A wise old saying applies very much in the business context. Given the focus, commitment and capital requirements of modern ventures, ascertaining the feasibility prior to commencement is a crucial element in business.
Feasibility studies are important as they force you to consider the big picture first and then think in a top down fashion.
If successful businesses are scrutinised, it is not a surprise to find that the issues were thoroughly examined and the probability of business success were assessed. Feasibility studies give focus to the project and outline alternatives, narrows business alternatives, identifies new opportunities through the investigation process, identifies reasons not to proceed, provides quality information for decision making, enhance the probability of success by addressing and mitigating factors early on that could affect the project and help attract equity investment.
Evaluating feasibility of a project/venture is a standard science with traditional measurements and approaches. However, given the rapid changes in the business environment and the ever increasing complexities of the modern business sometimes make the traditional feasibility science unsuitable to factor different scenarios.
Generally observation on feasibility science demonstrate that the approaches to evaluate feasibility depends on the functional bias of the developer of the study. For instance, most feasibility studies have a financial bias. In certain circumstances may encompass an excessive marketing bias. However the correct blend and focus on the functional mix is lacking in most feasibility studies. Also, most feasibility studies provide the technicalities but lack in providing the entrepreneurial assessment to a business.
MTI has a comprehensive approach towards feasibility studies. To develop feasibility studies for venture/projects and ensure a multi-functional approach, MTI evaluates the strategic link/project sights, analyse the environment, evaluate the options to give best possible selection and ascertain financial aspects.
The feasibility study is a critical step in the business assessment process. If properly conducted, it may be the best investment you ever made.
Mr Cader is the chief
executive of MTI Consulting
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