You now need mentoring software, how do you create a business case?

September 26, 2016
mentoring Mentoring software facilitates the career development of employees in a streamlined electronic client. We know that. But how does one secure funding for such a large project?

Securing funding from key executives can be tricky. There must be a solid business case outlining objectives and providing specific info on how to start and manage any potential mentoring program.

Simply put, the stakeholders are being asked to hand over a large bit of funding. Like any entity funding any venture, they will want to know the immediate and long term consequences. Here is where there must be a business case. This business case will detail what is needed for the program, how it will be executed, how much it will cost, and how long until results are reached.

Mentoring is one way your organization can foster and develop the talents of their employees while using an internal resource; their own skilled employees.  [Click to Tweet] Here is a list of steps to take when creating a business case to present to the deciding team.

  1. Outline the benefits - Those investing funds (the stakeholders) are going to want to know where the money is going and how it will help. The first step is to show them what areas the mentoring software will assist in, and the any areas is can help develop. These areas include mentoring for career development, Mentoring for onboarding, and mentoring for leadership development. All of these programs increase employee retention, productivity, and spur diversity.
  2. Sell it to the executives - The next step in presenting a business case is clearly outlining where the money is going, and how it will be returned and multiplied via the ROI of the program. The program needs to be transparent so investors can see all the benefits from the technology. Benefits include a matching tool that solidifies the organization's chance of a successful mentor mentee match, plenty of tools and training documents at one's disposal and accessible at any time, and the technology allows the administrator time to focus on other areas and not investing too much time in the things that the technology does. (poor structure work on this)
  3. Compare your program with versus without technology - The best way to demonstrate the benefit of mentoring technology to stakeholders is to present a side by side cost analysis of the program with and without technology. This will show how much money the organization will be saving in the long term of the programís run. While the initial start up cost may be more for a program with technology, be sure to highlight the overall lower cost of having automated administrative tasks, as opposed to paying for multiple program administrators.
  4. Measuring the ROI - You need to let those the stakeholders know that there will be means of measuring the program's efficacy. This assures the stakeholders that their money will be tracked and returned in value through the results of the program. This will detail what kind of surveys will be sent to those involved, and what the surveys will contain (i.e. goals achieved, timelines reached). There are tools that will also help track the ROI of the program that will be included with the technology.
  5. Once approved, get to work! - They key challenge will be getting approval for the mentoring program. However, with a clearly presented list of benefits, a well constructed business case for mentoring will put everyone's mind at ease. After the results have been gathered and presented to the senior executive team, the next step is scheduling a live demo of Insalaís mentoring solutions to get the ball rolling on your new mentoring program.

Now that the case has been presented and approved, the fun part of starting a successful mentoring program begins. Our mentoring software has shown to increase employee productivity, retention, and ensure your solid succession pipeline. What does this mean for the organization? A higher profit from employees, happier and more engaged workers and use of internal sources of training to better the company overall.

Visit today to see how it works, and to schedule your free demo today.

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