What is a Feasibility Study?
A feasibility study is undertaken to find out how much a business or project is viable. Such a study helps to determine whether a suggested idea, project, or business plan is a well thought decision which will ensure the success of a project.
Feasibility study Saudi Arabia enjoins companies of Saudi Arabia to study objectively the advantages, disadvantages, chances and threats that a given project might present in a particular environment.
The Role of Feasibility Studies in Business Planning
Every company has to focus on adding value to the consumers. Hence a well-designed study should offer a historical background of the business or project, such as a description of the product or service, accounting statements, details of operations and management, marketing research and policies, financial data, legal requirements, and tax obligations.
The importance of a feasibility study is underscored by organizational desire to “get it right” before committing resources, time, or budget. The study helps in taking appropriate decisions in advance, rather than to jump in and to learn that the project won’t work.
Conducting a feasibility study of a project is always beneficial as it gives you and other stakeholders a clear picture of the viability of a proposed project in a specific environment or country.
The evaluation of feasibility studies is done based on the qualitative and quantitative data obtained during the course of the Study.
Why Every Business in Saudi Arabia Needs a Feasibility Study
Some key benefits of Business feasibility study in Saudi Arabia are:
- Improves project teams’ focus
- Identifies new opportunities
- Provides valuable inputs to arrive at a decision
- Narrows the business alternatives
- Identifies a valid reason to undertake the project
- Enhances the success rate by evaluating multiple parameters
- Aids decision-making on the project
- Identifies reasons not to proceed
How to Conduct a Feasibility Study in Saudi Arabia
Business planning Saudi Arabia envisages the following suggested components for conducting a feasibility study:
- Executive Summary: Write a narrative describing the project, product, or service.
- Technological considerations: Ask yourself what it will take. Are you able to afford it? How much will it cost?
- Current market place: Find out the market for your product, service, or plan in the local and global markets.
- Marketing strategy: write down the detailed description.
- Required staff: What human resources are needed for this project?
- Timeline and schedule: Use important interim markers to indicate when the project will be completed.
- Project financial: Project financials are the different ways managers can account for money spent and earned on projects. One of the most important aspects of financial management is creating and tracking accurate project financials.
Importance of Feasibility Study in Saudi Arabia is underscored by the basic, core and fundamental aspects of a business or project. These aspects are:
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A feasibility study or business plan requires the first budget of a business or project. It is a basis for the comparison with the results at the beginning of the operation. The decisions will be based on the variance between a budget and the actual.
The information on the internal environment is complemented or supplemented with the information on the external environment or market.
It also includes the drivers and trends in connection with:
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Recommendations of the analyst depend on the requirements of a client or customer and the complexity of a business or project. In a majority of cases, it is proposed to proceed step-by-step and to create a market report to assess the possibilities and to evaluate the potential of the business or project.
Feasibility Studies Made Easy with Helpline Group
Helpline Group is among the leading businesses-set-up companies with more than 25 years of experience, 10 branches spread globally, and supported by a powerful team of 300+ experts. Helpline Group helps you, among other things, in getting the Feasibility Study in Saudi Arabia done by our expert team.
