Cost-Benefit Analysis Template
Assess pros and cons and improve your informed decision-making.
About the Cost Benefit Analysis template
What is a cost benefit analysis?
Every business decision comes with potential rewards, as well as potential risks. Your decision might expand the business, introduce a new product, or tap into a new supply chain, but it also might cost the organization precious time, money, or social capital. Without a systematic way of analyzing costs and benefits, you may find making decisions an arduous task.
Cost benefit analysis (CBA) is an analytical tool that helps your team assess the pros and cons of moving forward with a business proposal. This technique helps you decide the best course of action to take with a new project by analyzing each option.
When to use a cost benefit analysis
You can use a CBA to compare completed or potential processes, or to estimate the value against the risks of decisions, projects, or processes. Your team can use this powerful, efficient tool in commercial transactions, business decisions, and project investments.
Advantages of using a cost benefit analysis
Organizations make high-stakes choices all the time. Chances are high that your competition is weighing many of the same factors that you are. That’s why it’s crucial to approach decisions in a systematic, methodical way.
A cost benefit analysis allows you to weigh the potential costs of a decision without having to actually incur those costs. It helps your team decide whether the benefits outweigh the costs. If you have no choice but to incur costs, the analysis can provide an estimate for the time it will take to repay those costs.
Perform your own cost benefit analysis
Miro’s whiteboard tool is the perfect canvas to create and share your team’s cost benefit analysis. Get started by selecting this Cost Benefit Analysis Template. Then, follow these steps:
Step 1: Brainstorm costs and benefits. Make a list of each. Try to think of unexpected costs or benefits that your team might not have immediately anticipated. Once you have a list of costs and benefits, think about whether those costs and benefits are likely to change or grow over time.
Step 2: Figure out the monetary value of the costs. Will you need to hire employees? Train them? Will you experience a decrease in productivity while new hires get up to speed? If you introduce a new feature, will your system experience an outage that impacts your customers
Step 3: Now assign a monetary value to the benefits. Do your best to estimate potential revenue, but don’t confine yourself to cash. Think about “soft” benefits like positive word-of-mouth, employee satisfaction, or environmental preservation.
Step 4: Compare your costs and benefits. Which seems greater? How long would it take to repay any costs?
Developing a great product starts with knowing the lay of the land (meaning who you’re up against) and answering a few questions: Who are your competitors? How does your product or service compare? What makes you stand out? A competitive analysis will help find the answers, which can ultimately shape your product, value prop, marketing, and sales strategies. It’s a great exercise when a big business event is about to occur — like a new product release or strategic planning session.
When you’re building a business or running a team, risk comes with the territory. You can’t eliminate it. But you CAN identify it and mitigate it, to up your odds of success. Failure Modes and Effects Analysis (FMEA) is a powerful tool designed to help you manage risk and potential problems by spotting them within a process, product, or system. And you’ll spot them earlier in your process—to let you sidestep costly changes that arise late in the game or, worse, after they’ve impacted your customers and their experience.
Breakout groups provide an excellent opportunity for teammates to have candid conversations and connect on a more intimate level than is possible during a broader meeting. When you’re in a large group setting, it can be difficult for people to feel safe or comfortable speaking up. In a smaller group, participants can feel safer sharing their ideas. Since the group is more intimate, teams are empowered to participate rather than observe.
When your team is collaborating on a large project, keeping track of the many tasks and multiple timelines can be a challenge. That’s why you need a milestone chart. These visual representations of important project events will make it simple for your team to stay on schedule and reach goals on time. And it’s so easy to get started — just determine the major milestones, use our template to create a milestone chart, and define the key dates and deliverables each milestone will require.
Voice of Customer
Identifying the voice of the customer is a crucial part of any customer experience strategy. Your Voice of Customer is simply a framework for understanding your customers’ needs, wants, preferences, and expectations as they interact with your brand. Evaluating your Voice of Customer allows you to dive into what your customers are thinking, feeling, and saying about your products and services, so you can build a better customer journey. Use the Voice of Customer template to record answers to key questions about your customer, including: What are they saying about our product? What do they need? How can we fulfill that need? And who is this persona?
Everyone has been in a meeting that didn’t go as planned. Maybe it ran off course, or you ran out of time to accomplish everything you set out to do -- or maybe it just felt like a waste of time. To avoid that, it’s important to prepare to run a team meeting ahead of time. With this simple but effective template, you can prepare to run a team meeting that ticks all the boxes. By creating a streamlined way to build preparation into your workflow, you’ll ensure your meetings are efficient, enjoyable, and collaborative.