Guide
Build business cases that survive executive scrutiny
Walk into your next CFO meeting knowing exactly what questions are coming—and how to answer them.
Most business cases fail not because the numbers are wrong, but because they can't survive scrutiny. CFOs have seen thousands of optimistic projections. They know which assumptions to probe, which benefits to discount, and which promises never materialize.
This guide exists because the difference between approved and rejected often comes down to how you structure and defend your case—not just what the numbers say. You'll learn to anticipate the questions before they're asked, build models that invite validation rather than attack, and present with the quiet confidence that comes from genuine defensibility.
Before diving into tactics, understand what you're up against. CFOs operate in a world of competing priorities, limited capital, and accountability for every dollar spent. They've approved projects that failed and rejected ones that might have succeeded. This experience creates a credibility gap that every business case must bridge.
The gap isn't about your numbers being wrong—it's about whether your numbers can be trusted. A business case might show $2M in savings, but the CFO is thinking: "Based on what assumptions? Validated by whom? What happens if they're off by 30%?"
Every business case rests on assumptions. The question is whether those assumptions are explicit, defensible, and appropriately conservative. CFOs don't expect certainty—they expect intellectual honesty about uncertainty.
Categorize Your Assumptions:
- Anchored assumptions: Based on internal data, contracts, or historical performance
- Benchmarked assumptions: Derived from industry data, analyst reports, or peer comparisons
- Estimated assumptions: Informed guesses that require sensitivity analysis
Make Uncertainty Visible:
Rather than hiding uncertainty, quantify it. Show ranges, not points. A CFO trusts "$1.5M-$2.1M depending on adoption rates" more than "$1.8M in guaranteed savings."
Build your business case with three layers of defense, each designed to address a different type of challenge:
Layer 1: Logic Defense
Can someone follow your reasoning from inputs to outputs? Every calculation should be traceable, every dependency mapped. If asked "where does this number come from?", you should be able to trace it back to its source in under 30 seconds.
Layer 2: Evidence Defense
What proof supports your key assumptions? This isn't about having evidence for everything—it's about having strong evidence for the assumptions that matter most. Identify your 3-5 critical assumptions and build evidence packages for each.
Layer 3: Stress Defense
What happens when things don't go as planned? Show you've thought about downside scenarios. A business case that only works in the best case isn't a business case—it's a wish.
CFOs validate business cases by testing them against their mental models and organizational reality. Structure your value to align with how they think:
Hard vs. Soft Benefits:
Lead with hard benefits (measurable, attributable, time-bound) before mentioning soft ones. If you claim productivity improvements, connect them to specific headcount, capacity, or throughput metrics.
Time Horizons:
Show value realization over time, not just a terminal state. Month-by-month or quarter-by-quarter projections demonstrate you understand implementation reality.
Dependency Mapping:
Be explicit about what must happen for benefits to materialize. CFOs respect business cases that acknowledge dependencies because they know projects rarely execute in isolation.
Before presenting, conduct a pre-mortem: assume your business case was rejected and work backward to understand why. This exercise surfaces vulnerabilities you can address proactively.
Ask yourself:
- Which assumption would the CFO challenge first?
- Where is my evidence weakest?
- What competing priority might make this look less urgent?
- Who else needs to validate these numbers before the CFO will trust them?
The answers become your preparation agenda. Address the top three vulnerabilities before you present.
How you present matters as much as what you present. CFOs are pattern-matching against hundreds of previous pitches. Stand out by:
Leading with the ask: State what you want and why within the first 60 seconds. CFOs appreciate directness.
Inviting challenge: Phrases like "I expect you'll want to stress-test the adoption assumption—here's how we built it" signal confidence and preparation.
Owning uncertainty: When you don't know something, say so. Then explain how you'll find out and what you'd do if the answer is unfavorable.
Providing exit ramps: Show decision points where the project can be paused or adjusted based on actual results. This reduces perceived risk.
The meeting isn't the end—it's a checkpoint. CFOs rarely approve significant investments in a single session. They need time to validate, consult, and compare.
After the meeting:
- Send a one-page summary within 24 hours
- Include the specific follow-up items discussed
- Offer to present to anyone the CFO wants to consult
- Propose a clear next step with a specific date
The goal is to maintain momentum while demonstrating responsiveness to concerns raised.
A framework for building business cases that can withstand executive scrutiny through logic, evidence, and stress testing.
A method for categorizing and validating business case assumptions based on their evidence quality.
A proactive technique for identifying business case vulnerabilities before presentation.
Audit your current business case against the Three-Layer Defense Model
Categorize all assumptions using the Assumption Architecture framework
Conduct a Pre-Mortem Exercise to identify your top three vulnerabilities
Build evidence packages for your critical assumptions
Practice your presentation with a colleague playing the skeptical CFO
Prepare your post-meeting follow-up materials in advance
Download the PDF version to reference offline or share with your team.
Download PDF VersionUnderstand what CFOs actually think when they see your business case—and why impressive numbers often backfire. You'll learn to anticipate the patterns that trigger rejection, calibrate precision to build trust, and construct ROI that survives the questions you're not expecting.
Stress-test your ROI before finance does. Identify weak assumptions, missing scenarios, and hidden dependencies that could sink your deal.
Discover the gaps in your business case before the CFO does. Get your readiness score, see exactly where you're vulnerable, and know what to fix.