Conducting feasibility studies/market analysis
Identifying new business opportunities
Scoping and defining new business opportunities
Preparing the business case
Conducting the initial risk assessment
Conducting feasibility studies/market analysis
This covers conducting of feasibility studies/market analysis, identifying new business opportunities and scoping and defining new business opportunities.
Feasibility study
A feasibility study’s main goal is to assess the economic viability of the proposed business. The feasibility study needs to answer the question: “Does the idea make economic sense?” The study should provide a thorough analysis of the business opportunity, including a look at all the possible roadblocks that may stand in the way of the cooperative’s success.
The outcome of the feasibility study will indicate whether or not to proceed with the proposed venture.
If the results of the feasibility study are positive, then the cooperative can proceed to develop a business plan.If the results show that the project is not a sound business idea, then the project should not be pursued. Although it is difficult to accept a feasibility study that shows these results, it is much better to find this out sooner rather than later, when more time and money would have been invested and lost.
It is tempting to overlook the need for a feasibility study. Often, the steering committee may face resistance from potential members on the need to do a feasibility study.
Business Consultant's Role:
A consultant is to conduct the feasibility study. Because the consultant is independent of the cooperative, he or she is in a better position to provide an objective analysis of the proposed venture. The consultant should have a good understanding of the industry as well as the new generation cooperative model of business. He or she should have previous experience in directly related work. To get an estimate of the costs of a feasibility study, prepare a rough outline of the work needed to be done.Contact several consultants and provide them with a copy of this rough draft to see what sort of estimates they give.
Market analysis
technical and organizational requirements
financial overview needs to get analysed by the consultant.
Market Analysis
The primary area that the feasibility study needs to address is potential market opportunities for the cooperative. If an adequate level of demand does not exist for the product and how to differentiate the product so that it can compete with established industry players, then the proposed venture should not be pursued. The market analysis section in a business plan is the section that is most likely to require research for information from outside your business, while most others require thinking and analysis of factors within your business.
Market Analysis Reporting ....
After you find out about your market for a business plan, you also want to communicate that knowledge to the readers of your plan. Keep your explanations clear and concise. The depth of detail in market analysis will depend a lot on the type of plan. You may not need to provide a complete market study in a plan developed for internal use, when all of your team knows the market well. Maybe you'll just cite the type of customers you attract and the part of town you serve.
Technical and organizational requirements
This area concerns the internal set-up of the cooperative.
Financial overview
Based on the estimates that have been gathered from the preceding sections of the study understanding the needs to determine its overall financial situation.
Preparing the business case
This is one of the other task of the business analyst or the business consultant.I will definitely explain you about business case preparation in one of my future post.
Conducting the initial risk assessment
A risk assessment is an important step in protecting your workers and your business, as well as complying with the law. It helps you focus on the risks that really matter in your workplace – the ones with the potential to cause harm. In many instances, straightforward measures can readily control risks.
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