Feasibility study in Saudi Arabia exactly does a detailed working on the design of a plan or project to determine whether it can be implemented and if done so, whether it will be successful or not. Like the definition of the term suggests, Feasibility study refers to the consideration of test of the plan or project’s viability in several aspects such as legal, technical, finance, marketing etc. Feasibility study in Saudi Arabia is a set of scientific studies that is conducted to identify the projected returns and costs after giving due consideration to the project’s intended objectives during its life expectancy. These are particularly important steps which are carefully prepared to enable the determination of the validity or evaluation of an investment project in many different respects mentioned above. Feasibility study in Saudi Arabia is conducted especially to determine the viability of investment in a particular project in comparison with the alternative investment projects which are available in the market.
An essential part of the design phase of a project or a business plan, the feasibility analysis is done in order to discover and evaluate the strengths, weaknesses, threats and opportunities for the proposed plan or project which is already in operation. Feasibility analysis is a great way to evaluate the resources required to complete the project, along with finding out the chances of the project’s success. A feasibility study is a must before starting any project in order to avoid wastage of time, money, and energy on an impractical business. Every project has a clear, specific plan and hence, a thorough feasibility study is critical for organizations beforeinitiation of any new project or plan or business. Thus, a feasibility study helps in the estimation of the possibility of completing the projects successfully.
The report of feasibility study prepared by the feasibility study company is utilized by the organizations in identifying the possiblepros and cons among alternatives and the chances of outcomes from a project. Therefore, feasibility study is done before investing the investor’s valuable time and money in the project. A thoroughly researched and well executed feasibility study is capable in clearly identifying issues arising during the project implementation phase and later on and also in understanding the operational, financial and other potential organizational influential factors.
A feasibility study has two major benefits:
The Feasibility study In Saudi Arabia considers the following aspects of study to do a thorough examination:
An overview of the method of conducting a feasibility study is given below:
The first step in any feasibility study is to do a basic and preliminary analysis of the product or service and the target market for which the project is to be set up. The preliminary analysis helps to look at the business idea in detailed depth and helps in assessing the viability and the probability of the project becoming successful after implementation.
The preliminary analysis focuses on the genuine need for the business idea and the value it is going to serve the unmet need in the market, the distinct advantage the project has over similar products or services and the overall contribution to the society.
The preliminary analysis also helps in finding out the obstacles preventing the product or service to enter into the market and thebarriers to entry to decide on the feasibility of the project.
The market study is the second important step in conducting a feasibility study examination. It helps with the statistical data of thecompetitors, competitors market shares and their promotional strategies for their products. It is especially useful if the product is comparatively new and specialised and has fulfils a unique need market survey can help in determining the customer’s favourability towards the product. This is done by differentiating between specified geographical area, demographics responsiveness to new products, power of existing brands etc
Once the outline of the project is framed with the business model and delivery methods, the actual feasibility study is done. This is themost primary and important step in the entire process.
Once the feasibility study is done, a projected income statement, typically for the next three years forecasting the revenue and expenses will be prepared along with yearly increments, as necessary. Every item on the statement is estimated on a valid basis andentered based on the result of the technical and operational analysis.
The next step in feasibility study is to prepare a projected balance sheet. This comprises of a financial statement which shows the changes forecasted to the organisation’s financial status at the end of the implementation of the project. This is prepared typically for a specific period of one year.
A projected balance sheet gives a clear picture of ownership and dues of a company at a certain point in the future and containsthe following line items mainly:
Based on the projected financials, the feasibility study company will compile the relevant data and information gathered and willprepare a feasibility report which will cover all aspects of the feasibility study.
Once the feasibility report ready, reviewing all the information gathered, considering the validity of the methods and frameworks used to assess the soundness of projections made is very important. This is the penultimate step in feasibility study.
After reviewing the data presented and the report compiled, whether the project or business idea is worth pursuing is decided.
Retail:
Hospitality & Tourism:
Services:
Education:
Healthcare:
Finance:
Technology:
Food & Beverage:
Logistics:
Manufacturing:
Other:
This list is not exhaustive, but it gives a much broader picture of team’s expertise in conducting feasibility studies across a diverse range of industries
Conducting a thorough feasibility study can be a complex and time-consuming process, particularly for entrepreneurs with limited resources or experience. This is where Aviaan Accounting can provide invaluable support. As a leading accounting and advisory firm, Aviaan offers comprehensive feasibility study services tailored to the unique needs of entrepreneurs and businesses.
Aviaan’s team of experienced professionals can assist you throughout the entire feasibility study process, from market research and financial analysis to risk assessment and documentation. Their expertise ensures that you have a comprehensive understanding of the potential challenges and opportunities associated with your business idea, enabling you to make informed decisions and increase your chances of success. By following this step-by-step guide and leveraging the expertise of professionals like Aviaan Accounting, entrepreneurs can navigate the feasibility study process with confidence, making informed decisions and increasing the likelihood of success for their business ventures.
By partnering with Aviaan Accounting, you can benefit from their deep industry knowledge, analytical skills, and proven methodologies, ultimately streamlining the feasibility study process and maximizing the accuracy and reliability of your findings
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