A feasibility study
Before you implement your ideas, it’s helpful to think through carefully whether your approach is achievable and financially viable.
Questions worth asking
- Who will use the service, product and why?
- Are there other opinions?
Things worth considering
- An analysis of the market for the idea, service etc
- Examination of any options
- Risk analysis
- A concept plan outlining key aspects and rationale for your choices
- A detailed breakdown of expected capital costs and anticipated sources of funds
- A draft management plan, including details of expected budget
- Sustainability – future financial, social and environmental impact
- Consult widely, especially on demand, affordability and access
- Make sure all decision makers and stakeholders share a collective understanding of what is being proposed
- Allow for unexpected changes, either inside or external to your organisation
At the end of this process, your organisation should have a good understanding of whether this concept will work both practically and financially. You can then decide to develop it, modify it, postpone it or abandon it.