BY FRED VICTOR.
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.
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:-
1. What's the purpose of the feasibility study?
2. Who will receive/read the report?
3. What question do you intend to solve? Technical/Financial?
Or else?
4. Will the research require real interview? Or other
must-use research method?
5. 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.
**About GE Consult
GE Consult is a Malaysian-based marketing consulting
firm headquartered in Kuala Lumpur. Since inception in 2003, the company has
been pioneering professional business plan and company profile services in
Malaysia, and has assisted many local and overseas SMEs, large corporations and
government agencies to grow business. For more info about business plan
solution, read http://www.geconsult.asia/p/business-plan-index.html
