A business case is a business-related concept that is both practical and profitable; while a business plan gives the details and elucidates the financial steps necessary to create or grow a successful business. Its purpose is to examine the business dynamics of a proposed project as part of the evaluation and selection process. It shows how the project along with its lifecycle is a complete business venture that will contribute to its results. Thus it also shows how the project will align with and support the strategy of the organization. Finally, it demonstrates how the project will contribute to the company’s economic value.
For example, you could make a business case for investing in billboard advertising for your motel. You would cite the success stories other motels have had from such advertising.
A business plan will do two very important things for you and your new business. First, it will be your guide to creating or growing your business. It will address every major aspect, especially those related to expenses and income over a period of time. Second, it will show you and your stakeholders, such as probable investors, the value or profitability of your idea and your approach.
Copyright © 2010 Suprio Ghatak
Thank,
useful distinction.
Gary