August 15, 2015
Throughout my humbling decade-long consulting experience in GE Consult, countrywide and region wide, I learnt that the only thing that is constant nowadays is change. And you have to believe that change is the only constant that businesses of any size facing today, from thinking about being visibly outstanding, then attracting customers, influencing them to spend and later retaining them, effectively and profitably.
No doubt, the need for continuous changing, adapting and integrating new ideas into your marketing mix to counter the rivalries is inevitable. Therefore, a forethought planning document is critical to anticipate the extreme uncertainties. First, getting a head start on feasibility study (before business planning) not only stands a chance to examine the practicability of your new business idea, but also helps saving you from losing money and energy unreasonably.
How Feasibility Study Works for New Business Ideas
Although a feasibility study works in a number of reasons; it should be specific, focusing on fewer problems. Often, a feasibility study starts with a few questions rather being too scattered, thus it helps narrowing down to explore possible answers. I shared hereunder five questions which I found quite helpful:-
- What’s the purpose of the feasibility study?
- Who will receive/read the report?
- What question do you intend to solve? Technical/Financial? Or else?
- Will the research require real interview? Or other must-use research method?
- Do you have your own questions?
Sounds like a business plan? No! A feasibility study is not a business plan, it is an analytical document that helps you to study the achievability of your business idea, whereas a business plan is a strategy document that calls to action.
I personally believe that feasibility study is significant as it helps portray a bigger picture first, and later it conveys more in-depth views in a top-down manner. Here at GE Consult, we observed that the keys to a successful feasibility study should contain:
- A feasibility study must be conducted based in reality, absolutely no theory, therefore, it usually requires primary and secondary market research method to conduct survey, to examine the marketability of the business idea (considering the possible customer needs and demands, resources, or funds from investors etc.)
- The business idea must be satisfactorily well-defined and precise, and be able to provide specific hypotheses and predictions for study. So, the detailed product or service specifications and information must be ready, otherwise nothing can really be achieved.
GE Consult has been providing reliable and accurate feasibility study for many SMEs and startup companies across industries in Malaysia and other Asian countries. Contact us at info@geconsult.org today to find out more on how we can assist you to obtain the necessary study to ensure that your new idea will eventually lead to the business taking flight.
