Why is a feasibility study so important for a business plan ?

 

A number of crucial elements such as technical, legal, and economic components are involved in a feasibility study. The main objective behind using this kind of plan is to assess the advantages and drawbacks of a project in an attempt to avoid wasting money and time.

feasibility study

What are the goals of this study ?

There are three main objectives behind conducting a feasibility study which are:

  • The determination of the purposes that can be attained.
  • The assessment of the viability of a plan.
  • The preparation to carry out the project.

As a result, without carrying a feasibility study, you will be unable to develop a successful project because of a lack of a detailed examination of the adequate marketing and management skills. Added to that, it will be impossible to decide clearly whether the project is worth the investment or not. In fact, it takes about 20 months for a business project to become profitable and without knowing this through a feasibility study; anyone will be more likely to run another project.

What are the steps of this analysis ?

A feasibility study is not that difficult because the adequate precision and method are the tools that you need the most. If you are thinking about launching a new product, developing a business plan, or expanding your business, the only thing you have to do is to conduct a feasibility plan that ensures the success of your project.

The first step consists of examining the requirements of the project through which you will be able to have a clearer idea about the necessary investment. Therefore, you can decide either to expand or to modify your project based on this list of needs.

Then, in case the project budget matches your funding potential, you can continue to fulfill the next stage that consists of developing your commercial and communication approaches. Concerning the market, a SWOT analysis is essential to understand better the strengths and the weaknesses of your project that may allow you to stand out from the competition.

Besides, you can also check the opportunities that you can grab and the threats that you have to address. It is important to make this kind of assessment on a regular basis in order to be able to obtain a clear picture of the improvement of your project.

Finally, after preparing a thorough analysis, you can realize what you have dreamt of. Thanks to the feasibility study, you can facilitate the steps that need great time and effort.

The competent advisors who work within OAC will be dedicated to provide you with the necessary recommendations and advice in order to avoid the possible complications that can put your project in jeopardy.

What are the competitive advantages of OAC ?

Our specialists have a clear idea of the difficulties and the problems that can impede entrepreneurs from realizing their projects. The solution to your specific business problem will be offered by our consultants who strive to provide clients from all over the globe with tailor-made solutions.