When starting any new project, one of the most important steps is to carry out a feasibility study. This will help determine if the idea is even viable and decide what steps need to be taken in order to make it a reality.
At Blakeney Leigh, we are experienced project managers and can help you assess and identify any potential risks or challenges.
However, it is especially important to understand the purpose of a feasibility study when undertaking a large-scale project as they can be overlooked. The data they provide is invaluable before starting anything new.
What Is A Feasibility Study?
We carry out an analysis of whether a proposed project is viable and practical. It takes into account all the different factors that could make or break the success of the project. This includes technical, financial, and economic aspects.
The purpose of a feasibility study is to help you determine if your idea is worth pursuing and, if so, what changes may need to be implemented in advance to ensure everything is within the scope of your brief.
This type of analysis is vital before starting any new venture as it can save you time and money in the long run. By identifying potential risks and challenges early on, you can make changes to your plan accordingly.
What Are The Benefits?
The key is getting on top of the organisation and polishing the plan, project and everything associated before anything actually gets started.
As well as this, you will be able to offer clients and stakeholders a clear picture of the finalised proposal. It is a crucial instrument to:
- Assess the viability of your project
- Identify potential risks and challenges
- Narrow down the chance for new opportunities
- Understand what changes need to be made in order for your project to be successful
- Overcome planning restrictions or obligations
- Assess costs and align to your budget.
Amongst these, it can help to improve success rate and ensure every part of the project is watertight.
A feasibility study is the first step to ensure your project is carried out as smoothly as possible and that all potential risks have been mitigated.
If you are thinking about starting a new project, get in touch with Blakeney Leigh today. We can help carry out a feasibility study and get you on the right track to success.
What Happens If I Don’t Bother?
If you choose not to carry out a feasibility study and jump straight into your project, you may find yourself facing some serious problems further down the line.
This is because you would have not taken the time to assess all of the different factors that could potentially impact your project. This could lead to unforeseen challenges and risks which could cause delays, increased costs or even force you to abandon your project altogether.
Carrying out a feasibility study may seem like an unnecessary step when you want to get going, but it is essential if you want to give your project the best chance of success.
- Legalities – If you don’t fulfil your legal obligations, you could face some difficult consequences. A feasibility study will ensure the project lives up to every regulation – addressing areas that may cause issues.
- Finances – You could find yourself in financial trouble if you haven’t taken the time to assess all of the different costs associated with your project. This could lead to you going over budget or even not being able to complete your project at all.
- Operations – Hitting targets is crucial when undertaking any project. If you haven’t planned everything out in advance, you may find yourself facing some serious operational issues that lead to hold ups, exceeding capacity or missing the mark on strategic goals.
- Time – By taking the time to carry out a feasibility study, you can ensure that everything is in place before you start your project. If a deadline doesn’t fit with the scope of work needed to be carried out – this needs to be raised before anything starts.
What Will Be Presented?
The purpose of a feasibility study is to present a clear and concise overview of the project.
First of all, a preliminary analysis is vital and will allow our team to report on everything that’s involved – including all the elements we’re trying to determine and compare to budgets and feasible goals.
Key information will be gathered to prove the possibility of success and interviews conducted with multiple individuals getting involved in the operations.
Projected Income and Expenditure
Providing a statement with this information will help identify any areas where you may be overspending or not making enough to cover costs.
It will also show you how much you could be earning over the next year or so in order to make an informed decision as to whether this project is financially feasible – offering a large enough return on investment.
In order for a project to be worth the potential risks, you will need to know whether there is demand for it in the current market. If not – a budget could be better spent where you know you will gain something and hit the ground running amongst the competition.
Here, our project managers will look at whether or not the project can be completed within the given timeframe and if all of the necessary resources are available. This includes things like equipment, staff, materials, etc.
Once we’ve gathered all of this information, we’ll compile it into a report which will be presented to you along with our recommendations. This can then be used as a guide and evaluation of the initial brief.
After this, the preparation of a balance sheet is key for carefully estimating the initial budget of your project. It also allows you to track and plan for any future expenses.
Feasibility Study or Business Plan?
Some people may think that we produce a business plan – but there are some key differences. A feasibility study is used to assess whether or not a project is viable and achievable.
A business plan, on the other hand, sets out how you plan on achieving these goals if the project does go ahead. So, our analysis comes first to establish if it’s worth your time creating this road map in the future.
We work with you to understand your needs and objectives before conducting research and analysis specific to your project requirements. This ensures that we deliver a comprehensive report which will set your team up when creating that all-important strategy.
If you’re still not sure whether or not a feasibility study is right for you and your project, get in touch with our team and we’ll be happy to advise you further.
The Purpose of a Feasibility Study: The Bottom Line
We always recommend a feasibility study as an important step before starting any project. It allows you to assess all of the different factors that could potentially impact your goals and ensures that everyone is on the same page in terms of budgets and timescales.
At Blakeney Leigh, we have a team of experienced project managers who can help carry out a feasibility study for you. We will provide you with everything you need to make an informed decision about the capability of your team and current resources to make a start.
It’s vital for any team who wants to give their project the best chance of success. By taking the time to assess all of the different factors that could potentially impact your project, you can avoid unforeseen challenges and risks which could cause delays or even force you to abandon your project in the middle of work.