How to Prepare a Feasibility Study Report With Example
Do you know how to write a feasibility study for a small business? Businesses are established to meet demands/needs without which they would not exist. The success of any business depends on the strength of its feasibility studies, hence our focus; how to write a feasibility report format. But what is a feasibility report? It is simply a document carefully prepared that examines the viability of a business venture.
How to write a feasibility study report write steps with suitable examples
This document is prepared through the assessment of opportunities or problems faced by a business with a view to charting a course of action that will fully take advantage of opportunities, and also solve any problems. Feasibility is written by experts in the field following a guiding principle that can be replicated across any field of business endeavour.
The process takes into account all the challenges faced by the business and draws several lines of possible actions intended at solving these problems. Therefore, having an excellent knowledge on how to write a feasibility report is necessary. We will commence with the following;
STEPS TO WRITE A FEASIBILITY STUDY PROPOSAL
In writing a business feasibility report, the executive summary should come first. This should contain basic information that should include a brief summary of the information relating to the business that is to be considered. In other words, it should capture the problems as well as opportunities under review. Also, any information needing the approval or disapproval of experts should be included. This is in addition to the any problems or challenges that require additional analysis.
The Statement of the Problem/Opportunity
This is after the problem must have been identified. This should be followed by a carefully stating the problem. However, the focus is not only on the problem as available opportunities are earlier identified should be included in the statement of the problem. This is a great way of writing a feasibility report with little or no difficulty. This allows for detailed analysis of these problems and opportunities with a view to take advantage of the available opportunities, while proffering solutions to the raised problems.
The Requirements of the Business
Here, insights from previous knowledge and research are drawn upon to give perspective to the problems and opportunities raised. Also, policies and laws inhibiting the growth of the business are also taken into account. To produce/write a good feasibility report, every possible detail should be included for analysis. Every requirement of the business, both present and absent are carefully analysed with a view to developing an all-encompassing growth strategy that will guide the business to profitability and sustainable growth.
To achieve the best results, using a detailed approach that streamlines the entire process is important. Work is reduced considerably, as experts are able to carefully examine the problems and opportunities presented by the business, while developing the best response to them.
Analyzing Available Options
When writing a feasibility report, this part is very crucial and should be taken with all the seriousness it requires. Every information gathered from the previous sections are fully analyzed here through a session of brainstorming with a view to coming up with improved products and services that will meet clients expectations and needs. Also, It eliminates every unwanted structures found within the business that works against the progress of the business.
When writing a feasibility report, close attention is paid to this section. All the options are brought forward including the very good to the not-too-good. These are selected according to the impacts (helpful) on the business. The unwanted ones are discarded.
A good feasibility report includes a marketing plan. Under the marketing plan, all the strategies used should undergo scrutiny which is aimed at ensuring that those strategies with the least impact are fine tuned or improved upon while those not making any meaningful impact are discarded. Thus, all the marketing strategies being used should be included under the marketing plan.
Recommendation of Findings
After making carrying out a detailed analysis of the entire framework of the business, the entire process of the feasibility report boils down to proffering solutions to problems raised. When writing this section, it is recommended that the solutions to the problems raised should be such that the needs of the clients are taken into consideration, while using cost-effective measures that do not reduce the profit margin of the business.
Writing a Conclusion
After the entire process of writing feasibility report for a restaurant or any other business, a recommendation (which should contain the aim of the entire process) should be given providing the best way the problems faced by the business should be tackled. In the same vein, there should be a detailed process that explains how to take advantage of the opportunities presented by the business venture.
The conclusion should contain a summary of the entire feasibility report, as anyone reading this section should be able to have a general idea of what the report is all about.
This article has sought to provide guidance on how to write a feasibility report. Following the procedure provided here will certainly result in a well written out feasibility report. A good feasibility report is has the capacity of turning around the fortunes of a business and redirecting it towards the path of profitability and growth.