Feasibility Reports in UAE
Do you want to see if a new stream of revenue or a business model will work for you? Well, this is where a feasibility report will come in handy. Feasibility reports are one of the most important things you can make to see if something is the right fit for your business. Here is everything you need to know about it.
What are feasibility reports?
Financial Projections including best and worst case scenarios
This is a report that is filled with calculations and it will tell you the different options you can choose from. There are always limited resources with which you can work and a feasibility report will tell you the best way you can use those limited resources for your project.
However, before this report comes the feasibility study. This is an assessment of the project you aim to venture. The study aims at only one question: Is the project feasible? You then set to answer this question with different methods and in case the original plan has failed you will have to come up with a new plan.
In short, it tells a company whether they should go forth with a certain project or not. Once a study is conducted, the report is prepared and the final proposal is then given forth.
To assess the viability of a project or an existing business
A feasibility analysis is a means to assess the viability and desirability of a project or a business. Before a business invests time and money into a project, they will need to understand how effective the project will likely be prior to investing.
What to consider when creating feasibility studies/reports?
While we make choices daily, decision-makers who invest their time and money in projects need to understand why they should go with an option. The report provides with a detailed analysis that helps in considering more options than the original project. Here is what you need to consider when creating a feasibility study/report:
You need to create the study in a way that whoever it is aimed at will understand it. Most of the times people want a study to be based on the aims of a business and their future. This helps them know if it is worth investing time and money. You have to make the study relatable by implementing the change you want to see in the future.
Facts and data make your report bulletproof. Your report should have credibility and data will provide with just that. You need information and credible sources to back your claims.
Understand the way your alternatives compare to your original plan that is based around facts and figures. It is imperative that you also conclude alternatives. This will make your option look unique and your audience can easily make comparisons themselves. They need to see why your option is the best.
Difference between Feasibility Study and Business Plan
We already know what a feasibility study is and we conduct it before making a business plan. The business plan is created once the opportunity is chosen and created. Business plan highlights the growth and sustainability of a business meanwhile the feasibility study is developed before see the workability of the venture.
Five reasons why you need to do a feasibility study
- Helps clear and define objectives
- Helps in developing a business plan
- Helps in executing the plan
- Help you find out how viable your proposal is
- Help you understand the target audience
You can create a feasibility study for any venture or project. It will help you analyse your idea and come up with more options. Without a feasibility study and report your venture will not likely move forward or can face future difficulties.
Bring your Business Idea to UAE Market
Market Assessment including industry overview and target market demand