Think about the people you work with who buy from you. Now, think for a moment about those who could but don’t. Do they mainly care about the features of what you sell or the benefits? Do you ever meet with people who primarily only care about the financial impact of what you provide?
If you haven’t, you will eventually encounter buyers who mainly care about the financial aspects of what you sell. They may never lay eyes on your product or service. They care about how quickly they will recover their money. They want to know if your solution will increase revenue or cut expenses, how much, and how soon. In other words, they may only care about their short-term cash flow or profitability. Or they may be more interested in achieving a lower cost of ownership over the long term. No two entities are entirely the same in this area.
How do your prospects and customers measure success? What are their financial objectives? First, you must understand their objectives. Then you can explain the economic impact of your proposal with a business case.
A business case is a document or a presentation that explains the benefits and risks involved in proceeding with an opportunity or recommendation. It compares alternatives and highlights the financial benefits of your solution. It must also address the risks of not doing anything at all. A strong business case makes a compelling argument for implementing your proposal.
Are you prepared to provide this kind of presentation? Join us for one of our Developing and Presenting a Business Case workshops to hone your financial skills. Or, attend our Financial Justification course for a more in-depth study.