A feasibility study investigates the viability of a potential business venture or a conceived project to ascertain whether it is profitable and/or doable. It may also be carried out when purchasing or expanding an existing business beyond its current footprint.
Feasibility study is an in-depth process that covers technical, legal, operational, realistic timeline, financial and economic factors of the potential business venture.
A feasibility study can be expensive and time consuming but the cost of not undertaking the feasibility analysis is more expensive in terms of poor decisions that are made by avoiding the feasibility study.
A business plan provides a detailed action plan for a proposed business venture.
A business plan is not a feasibility study; the roles are different.
A feasibility study investigates whether an idea or a business venture is viable while a business plan provides a planning function which focuses more on implementing a well-though out tactics and strategies or implementing the outcome of a feasibility study.
A business plan creates a blueprint for action for a proposed business.
At Damilight, we assist companies to put together business plans that account for strategic, marketing and other important factors.
Our research team is well placed to conduct evaluations of policy intervention programmes for corporate and government entities with a view to assessing the impacts, gaps, challenges, etc., of such programmes and provide recommendations for improvement going forward.
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