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Feasibility Studies and Business Planning

Judging the Potential of New Ideas

Feasibility Studies and Business Planning

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ML82
18.Nov.2024 to 22.Nov.2024
London - Premier inn Victoria
Cost 4445 £ GBP

Introduction

Why do we spend so much time evaluating and explaining ideas that do not lead to new business opportunities? A feasibility study is an effective way to avoid wasting property or scarce resources. By conducting a feasibility study, businesses can reduce the risk of developing unpopular and impractical projects.

Before writing a business plan, a feasibility study is usually conducted.

Only after a prospective business idea has been proven feasible can the business plan begin.

If at all possible, we can proceed with confidence that the business plan will result in a profitable opportunity. It will provide a "roadmap" that explains how to start and grow a business.

This "Feasibility Studies and Business Planning" course has been specifically designed to engage delegates in effectively developing new ideas into commercial realities. Feasibility studies address issues that affect the success of new projects and evaluate the benefits and drawbacks of various options so that they can be ranked and prioritized. A feasibility study produces a clear, concise report that presents the proposed project's objectives, as well as conclusions and recommendations for the next phase. In this course, we give participants clear guidelines on what a feasibility study should include and how to conduct one.

This training course will highlight the following main topics:

  • What is a feasibility study?

  • When is a feasibility study used?

  • How do we prepare a feasibility study?

  • How do we critically analyze a feasibility study?

  • How do we set business planning objectives?

  • How do we implement a feasibility study effectively?

Course Objectives of Feasibility Studies and Business Planning

Key training objectives cover how to:

  • Establish the linkage between feasibility studies, business plan, and company strategy

  • Understand the process of conducting a robust and dynamic feasibility study

  • Develop, execute and evaluate a feasibility study

  • Identify problems and opportunities within a business and define successful outcomes

  • Set business planning objectives

  • Integrating feasibility studies within a robust business plan

Course Methodology of Feasibility Studies and Business Planning

This training course enhances learning with practical activities so participants can improve their knowledge and skills to improve and judge a feasibility study. 

The training methodology will be a combination of conventional teaching, supported by real examples and case studies. Delegates will also be given the chance to work on short exercises to develop their skills.

The course leader will deploy a full range of dynamic and interactive training methods, including practical exercises, case studies, plus question and answer sessions. Each topic will highlight key issues to focus on in the general discussion. Above all the course leader will use examples of feasibility studies carried out in organizations with which he has been personally involved.

Organizational Impact of Feasibility Studies and Business Planning

The organization will benefit from participants who know how to:

  • Prepare a robust and reliable feasibility report

  • Measure the impact of competing alternative possibilities

  • Demonstrate decision-making skills based on the interpretation of broad-ranging and potentially incomplete or conflicting information

  • Evaluate the risks facing a proposal and develop strategies to avoid or mitigate these risks

  • Present reports that result in practical and appropriate action

Personal Impact of Feasibility Studies and Business Planning

By participating in this program, delegates will develop skills through:

  • Understanding the importance of feasibility studies within business management

  • Contributing to creating a successful business plan based on feasibility studies

  • Being confident to identify and engage the correct stakeholders

  • Turning vision and mission into reality

  • Reviewing the impact of completed studies on renewing the business plan

  • Developing key indicators to track progress and performance

Who Should Attend

This training course is fit for a wide range of experts but will hugely assist:

  • Operations Managers and Team Leaders

  • Marketing and Business Development Specialists

  • Systems Analysts and Business Process Designers

  • Financial Analysts and Management Accountants

  • Change Management Specialists

Course Outline

DAY 1 

Business Planning 

  • Understanding the Difference between a Strategic Plan and a Business Plan
  • Business Analysis and Strategic Planning
  • Integrated Strategic and Business Planning
  • Business Planning Objectives
  • Framing the Business Value Proposition
  • Framing Your Vision, Mission, and Strategy
  • The Business Planning Process and the Important Stages
  • Business Planning Process Map

DAY 2

Planning a Feasibility Study

  • Difference between a Feasibility Study and a Business Plan
  • Differences between Conducting a Feasibility Study and Writing a Business Plan
  • What are feasibility studies and why are they important?
  • Feasibility Studies: Definitions, Principles, and Concepts
  • Identifying Where a Feasibility Study Occurs in a Business Plan
  • Creating and Protecting ‘Value’
  • Understanding the Business Need

DAY 3 

Considering the Options and the Risks Involved 

  • Distinguishing between Needs and Wants
  • Performing an Options Analysis
  • Creative Thinking and Problem Solving
  • Consideration of the Risks and Opportunities
  • The Risk Management Process and Application
  • Identifying and Assessing the Risks of the Preferred Option
  • Identifying and Managing Key Stakeholders
  • Establishing the Cost Estimate

DAY 4 

Preparing the Report and Engaging the Various Stakeholders

  • Determining the Most Feasible Option
  • Financial Analysis Techniques
  • Developing the Feasibility Report
  • Understand the Characteristics of Proper Communication
  • Identifying How Interpersonal Relationships Ensure Successful Feasibility Studies
  • Developing Robust Strategic Thinking Skills
  • Relating the Study to Corporate Objectives and Strategy
  • Developing the Right Structure to Take the Feasibility Study to the Business Planning Stage

DAY 5

Creating a Robust Business Plan and Business Planning Tools 

  • Why you should develop a business plan?
  • The Business Plan Process and the Key Elements of a Business Plan
  • Using Traditional and Non-traditional Metrics to Measure Business Performance
  • How to Challenge Current Processes and Look for a Culture of Continuous Improvement
  • Translating an Inspired Idea into a Robust Business Plan
  • Implementing the Plan and Measuring Success
  • Evaluating and Evolving the Business Plan against the Feasibility Study
  • Reviewing and Evaluating Progress vs. Plan

Associations

 

ML82
18.Nov.2024 to 22.Nov.2024
London - Premier inn Victoria
Cost 4445 £ GBP