The goal of the Project Business Plan is to give insight in the business case and convince stakeholders in your organization or business why this new product is such a great idea.  Let’s dive in more details on why you need to create a project business plan and what should be inside.

How to keep your projects on track

My experience is that there are 3 Standard Project Management Templates You Need to Create to Keep Your Projects on Track.

The sooner you have control over your new product development projects, the better. Your chance of successfully delivering a new product to the market increases by the minute. That’s maybe a little too exaggerated, but you get my point.

To prevent you feeling lost and out of control in managing your team and getting your new project of the ground, I recommend creating 3 templates, that will help you proactively steer all activities in the right direction.

Once you’ve created these templates, you can use over and over again in every new project. You only need to tweak the content here and there. This will save you hours of work creating everything from scratch. Sound good right? Let’s dive in!

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The Project Business Plan template

The first template I advise you to create is the Project Business Plan. The goal of the Project Business Plan is to give insight in the business case and convince stakeholders in your organization or business why this new product is such a great idea.  So now you know why you need to create a project business plan.

When you have this Project Business Plan approved, everyone is on board of your new project and you can start with the actual product development, appoint resources and organize the project kick-off.

Topics to cover in the plan

• Short description of the new product idea
• What the project will deliver. For example, product A, product B, an App, a SW program.
• The estimated cost price and sales price. Want to learn more on how to determine the sales price of your new product idea? Click here.
• What you expect to sell in the coming years and the ROI.
• Your target market, distribution channel.
• What would happen in the business if you don’t develop this new product.
• Constraints
• Opportunities and Threats of this new project
• Assumptions with this project, as there are unknowns at this early stage.
• The resources you need to get this product from idea to mass production and introduction.
• Resources in terms of people. Which expertise do you need to be successful. And for how long do you need these experts.
• Resources in terms of the project budget expenses on samples, R&D costs, certification costs, user documentation, translation of materials, marcom materials. Shipment costs.
• A high-level project planning. Want to get tips on creating a reliable project planning? Click here.
• Meeting and communication plan. How often do you plan to meet with the core project team, with the suppliers, how do you communication on the progress of the project to stakeholders.

Here you have it, why you need to create a project business plan and what should be inside.

Learn more

Because I know you’re busy, I’ve created something special for you. Want to learn how to create a project business plan for your new product development? Sign-up for FREE training via the link below.

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