Conducting a feasibility study is a good business practice. If you examine successful businesses, you will find that they did not go into a new business venture without first thoroughly examining all of the issues and assessing the probability of business success.
Why conduct a feasibility study?
- Gives focus to the project and outline alternatives
- Narrows business alternatives
- Surfaces new opportunities through the investigative process
- Identifies reasons not to proceed
- Enhances the probability of success by addressing and mitigating factors early on that could affect the project
- Provides quality information for decision making
- Helps to increase investment in the company
- Provides documentation that the business venture was thoroughly investigated
- Helps in securing funding from lending institutions and other sources
- The feasibility study is a critical step in the business assessment process. If properly conducted, it may be the best investment you ever made.
Whether for a start-up of a new business, for an expansion of an existing business, or acquire an existing business SHRC can deliver the needed information to make strategic decisions regarding the market, competition and location.
