths, Weaknesses, Opportunities, Threats
• Implementation plan
• Operations overview (including drivers, scope, risks, benefits, and assumptions)
• Financial plan
• Conclusions and next steps

Step 7: Make it look professional

Finally, you’ll want your plan to look as neat, tidy, and professional as possible, so use the proper tools for all your data. Avoid having to mess around with weird Word formatting, and go straight for a quality app.

Document everything

We’ve mentioned a few times the different types of plans and files you should have put together before you’re done putting together your business case. Keeping track of everything you find is of the utmost importance. If you need to justify a decision to a stakeholder, or even a team member later on, it’s best if you have all of your research still on hand. You know the old adage “to see is to believe?” Well, have every visual that convinced you of the best plan of action to help you convince others.

You can thank us later.

Final thoughts

Make the details easy to understand at a glance so you can focus on wowing stakeholders with the benefits. And once you have buy-in? Invest in flexible project management software, such as Backlog , so you can track every piece of work, create a running history of every task, and make your project as smooth and successful as possible.

In fact, why keep it until the project kicks off? Use PM software to set reminders, track your tasks, and keep all your research, graphs, and plans in one cloud-based place to set your business case off on the right foot — before you’ve even stepped into the boardroom!

This post was originally published on March 21, 2019, and updated most recently on March 28, 2021.

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How to Write a Business Case (+ Free Template and Example)

Table of Contents

Let’s say you are a project manager — and you notice the communication tool your team is using is outdated and difficult to use. 

It frequently causes issues in communication — team members don’t always receive meeting invites, messages get lost, you can’t save important information without writing it down somewhere separately, etc.

You discovered a new communication tool that you think would be great to switch to, but that would require the whole company to transition from one to the other. You can’t just suggest this to your superiors, without offering concrete evidence as to why the switch is necessary.

This is where a business case comes into play. It outlines why and how an endeavor or a project is worth undertaking. In this text, we will talk about:

• What a business case is,
• How it differs from similar documents,
• How to write and present a business case, 
• The Five Case Model for preparing a business case, and
• The key elements of a business case.

We will also provide you with a business case template you can use, and an example you can reference.

What is a business case?

As per the PMBOK 7th Edition , “ a business case is a value proposition for a proposed project that may include financial and nonfinancial benefits. ” 

On top of this, “ a business case can contain information about strategic alignment, assessment of risk exposure, economic feasibility study, return on investments, expected key performance measures, evaluations, and alternative approaches. ”

Basically, a business case is a document that acts as the summary of your project idea, providing the reasons it should be executed and focusing on the benefits it brings.

Writing one should be among the first steps to starting your project — as you will use it to gain the attention of the stakeholders and convince them to support your project. 

We’ll get into detail on writing it, but first — let’s clear up the difference between a business case and some terms it’s often confused with.

Business case vs. business plan

A business case and business plan seem similar at first glance — they both outline a project and can be used for stakeholder propositions. 

In reality, though, they are used for different things.

The main difference between the two is what they focus on. 

Business cases are created for endeavors within a business — projects, acquisitions, events — while business plans are typically used when starting a new business. 

A business plan will contain broader aspects of a business — like a mission statement or target market. Business cases are more specific, and they deal with an aspect of a business — be it an issue or an opportunity.

💡 Plaky Pro Tip

You can find examples of how to write a business plan in our guides on starting a business in different US states:

• How to start a business in Connecticut
• How to start a business in Arizona
• How to start a business in Alabama
• How to start a business in Arkansas

Business case vs. project plan

A business case can also be confused with a project plan . However, a business case should justify why a project should exist. Only after a project is approved, post business case review, a project plan is created.

Where a business case will speak on how a project should look, a project plan will determine how it will look. Meaning, business cases are broader and more theoretical. Project plans need to be exact, as they will serve as guidelines for all project team members .

Business case vs project charter

The main difference between a business case and a project charter lies in their similarities — a business case is used to justify a project’s existence, while a project charter is used to authorize its execution. Again, a business case is created before the project charter.

The second difference between the two is in how concrete they are. A business case suggests project managers, while the project charter authorizes them. Essentially, the project charter makes the final calls on how things should be done. 

The same goes for the project scope — while a business case can suggest the schedule and budget of a project, the project charter will make the final decision.

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How to complete a business case in 3 steps

The business case is one of the most important documents to create for your project. Therefore, you should approach the process of making one with utmost care and attention.

For ease of reference, this process can be separated into the following steps:

• Do your research,
• Write incrementally, and
• Present your business case.

Step #1: Do your research

Rushing into things blindly will practically always result in failure. So, before you begin writing a business case, you must gather as much information as possible regarding the desired project.

It’s good to seek out information on matters you know little about. Consult experts in the fields required for your project. 

For example, if you are creating an app to help tourists experience lesser-known landmarks, you want to consult both with IT experts and tourism experts for the appropriate locations.

Now, instead of relying on data you’re unsure of, you have concrete, confirmed information that you can create your project around. 

Basically — you’re taking the guesswork out of the equation.

Step #2: Write incrementally

Now that you have all the information necessary for your project, it’s time to start writing your business case. 

This is where you’ll determine where certain pieces of information you’ve gathered will fit — which piece of your project they are necessary for.

Knowing how to utilize what you’ve learned is essential for this step. For example, if you’ve gathered information on what it would take to create your app, you should know the:

• Employee skill sets required, and
• The number of employees needed for your project.

Once you have all the information, try to present it in a concise but compelling manner.

It’s good to check in with your project stakeholders for updated information and change the business case incrementally with their input. After all, the stakeholders have your project’s best interest at heart, so their advice is to the project’s benefit.

You want to save the executive summary for last since it will be a recap of all you’ve written in your business case.

Step #3: Present your business case

Now that you’ve completed your business case, it’s time to convince your stakeholders that it’s an endeavor worth pursuing. 

Whether it’s external financiers or company seniors, you need to have important stakeholders on your side for the project to take off. 

Your business case might be incredible, but if you cannot sell the idea you’re pushing, it will be difficult to get any backing. So, organize a presentation for your stakeholders or try an elevator pitch — a quick way of presenting your key points.

If you’re inexperienced with presenting your ideas, practicing an elevator pitch is a great way to realize what the main selling points of your project are. 

An elevator pitch should last around 30 seconds — about as much as an elevator ride lasts — and include the main reasons someone should invest (be it their time, funds, or effort) into your project.

The Five Case Model for developing a business case

When writing your business case, you should not only be concerned with what the contents of your business case will look like but who will be reading that content as well.

There are many different kinds of stakeholders, and all of them will be looking for different appeals in your business case. To help you write one that can get positive remarks from all of them, you can use the Five Case model .

It suggests that a business case should be written from five different points of view, named:

• The strategic case,
• The economic case,
• The commercial case,
• The financial case, and
• The management case.

POV #1: The strategic case

The strategic case is written from the perspective of the business itself. It aims to show how a project will keep in line with the business objectives, goals, and vision — and benefit them.

The goal is to show how this project will positively impact the business — whether directly, through perhaps a product, or indirectly, through something like a PR stunt.

Check out the free strategic planning templates we offer in the post below:

• 14 Free Strategic Planning Templates (2024)

POV #2: The economic case

The economic case is written to show how the project brings social value, including environmental effects. The most important part of the economic case is the options analysis, which we will touch on in the next segment.

Not surprisingly, you want to focus on the economic case if you are making a project that will interact with the public. 

POV #3: The commercial case

The commercial case is written to show the commercial strategy and cost-effective procurement of project resources . It shows that you have a good understanding of the marketplace by assessing supply options.

You’ll need to keep updated on costs, the resources you’ll need, as well as any risks that might come when acquiring them. 

POV #4: The financial case

The financial case, in essence, wants to answer the question — can we afford it? It speaks on the funding of the project and the support of stakeholders and customers.

For the financial case, you need a thorough understanding of the capital, revenue, and whole-life costs of your project. You also need to address any possible gaps in funding that might arise during the course of the project.

POV #5: The management case

The management case is written to show the delivery, monitoring, and evaluation of the project. You need to assure your stakeholders that your project will be managed with the best practices and that all timelines are set with appropriate goals assigned to them.

It mostly covers the project governance and risk management elements of the business case, which we will talk about soon.

7 Key elements of a business case

A business case can have many elements — there can be over 50 elements in a detailed document. 

However, we can divide and combine them into 7 key elements that should exist in every business case, namely:

• Executive summary 
• Financial assessment
• Business objectives
• Project options analysis
• Cost-benefit analysis
• Project governance
• Risk management

Let’s dive further into them and see what you should look into when writing each of these elements in your business case.

Element #1: Executive summary

You could view the executive summary as a retelling of the essence of the business case. It gathers all the most important information from the rest of the document in one place.

An executive summary should start with an introduction and answer the following questions:

• What issue does the project solve or what opportunity does it take advantage of? 
• What options exist to tackle this issue/opportunity?
• What option is the preferred solution?

Next, you want to present the research you went through to create this business case. Then, go through your recommended actions — the conclusion of your research. This is essentially where the bulk of your project expectancies go.

By the end, the reader of your executive summary should understand what they’re getting into for the rest of the document.

Element #2: Financial assessment

In the financial assessment, you want to predict the cash flows of your project. The first thing you want to show in this section is detailed cost estimates and risks.

You should produce cost estimates for different aspects of the project — for the app example, think UI design or marketing — and determine them at both the P50 and P90 levels of confidence. 

P50 means a cost estimate with a 50% probability of not exceeding it, and P90 means a 90% chance of the same. 

For example, you’re 50% sure that the UI design costs will not exceed $50k, but you’re 90% sure they won’t be over $70k.

Next, you want to present the following:

• Project funding analysis, 
• Development analysis (the cost of scoping a project),
• Staffing impact summary, and 
• Summary of costs for each project phase. 

Element #3: Business objectives

The business objective answers a simple question — why are you doing the project? 

Think back on what we described first in the executive summary. What opportunities or issues arose that require this project to exist?

How does this project relate to the current business strategy? You need to convince everyone reading that your project needs to happen. 

What are your project goals? Once you determine project goals, you can determine:

• Project scope,
• Project constraints , and
• Project deliverables .

Element #4: Project options analysis

Now that you’ve justified the reason your project should exist, it’s time to take on different options for its execution. 

This element is dedicated to analyzing the strengths, weaknesses, opportunities, and threats of each option — basically, doing a SWOT analysis for each of them. 

Then you want to shortlist the options by discarding the ones that don’t lead to the desired outcome. Finally, do a reassessment of the shortlisted options and discard options accordingly.

Take a look at the external stakeholder impact of each option. More specifically, you want to look at the nature and level of impacts, specify the negative ones, and propose how they should be managed and mitigated.

While this boils down to a risk analysis for each option, it’s broader and used to determine the overall risk of each option. A more detailed risk analysis, determining the weight of specific risks and building contingency plans, comes later.

The project that comes out of this will be the preferred option for tackling the issue or opportunity described, which will be used as a reference when the actual project is executed. Finally, determine target outcomes for the reference project, measured with project KPIs . The targets must be realistic and measurable, yet challenging.

Element #5: Cost-benefit analysis

A cost-benefit analysis is used to prove that your project is worth doing from a business point of view. It proves that the benefits of doing a project are greater than the costs, thus justifying the project.

The cost-benefit analysis is done in 4 steps:

• Establish a framework — in this step, ask yourself what the measurement of your project’s success is (hint — take a look at the KPIs you’ve determined) and make sure both costs and benefits are measurable.
• Analyze costs and benefits — measure the costs and benefits of your project separately. Some are obvious — material or employee costs — but some are more elusive. If you are using an owned facility to house the project in, you are not spending any money for rent, per se — but that facility’s worth is being directed towards your project, so it’s an indirect cost.
• Establish a value for the costs and benefits — to compare the costs and benefits, they must share an equal “value unit”. Traditionally, monetary currencies are used, but you can be more creative if the situation calls for it. Intangible costs and benefits can be difficult to place a specific value on, but not impossible to achieve still.
• Compare the value of the costs and benefits — compare the sums of both the costs and benefits of your project. If the benefits outweigh your costs, your business case is good to go. If it’s the opposite, maybe you should revise the option you chose in the previous element.

Element #6: Project governance

Who will do what in your project? This is the question you want to answer in the project governance element of your business case. A typical hierarchy is set as:

• Responsible minister,
• The project control group,
• Project sponsor, and lastly,
• Project team.

Next, you want to analyze communications. In essence, how and how frequently will you communicate with certain stakeholders? 

You can use:

• Progress reports for superiors, 
• Team meetings for team members as internal stakeholders, or 
• Even social media for communication with customers as external stakeholders.

If you want to know more about the importance of communication in a project, check out this article:

• Why is communication important in project management?

Element #7: Risk management

Lastly, an element you mustn’t underestimate is risk management . Risk assessment is so vital to every project that it’s done while writing a business case, so even before the project is approved.

Risks are analyzed through 2 criteria — likelihood, and impact.

By likelihood, they can be: 

• Almost certain,
• Possible, and 

By impact, they can be: 

• Major, and 
• Catastrophic.

These criteria are used to create a risk matrix, determine the categories of risks, and make us aware of how urgent action is. Safe to say, if a risk is both catastrophic in impact and almost certain in likelihood, action on it is prioritized over any other.

You can vary these parameters of likelihood and severity to keep your analysis flexible, as seen here:

After all the risks have been identified, you want to construct a risk management plan , outlining all risks and their categories, as well as figuring out contingency plans for all of them.

If you want to learn more about managing risk in your projects, check out this guide:

• What is risk in project management?

Business case template + example

Knowing the steps to make a business case, however, does not properly explain what a business case looks like. 

A business case can be very detailed — the sheer number of points in it could be as long as an academic paper. 

But, we’ve created a business case template with 7 of the most important points it should have:

•  Executive summary
• Cost benefit analysis

🔽 Get the free business case template here

A filled-out business plan template can be extensive, spanning many pages of documentation. So, to give you an idea of what you should be writing about in a specific situation — we have filled in a business case template with the thought process that will come into writing each element:

Project title: Poetry Night event

Start date: 10/5/2023

Project manager: William Cambridge

Contact info: [email protected]

Executive summary: Reasoning for a poetry night might come from doing a poll, showing that the local area has no such events, yet the populace shows a good number of aspiring writers and poets.

Financial assessment: Cost estimates for this project may vary — renting space may be mandatory, and you might want catering for the event. Both of these may vary in cost depending on the number of attendees, so for your P90 analysis you should take a look at the poll results to estimate the maximum number of guests.

Business objectives: This project is done for public benefit, but can also serve to boost the PR of an organization. The project goals might be viewed through the attendees’ satisfaction, a boost in your organization’s online presence, or a rise in the popularity of a poet you were trying to promote with the event.

Project options analysis: This section would be dedicated to analyzing the different kinds of executions of the poetry night. Should it be in public, or in a closed rented space? Should there be light music in the background, and would it be beneficial to the event if the music was live? If you’re unsure of the answer — consult with stakeholders. In this case, you could do another poll.

Cost benefit analysis: The benefits of this project will largely be intangible — the rise in your organization’s popularity or the satisfaction of attendees would be difficult to quantify with dollar signs. However, there might be tangible benefits to find — if your organization offers a product or service, is there an expected rise in procurement after the project’s completion?

Project governance: Who will be in charge of the organization of the project? Who will be the sponsor? Who will tend to the catering? Who will be the presenter, and whose poetry will be presented? Answering these questions gives us project governance in this example.

Risk management: Is there a possibility that very few people will show up? Is there a possibility that the vendor of the rented space or the catering cancels last minute? In that case, is there a backup you can use and how can you notify all attendees of the change effectively?

Conclusion: Use a business case to pitch your ideas correctly 

By now, you should be aware that just having an idea usually isn’t enough to make someone want to support it. Analyzing it, justifying it, and creating a detailed business case around it are the essence of selling an idea to superiors or potential investors.

Always start with the idea itself — the best way to bring someone closer to it is to explain how you came up with it in the first place. Be sure to compare with alternatives, and show why your case is the one to go with.

A business case is a great tool to facilitate growth, whether it be small or large in scale. 

✉️ Do you have experience with writing business cases and have additional advice on the subject? If yes, write to us at [email protected] and we may include your advice in this or future articles.

Luka Bogavac is a project management author and researcher who focuses on making project management topics both approachable and informative. With experience in entrepreneurial projects, education, and writing, he aims to make articles that his younger self would appreciate. In his free time, he enjoys being outdoors hiking, or staying indoors with a good film or video game.

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Hamas Took Her, and Still Has Her Husband

The story of one family at the center of the war in gaza..

This transcript was created using speech recognition software. While it has been reviewed by human transcribers, it may contain errors. Please review the episode audio before quoting from this transcript and email [email protected] with any questions.

I can’t remember the word, but do you know the kind of fungi connection between trees in the forest? How do you call it?

Mycelium. We are just — I just somehow feel that we are connected by this kind of infinite web of mycelium. We are so bound together. And I don’t think we really realized that until all this happened.

[MUSIC PLAYING]

It’s quite hard to explain, to me in a sense, because some people would say, oh, I’m so hoping your father will come, and then everything will be OK. And it’s very hard to explain that really this group of people decided to bring us up together, shared all their resources over 75 years, grow into each other, fight endlessly with each other, love and hate each other but somehow stay together. And their children will then meet and marry and make grandchildren.

And there’s so many levels of connection. And I’m sitting here in the room, and I see their faces, some of them. And we are incredibly — it’s hard to explain how much these people are missing from our kind of forest ground. [CHUCKLES SOFTLY]

From “The New York Times,” I’m Sabrina Tavernise, and this is “The Daily.”

It’s been nearly six months since Hamas attacked Israel on October 7 and took more than 200 people into Gaza. One of the hardest hit places was a village called Nir Oz, near the border with Gaza. One quarter of its residents were either killed or taken hostage.

Yocheved Lifshitz was one of those hostages and so was her husband, Oded Lifshitz. Yocheved was eventually released. Oded was not.

Today, the story of one family at the center of the war.

It’s Friday, March 29.

OK, here we go. OK.

Good morning, Yocheved. Good morning, Sharone.

Good morning.

Yocheved, could you identify yourself for me, please? Tell me your name, your age and where you’re from.

[SPEAKING HEBREW]

OK, I’ll translate. My name is Yocheved Lifshitz. I’m 85 years old. I was born in 1938. When I was 18, I arrived at kibbutz Nir Oz. I came alone with a group of people who decided to come and form and build a community on a very sandy territory, which was close to the Gaza Strip.

And my name is Sharone Lifschitz. I am 52 years old. I was raised in kibbutz Nir Oz by my mom and dad. So I lived there until I was 20. And I live for the last 30-something years in London.

And, Sharone, what do you have next to you?

Next to me I have a poster of my dad in both English and Hebrew. And it says, “Oded Lifshitz, 83.” And below that it says, “Bring him home now.” And it’s a photo where I always feel the love because he is looking at me. And there’s a lot of love in it in his eyes.

And why did you want to bring him here today, Sharone?

Because he should be talking himself. He should be here and able to tell his story. And instead, I’m doing it on his behalf. It should have been a story of my mom and dad sitting here and telling their story.

The story of Oded and Yocheved began before they ever met in Poland in the 1930s. Anti-Semitism was surging in Europe, and their families decided to flee to Palestine — Yocheved’s in 1933, the year Hitler came to power, and Oded’s a year later. Yocheved remembers a time near the end of the war, when her father received news from back home in Poland. He was deeply religious, a cantor in a synagogue. And he gathered his family around him to share what he’d learned.

And he said, we don’t have a family anymore. They’ve all been murdered. And he explained to us why there is no God. If there was a God, he would have protected my family. And this means that there is no God.

And suddenly, we stopped going to synagogue. We used to go every Saturday.

So it was a deep crisis for him. The shock and the trauma were very deep.

Abstention.

Abstention. Soviet Union? Yes. Yes. The United Kingdom? Abstained.

Yocheved’s father lived long enough to see a state establish for his children. The UN resolution of 1947 paved the way for a new country for Jews. And the next spring, Israel declared its independence. Yocheved remembers listening to the news on the radio with her parents.

The General Assembly of the United Nations has made its decision on Palestine.

We had a country. So now we’ll have somebody who’s protecting us. It’s a country for the people, to rebuild the people. This was the feeling we had.

In other words, if God could not protect you, this nation maybe could?

Yes. But the next day, it was already sad.

Israel was immediately forced to defend itself when its Arab neighbors attacked. Israel won that war. But its victory came at a great cost to the Palestinian Arabs living there. More than 700,000 either fled or were expelled from their homes. Many became refugees in Gaza in the south.

Suddenly, Yocheved and Oded saw themselves differently from their parents, not as minorities in someone else’s country, but as pioneers in a country of their own, ready to build it and defend it. They moved to the south, near the border line with Gaza. It was there, in a kibbutz, where they met for the first time.

The first time I met him, he was 16, and I was 17. And we didn’t really have this connection happening. But when we arrived at Nir Oz, that’s where some sort of a connection started to happen. And he was younger than I am by a year and a half. So at first I thought, he’s a kid. But for some reason, he insisted. Oded really insisted. And later, turned out he was right.

What was it about him that made you fall in love with him?

He was cute.

He was a cute kid. He was a cute boy.

What’s so funny?

He was a philosopher. He wrote a lot. He worked in agriculture. He was this cute boy. He was only 20, think about it.

And then I married him. And he brought two things with him. He brought a dog and he brought a cactus. And since then we’ve been growing a huge field of cacti for over 64 years.

What did it feel like to be starting a new life together in this new country? What was the feeling of that?

We were euphoric.

And what did you think you were building together?

We thought we were building a kibbutz. We were building a family. We were having babies. That was the vision. And we were thinking that we were building a socialist state, an equal state. And at first, it was a very isolated place. There were only two houses and shacks and a lot of sand. And little by little, we turned that place into a heaven.

Building the new state meant cultivating the land. Oded plowed the fields, planting potatoes and carrots, wheat and cotton. Yocheved was in charge of the turkeys and worked in the kitchen cooking meals for the kibbutz. They believed that the best way to live was communally. So they shared everything — money, food, even child-rearing.

After long days in the fields, Oded would venture outside the kibbutz to the boundary line with Gaza and drink beer with Brazilian peacekeepers from the UN and talk with Palestinians from the villages nearby. They talked about politics and life in Arabic, a language Oded spoke fluently. These were not just idle conversations. Oded knew that for Israel to succeed, it would have to figure out how to live side by side with its Arab neighbors.

He really did not believe in black and white, that somebody is the bad guy and somebody is the good guy, but there is a humanistic values that you can live in.

Sharone, what was your father like?

My father was a tall man and a skinny man. And he was —

he is — first of all, he is — he is a man who had very strong opinion and very well formed opinion. He read extensively. He thought deeply about matters. And he studied the piano. But as he said, was never that great or fast enough for classical. But he always played the piano.

[PIANO MUSIC]

He would play a lot of Israeli songs. He wound play Russian songs. He would play French chansons.

And he had this way of just moving from one song to the next, making it into a kind of pattern. And it was — it’s really the soundtrack of our life, my father playing the piano.

[PLAYING PIANO]:

[CONVERSATION IN HEBREW]:

[PLAYING PIANO]

So one side of him was the piano. Another side was he was a peace activist. He was not somebody who just had ideals about building bridges between nations. He was always on the left side of the political map, and he actioned it.

[NON-ENGLISH CHANTING]:

I remember growing up and going very regularly, almost weekly, to demonstrations. I will go regularly with my father on Saturday night to demonstrations in Tel Aviv. I will sit on his shoulders. He will be talking to all his activist friends. The smoke will rise from the cigarettes, and I will sit up there.

But somehow, we really grew up in that fight for peace.

Yocheved and Oded’s formal fight for peace began after the Arab-Israeli war of 1967. Israel had captured new territory, including the West Bank, the Sinai Peninsula, and the Gaza Strip. That brought more than a million Palestinians under Israeli occupation.

Oded immediately began to speak against it. Israel already had its land inside borders that much of the world had agreed to. In his view, taking more was wrong. It was no longer about Jewish survival. So when Israeli authorities began quietly pushing Bedouin Arabs off their land in the Sinai Peninsula, Oded took up the cause.

He helped file a case in the Israeli courts to try to stop it. And he and Yocheved worked together to draw attention to what was going on. Yocheved was a photographer, so she took pictures showing destroyed buildings and bulldozed land. Oded then put her photographs on cardboard and drove around the country showing them to people everywhere.

They became part of a growing peace movement that was becoming a force helping shape Israeli politics. Israel eventually returned the Sinai Peninsula to Egypt in 1982.

[NON-ENGLISH SPEECH]

Whenever there is a movement towards reconciliation with our neighbors, it’s almost like your ability to live here, your life force, gets stronger. And in a way, you can think of the art of their activism as being a response to that.

And why did he and your mother take up that fight, the cause of the land? Why do you think that was what he fought for?

My father, he had a very developed sense of justice. And he always felt that had we returned those lands at that point, we could have reached long-term agreement at that point. Then we would have been in a very different space now. I know that in 2019, for example, he wrote a column, where he said that when the Palestinians of Gaza have nothing to lose, we lose big time. He believed that the way of living in this part of the world is to share the place, to reach agreement, to work with the other side towards agreements.

He was not somebody who just had ideals about building bridges between nations. Two weeks before he was taken hostage, he still drove Palestinians that are ill to reach hospital in Israel and in East Jerusalem. That was something that meant a lot to him. I think he really believed in shared humanity and in doing what you can.

Do you remember the last conversation you had with your father?

I don’t have a clear memory which one it was. It’s funny. A lot of things I forgot since. A lot of things have gone so blurred.

We actually didn’t have a last conversation. The last thing he said was, Yoche, there is a war. And he was shot in the hand, and he was taken out. And I was taken out. I couldn’t say goodbye to him. And what was done to us was done.

We’ll be right back.

Yocheved, the last thing Oded said was there’s a war. Tell me about what happened that day from the beginning.

That morning, there was very heavy shelling on Nir Oz. We could hear gunfire. And we looked outside, and Oded told me, there are a lot of terrorists outside. We didn’t even have time to get dressed. I was still wearing my nightgown. He was wearing very few clothes. I remember him trying to close the door to the safe room, but it didn’t work. He wasn’t successful in closing it.

And then five terrorists walked in. They shot him through the safe room door. He was bleeding from his arm. He said to me, Yoche, I’m injured. And then he fainted. He was dragged out on the floor. And I didn’t know if he was alive. I thought he was dead. After that, I was taken in my nightgown. I was led outside. I was placed on a small moped, and I was taken to Gaza.

And we were driving over a bumpy terrain that had been plowed. And it didn’t break my ribs, but it was very painful.

And I could see that the gate that surrounds the Gaza Strip was broken, and we were driving right through it.

And as we were heading in, I could see so many people they were yelling, “Yitbach al Yahud,” kill the Jews, slaughter the Jews. And people were hitting me with sticks. And though the drivers on the moped tried to protect me, it didn’t help.

What were you thinking at the time? What was in your mind?

I was thinking, I’m being taken; I’m being kidnapped. I didn’t know where to, but this decision I had in my head was that I’m going to take photographs in my mind and capture everything I’m seeing so that when I — or if and when I am released, I’ll have what to tell.

And when I came to a stop, we were in a village that’s near Nir Oz. It’s called Khirbet Khuza. We came in on the moped, but I was transferred into a private car from there. And I was threatened that my hand would be cut off unless I hand over my watch and my ring. And I didn’t have a choice, so I took my watch off, and I took my ring off, and I handed it to them.

Was it your wedding ring?

Yes, it was my wedding ring.

After that, they led me to a big hangar where the entrance to the tunnel was, and I started walking. And the entrance was at ground level, but as you walk, you’re walking down a slope. And you’re walking and walking about 40 meters deep underground, and the walls are damp, and the soil is damp. And at first, I was alone. I didn’t know that other people had been taken too. But then more hostages came, and we were walking together through the tunnels.

Many of whom were from kibbutz Nir Oz. These were our people. They were abducted but still alive. And we spoke quietly, and we spoke very little. But as we were walking, everybody started telling a story of what had happened to him. And that created a very painful picture.

There were appalling stories about murder. People had left behind a partner.

A friend arrived, who, about an hour or two hours before, had her husband murdered and he died in her hands.

It was a collection of broken up people brought together.

So you were piecing together the story of your community and what had happened from these snapshots of tragedies that you were looking at all around you as you were walking. What’s the photograph you’ll remember most from that day?

It would be a girl, a four-year-old girl. People kept telling her — walk, walk, walk. And we tried to calm her down. And her mom tried to carry her on her arms. It was the most difficult sight to see a child inside those tunnels.

What were you feeling at that moment, Yocheved?

Very difficult.

Where did they lead you — you and your community — from Nir Oz.

They led us to this chamber, a room, that they had prepared in advance. There were mattresses there. And that’s where we were told to sit.

I saw people sitting on the mattresses, bent down, their heads down between their hands. They were broken. But we hardly spoke. Everybody was inside their own world with themselves, closed inside his own personal shock.

Yocheved was without her glasses, her hearing aids, or even her shoes. She said she spent most days lying down on one of the mattresses that had been put out for the hostages. Sometimes her captors would let her and others walk up and down the tunnels to stretch their legs.

She said she was given a cucumber, spreading cheese, and a piece of pita bread every day to eat. They had a little bit of coffee in the morning and water all day long.

One day, a Hamas leader came to the room where she and others were being held. She said she believes it was Yahya Sinwar, the leader of Hamas, who is believed to be the architect of the October 7 attack. Two other hostages who were held with Yocheved also identified the man as Sinwar, and an Israeli military spokesman said he found the accounts reliable.

He came accompanied with a group of other men. He just made rounds between the hostages, I suppose. And he spoke in Hebrew, and he told us not to worry, and soon there’s going to be a deal and we’ll be out. And others told me, don’t speak. And I said, what is there for me to be afraid of? The worst already happened. Worst thing, I’ll be killed.

I want to say something, and I spoke my mind. I told Sinwar, why have you done what you just did to all of the same people who have always helped you? He didn’t answer me. He just turned around and they walked off.

Were you afraid to ask him why Hamas did what it did, to challenge him?

I wasn’t afraid.

I was angry about the whole situation. It was against every thought and thinking we ever had. It was against our desire to reach peace, to be attentive and help our neighbors the way we always wanted to help our neighbors. I was very angry. But he ignored what I said, and he just turned his back and walked away.

In this entire time, you had no answers about Oded?

What was the hardest day for you, the hardest moment in captivity?

It’s when I got sick. I got sick with diarrhea and vomiting for about four days. And I had no idea how this will end. It was a few very rough days. And probably because of that, they decided to free me.

They didn’t tell me they were going to release me. They just told me and another girl, come follow us. They gave us galabiya gowns to wear and scarves to wear over our heads, so maybe they’ll think that we are Arab women. And only as we were walking, and we started going through corridors and ladders and climbing up we were told that we’re going home.

I was very happy to be going out. But my heart ached so hard for those who were staying behind. I was hoping that many others would follow me.

It’s OK. Let’s go. It’s OK. Let’s go.

You go with this one.

Shalom. Shalom.

There was a video that was made of the moment you left your captors. And it seemed to show that you were shaking a hand, saying shalom to them. Do you remember doing that?

I said goodbye to him. It was a friendly man. He was a medic. So when we said goodbye, I shook his hand for peace, shalom, to goodbye.

What did you mean when you said that?

I meant for peace.

Shalom in the sense of peace.

An extraordinary moment as a freed Israeli hostage shakes hands with a Hamas terrorist who held her captive.

I literally saw my mom on CNN on my phone on the way to the airport. And it was the day before I was talking to my aunt, and she said, I just want to go to Gaza and pull them out of the earth. I just want to pull them out of the earth and take them. And it really felt like that, that she came out of the earth. And when she shook the hand of the Hamas person, it just made me smile because it was so her to see the human in that person and to acknowledge him as a human being.

I arrived in the hospital at about 5:30 AM. My mom was asleep in the bed. And she was just — my mom sleeps really peacefully. She has a really quiet way of sleeping. And I just sat there, and it was just like a miracle to have her back with us. It was just incredible because not only was she back, but it was her.

I don’t know how to explain it. But while they were away, we knew so little. We were pretty sure she didn’t survive it. The whole house burned down totally. So other homes we could see if there was blood on the walls or blood on the floor. But in my parents’ home, everything was gone — everything. And we just didn’t know anything. And out of that nothingness, came my mom back.

It was only when she got to the hospital that Yocheved learned the full story of what happened on October 7. Nir Oz had been mostly destroyed. Many of her friends had been murdered. No one knew what had happened to Oded. Yocheved believed he was dead. But there wasn’t time to grieve.

The photograph she had taken in her mind needed to be shared. Yocheved knew who was still alive in the tunnels. So she and her son called as many families as they could — the family of the kibbutz’s history teacher, of one of its nurses, of the person who ran its art gallery — to tell them that they were still alive, captive in Gaza.

And then in November came a hostage release. More than 100 people came out. The family was certain that Oded was gone. But Sharone decided to make some calls anyway. She spoke to one former neighbor then another. And finally, almost by chance, she found someone who’d seen her father. They shared a room together in Gaza before he’d gotten ill and was taken away. Sharone and her brothers went to where Yocheved was staying to tell her the news.

She just couldn’t believe it, actually. It was as if, in this great telenovela of our life, at one season, he was left unconscious on the floor. And the second season open, and he is in a little room in Gaza with another woman that we know. She couldn’t believe it.

She was very, very, very excited, also really worried. My father was a very active and strong man. And if it happened 10 years ago, I would say of course he would survive it. He would talk to them in Arabic. He will manage the situation. He would have agency. But we know he was injured. And it makes us very, very worried about the condition in which he was — he’s surviving there. And I think that the fear of how much suffering the hostages are going through really makes you unable to function at moment.

Yocheved, the government has been doing a military operation since October in Gaza. You have been fighting very hard since October to free the hostages, including Oded. I wonder how you see the government’s military operation. Is it something that harms your cause or potentially helps it?

The only thing that will bring them back are agreements. And what is happening is that there are many soldiers who have been killed, and there is an ongoing war, and the hostages are still in captivity. So it’s only by reaching an agreement that all of the hostages will be released.

Do you believe that Israel is close to reaching an agreement?

I don’t know.

You told us that after the Holocaust, your father gathered your family together to tell you that God did not save you. It was a crisis for him. I’m wondering if this experience, October 7, your captivity, challenged your faith in a similar way.

No, I don’t think it changed me. I’m still the same person with the same beliefs and opinions. But how should I say it? What the Hamas did was to ruin a certain belief in human beings. I didn’t think that one could reach that level that isn’t that much higher than a beast. But my opinion and my view of there still being peace and reaching an arrangement stayed the same.

You still believe in peace?

Why do you believe that?

Because I’m hoping that a new generation of leaders will rise, people who act in transparency, who speak the truth, people who are honest, the way Israel used to be and that we’ll return to be like we once were.

I go to many rallies and demonstrations, and I meet many people in many places. And a large part of those people still believe in reaching an arrangement in peace and for there to be no war. And I still hope that this is what we’re going to be able to have here.

Bring them home now! Bring them home now! Bring them home now! Bring them home now! Bring them home! Now! Bring them home! Now! Bring them home! Now! Bring them home!

Yocheved is now living in a retirement home in the suburbs of Tel Aviv. Five other people around her age from Nir Oz live there too. One is also a released hostage. She hasn’t been able to bring herself to go back to the kibbutz. The life she built there with Oded is gone — her photographs, his records, the piano. And the kibbutz has become something else now, a symbol instead of a home. It is now buzzing with journalists and politicians. For now, Yocheved doesn’t know if she’ll ever go back. And when Sharone asked her, she said, let’s wait for Dad.

So I’m today sitting in this assisted living, surrounded by the same company, just expecting Oded, waiting for Oded to come back. And then each and every one of us will be rebuilding his own life together and renewing it.

What are you doing to make it a home for Oded?

We have a piano. We were given a piano, a very old one with a beautiful sound. And it’s good. Oded is very sensitive to the sound. He has absolute hearing. And I’m just hoping for him to come home and start playing the piano.

Do you believe that Oded will come home?

I’d like to believe. But there’s a difference between believing and wanting. I want to believe that he’ll be back and playing music. I don’t think his opinions are going to change. He’s going to be disappointed by what happened. But I hope he’s going to hold on to the same beliefs. His music is missing from our home.

[SPEAKING HEBEW]:

[SPEAKING HEBREW] [PLAYING PIANO]

I know that my father always felt that we haven’t given peace a chance. That was his opinion. And I think it’s very hard to speak for my father because maybe he has changed. Like my mom said, she said, I hope he hasn’t changed. I haven’t changed. But the truth is we don’t know. And we don’t the story. We don’t know how the story — my father is ending or just beginning.

But I think you have to hold on to humanistic values at this point. You have to know what you don’t want. I don’t want more of this. This is hell. This is hell for everybody. So this is no, you know? And then I believe that peace is also gray, and it’s not glorious, and it’s not simple. It’s kind of a lot of hard work. You have to reconcile and give up a lot. And it’s only worth doing that for peace.

[PIANO PLAYING CONTINUES]

After weeks of negotiations, talks over another hostage release and ceasefire have reached an impasse. The sticking points include the length of the ceasefire and the identity and number of Palestinian prisoners to be exchanged for the hostages.

[BACKGROUND CONVERSATION IN HEBREW]:

Here’s what else you should know today. Sam Bankman-Fried was sentenced to 25 years in prison on Thursday, capping an extraordinary saga that upended the multi-trillion-dollar crypto industry. Bankman-Fried, the founder of the cryptocurrency exchange, FTX, was convicted of wire fraud, conspiracy, and money laundering last November.

Prosecutors accused him of stealing more than $10 billion from customers to finance political contributions, venture capital investments, and other extravagant purchases. At the sentencing, the judge pointed to testimony from Bankman-Fried’s trial, saying that his appetite for extreme risk and failure to take responsibility for his crimes amount to a quote, “risk that this man will be in a position to do something very bad in the future.”

Today’s episode was produced by Lynsea Garrison and Mooj Zaidie with help from Rikki Novetsky and Shannon Lin. It was edited by Michael Benoist, fact checked by Susan Lee, contains original music by Marion Lozano, Dan Powell, Diane Wong, Elisheba Ittoop, and Oded Lifshitz. It was engineered by Alyssa Moxley. The translation was by Gabby Sobelman. Special thanks to Menachem Rosenberg, Gershom Gorenberg, Gabby Sobelman, Yotam Shabtie, and Patrick Kingsley. Our theme music is by Jim Brunberg and Ben Landsverk of Wonderly.

That’s it for “The Daily.” I’m Sabrina Tavernise. See you on Monday.

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Hosted by Sabrina Tavernise

Produced by Lynsea Garrison and Mooj Zadie

With Rikki Novetsky and Shannon Lin

Edited by Michael Benoist

Original music by Marion Lozano ,  Dan Powell ,  Diane Wong and Elisheba Ittoop

Engineered by Alyssa Moxley

Listen and follow The Daily Apple Podcasts | Spotify | Amazon Music

Warning: this episode contains descriptions of violence.

It’s been nearly six months since the Hamas-led attacks on Israel, when militants took more than 200 hostages into Gaza.

In a village called Nir Oz, near the border, one quarter of residents were either killed or taken hostage. Yocheved Lifshitz and her husband, Oded Lifshitz, were among those taken.

Today, Yocheved and her daughter Sharone tell their story.

On today’s episode

Yocheved Lifshitz, a former hostage.

Sharone Lifschitz, daughter of Yocheved and Oded Lifshitz.

Background reading

Yocheved Lifshitz was beaten and held in tunnels built by Hamas for 17 days.

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We aim to make transcripts available the next workday after an episode’s publication. You can find them at the top of the page.

Fact-checking by Susan Lee .

Additional music by Oded Lifshitz.

Translations by Gabby Sobelman .

Special thanks to Menachem Rosenberg, Gershom Gorenberg , Gabby Sobelman , Yotam Shabtie, and Patrick Kingsley .

The Daily is made by Rachel Quester, Lynsea Garrison, Clare Toeniskoetter, Paige Cowett, Michael Simon Johnson, Brad Fisher, Chris Wood, Jessica Cheung, Stella Tan, Alexandra Leigh Young, Lisa Chow, Eric Krupke, Marc Georges, Luke Vander Ploeg, M.J. Davis Lin, Dan Powell, Sydney Harper, Mike Benoist, Liz O. Baylen, Asthaa Chaturvedi, Rachelle Bonja, Diana Nguyen, Marion Lozano, Corey Schreppel, Rob Szypko, Elisheba Ittoop, Mooj Zadie, Patricia Willens, Rowan Niemisto, Jody Becker, Rikki Novetsky, John Ketchum, Nina Feldman, Will Reid, Carlos Prieto, Ben Calhoun, Susan Lee, Lexie Diao, Mary Wilson, Alex Stern, Dan Farrell, Sophia Lanman, Shannon Lin, Diane Wong, Devon Taylor, Alyssa Moxley, Summer Thomad, Olivia Natt, Daniel Ramirez and Brendan Klinkenberg.

Our theme music is by Jim Brunberg and Ben Landsverk of Wonderly. Special thanks to Sam Dolnick, Paula Szuchman, Lisa Tobin, Larissa Anderson, Julia Simon, Sofia Milan, Mahima Chablani, Elizabeth Davis-Moorer, Jeffrey Miranda, Renan Borelli, Maddy Masiello, Isabella Anderson and Nina Lassam.

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