If given the option of choosing between a sound foundation and a frail one, preference towards the former alternative is inevitable. A business plan acts as the foundation of the business. It is of utmost importance to develop a sense of direction before embarking a journey. A business plan serves this purpose of direction. It is a document stating the business’s future objectives and strategies for achieving them.
The significance of Business Plan
Survival in the marketplace has become difficult, however, entering it is an entirely different story. Absence of proper planning and forethought leads to the failure of entrants. Thus, to ensure profitability, it becomes essential to conduct some sort of analysis before plunging into the market. A proper example of this analysis is the feasibility study.
The feasibility study acts as an investigative tool to assess the potential, viability or practicability of a new business. It is an excellent instrument for the prediction of the likelihood of success or failure of a new business venture. It may also be adopted in the case of incorporation of new products or ideas into the business mix.
It provides results for key decisions that may be:
- Moving forward with the idea
- Refining it
- Leaving it altogether
A feasibility study also determines alternatives and solutions which may otherwise not have been known. Thus, it becomes critical to conduct this research before the commitment of business resources, time and money to a business idea that may not work as planned as this only leads to further investment for the correction of previous mistakes. The collection of this data helps make informed decisions regarding the selection of the most profitable path.
Our Feasibility Study’s components include (but are not limited to):
You can always trust us to deliver exceptional insights and advice based on the highest standards of research and consulting practice – for the decisions that really matter.