Feasibility Study Services
Overview
Feasibility sturdies is an imperative part of any business venture and who conducts a business’ feasibility sturdies is very important. In Nigeria Business Depot Consulting has shown itself over the years to be the best organization to carry our feasibility sturdies in Nigeria. We are the industry’s pace-setters because of our commitment to details in the discharge of our feasibility service to our client; coupled with our seasoned staff.
Firstly, what is feasibility study, who needs it and why?
When embarking on any business plan or initiative is of utmost importance to carry out feasibility sturdy because it serves as the systematic analytical lens that provides information on the viability of the proposed plan. The main goal of this service is to inform the key decision-makers of a project about the potential risk, viability and reward associated with carrying out an objective.
Due to the ever-reaching importance of this service, it is needed in any business execution or process plan. This entails that the service is needed in various industries such as education, retail, hospitality, transportation, manufacturing etc. The engagement of feasibility sturdies in these various industries allows for the possibilities of a sustained project foreknowledge which transcends to profitability.
At Business Depot Consulting, we are in the know that feasibility service is just an umbrella of many sub-services which are part of our feasibility service offering.
They include thus:
Market Feasibility Analysis: Here we ensure to assist our client in providing deep researched data, that helps in analyzing the proposed market size, growth trajectory of the market, definitive trends in the market and competitive landscape of the market. This helps our client with the definitive step-by-step strategy to successfully penetrate a market.
Technical Feasibility Assessment: Our concern here is to provide our client with the needed analysis that will guide him in knowing the best standard operating process to engage in the company. This sub-service guarantees that the technological, infrastructural, operational viability of our client’s project in the immediate and long-run.
Financial Feasibility Analysis: We understand the deep of importance finance holds in any endeavour. Our goal here is to assist our client with a robust analysis of the start-up cost, operational costs, revenue projection, funding option recommendation, investment strategy etc of the project. this analysis helps in clear decision making.
Legal and Regulatory Feasibility Analysis: The establishment and continued existence of any business or project hinges on legal requirements and permits. We ensure to protect our client’s project/business by locating, preparing, obtaining and renewing necessary permits required for a continuous seamless operation.
Operational Feasibility Analysis: We ensure to help our client in analyzing resource allocation and availability, workflow and process design, planning and managing capacity of his project/business.
Societal Feasibility: We provide assistance to our client in the assessment of social impact of the project/business. We also help in the engagement and consultation of with societal stakeholders to understand their needs and thus advise our clients accordingly.
Why Choose Business Depot Consulting
Business Depot Consulting is your go to for feasibility study service, because of our:
Deep Industry Know-how
In the course of our many years of feasibility service provision in different industry, we have acquired vast industry knowledge. This dept accounts for our continued success testimonials in the service in Nigeria. Unique Per-client Approach
We don’t engage in one-size fit-all solution approach because we know that each client’s project is different and thus, we ensure to provide a tailor-made solution approach for each client.
Innovative Approach
The world is ever changing, our knowledge of this compile’s us to keep evolving in feasibility service approach by generating real-time and modern solutions that are compactable with every change in the business or process world.
Long-time Achievement Objective
One of our reasons for continued success is our culture of dedication to long-time achievement with our feasibility service recommendations. We are committed to our client’s long-time objective thus we do not just offer a band-aid solution that solves momentary problems.
A Worldwide View with a Local Perspective
We can provide solutions that are both globally and locally relevant because of our extensive worldwide expertise and in-depth knowledge of local markets. We have the experience to help you, whether you’re entering new markets or overcoming obstacles in your present one.
Pain Points in Feasibility Service
We will be lying to say there is no pain points in the delivery of feasibility study services due to our many success stories. In-fact our success has continued due to our understanding and how to navigate these pain points having encountered them multiple times.
Technical Assessments’ Complexity:
Technical viability evaluations can be difficult and need certain knowledge and experience. Enterprises lacking the requisite technical resources or comprehension may encounter difficulties in precisely assessing technological obstacles, hence resulting in the possible hazards being disregarded.
Neglecting Important Dangers
Risk identification is the goal of feasibility studies, yet some may not address every possible risk in detail. This may happen as a result of inadequate risk assessment frameworks, a narrow focus, or an emphasis on immediate results at the expense of long-term sustainability.
Inconsistency with Business Goals
The feasibility study may produce recommendations that are in opposition to the long-term objectives of the organization if it is not in line with the broader business plan. The study’s objectives may not be properly stated, or important stakeholders may not be sufficiently included in the process, leading to this misalignment.
An Excessive Focus on Quantitative Data
Even if quantitative data is important, assessments that rely too much on it at the expense of qualitative elements like consumer behavior, company culture, and market emotion may be lacking. This may lead to a distorted perception of the project’s potential.
The Challenge of Attaining Objectivity
Although feasibility studies should be objective, bias may still infiltrate them if there is pressure to meet specific goals or if internal teams have unrealistic expectations for the project’s success. A lack of objectivity may undermine the validity of the investigation and result in unwise judgments.
Inadequate Reporting and Communication
A feasibility study’s conclusions need to be successfully shared with interested parties. Decision-makers may find it difficult to comprehend the study’s consequences due to poorly organized reports, imprecise recommendations, or too technical terminology, which could result in confusion or inaction.
Our Methodology in Rendering Feasibility Services
Business Depot Consulting employs a methodical and meticulous approach to guarantee the comprehensiveness, accuracy, and alignment of our feasibility studies with your business objectives. From the first consultation to the final report, our methodical approach is made to lead you through the entire process and make sure that every facet of your project is thoroughly assessed. An outline of our approach can be found below:
The first meeting for consultation
The goal here is understanding the needs, goals, and scope of the proposed project from the client is the main goal.
Steps:
Get together with important parties to talk over the objectives and demands of the project.
Get a basic understanding of the project’s goals, schedule, financial constraints, and anticipated difficulties.
Specify the regions that need to be evaluated and define the parameters of the feasibility study.
Create channels of communication and get a consensus on the project’s deliverables and schedule.
Project Planning and Start-Up
The objective here is to arrange materials, delegate tasks, and create a thorough work schedule for the feasibility study.
Steps:
Bring together the project team, comprising specialists in pertinent domains such as financial modeling, technical analysis, and market research.
Create a thorough project plan that includes important activities, deadlines, and completion dates.
Describe the sources and techniques used to obtain data, such as primary and secondary research.
Create a risk management strategy to deal with any challenges that may arise during the study.
Data Collection and Research:
The goal here is to compile pertinent information and findings to guide the analysis.
Steps:
Perform market research to learn more about consumer demands, industry trends, and the competitive environment.
To determine whether the project’s technical needs can be achieved, conduct technical evaluations.
Gather financial information such as funding possibilities, income forecasts, and cost estimates.
Examine all applicable laws and regulations that pertain to the project.
Involve stakeholders in focus groups, questionnaires, and interviews to get qualitative perspectives.
Evaluation and Analysis
Here we examine the gathered information and assess the project’s viability from some angles.
Steps:
Evaluate market potential, competition, and demand by doing a market analysis.
Analyze the technological viability, noting any obstacles and possible fixes.
To evaluate profitability, cash flow, and return on investment, use financial modeling.
Examine legal and regulatory viability, making sure that all applicable laws and requirements are followed.
Determine and evaluate all possible risks, such as those related to finances, technology, operations, and markets.
Analyze the effects on society and the environment as appropriate.
Writing the Report on Feasibility
The target here is to put together the results into a thorough report with specific recommendations.
Steps:
Create a draft feasibility report that compiles the conclusions from every analysis area.
Provide thorough sections on risk assessment, legal and regulatory compliance, technical feasibility, financial viability, market analysis, and any other pertinent aspects.
Give specific advice based on the analysis, such as whether to move forward with the project, make changes to the project plan, or reevaluate the project.
Customer Evaluation and Input
To make sure the feasibility study fulfills the client’s requirements and takes into account all pertinent issues.
Steps:
Show the client and important stakeholders the draft report.
Talk about the conclusions, suggestions, and any points that still need explanation.
Get input from the customer and any relevant parties, along with any other data or analysis they might need.
Make changes to the report in light of the client’s suggestions.
Presentation of the Final Report
Here the goal is delivering the final feasibility study and making sure the client is ready to make decisions are the goals here.
Steps:
Provide the client with the completed feasibility study together with all necessary data and supporting documentation.
During a formal meeting or presentation, give the main conclusions and suggestions.
Provide a succinct overview that focuses on the most important conclusions and suggestions.
Provide post-report support by responding to inquiries, offering more analysis as required, and helping with the next steps.
After-Report Monitoring
To guarantee long-term success by assisting the client in putting the recommendations into practice.
Measures:
Speak with the customer again to go over putting the recommendations into practice.
As needed, provide ongoing consulting support, such as help with project planning, obtaining funds, or obtaining regulatory permissions.
Keep an eye on the project’s development and offer more advice as needed to handle any new difficulties.
Benefits of Choosing Business Depot Consulting
The following are the main advantages of hiring us for your feasibility consulting needs:
All-round Approach to Problem Solving
At Business Depot Consulting we ensure to engage a well-thought after and comprehensive approach to resolve the problems of our client. By ensuring a holistic approach our client can be rest assured of all-round profitability and success.
Staff Depth and Experience
At business depot consulting, we ensured to hire and train the best hands that are versatile and experienced in different industries. By reason of this extensive and versatile experience, our feasibility service receives the best in-depth all-round attention.
Customized Solutions for Special Business Requirements
We are aware that each feasibility service request is unique. For this reason, we don’t provide prefabricated answers. Our consulting services are tailored to your particular requirements, so our tactics are just as distinctive as your company’s.
A Drive to Achieving Measurable Result
We know that service is measurable thus, we are committed to ensuring feasibility solutions be it in broadening market reach project, improve operational efficacy or business profitability increase, we make sure to give our client recommendations that can be quantified in terms of impact and results.
Tested Procedures and Optimal Approaches
Our feasibility process is guided by industry best practices and a tried-and-true methodology. By reducing risks and optimizing success, our methodical approach guarantees consistency, dependability, and excellence in every project we work on.
Long-Term Partnership
With each client, our main objective is long-partnership. We committed to forging long-term partnership with our clients; we are not driven by quick profit and we vehemently know that for us to achieve this gaol we need to provide a service that is client satisfactory. This remains our drive and determination for nothing but client satisfaction.
What to Expect if You Choose Business Depot Consulting
Below are some of what you can expect from our feasibility sturdy service?
Vast Understanding of your Company’s need
We start with the intensive grasp of our client’s gaols, problems and potentials. After which we will navigate into providing recommendation for strategic goals achievement.
Deep Examination
We ensure to cover risk evaluation, financial viability, technological viability, market analysis, operational viability and legal compliance in our feasibility studies, among other important topics. This approach of ours offers a comprehensive picture of the project’s possibilities.
Data-informed Strategy and Recommendation
We insist in the fact that all our suggestions must be based on specific, current and sophisticated analytical data-driven techniques. This ensures that our recommendations to our clients are firmly founded on credible evidence and have a firm foundation in reality.
Impartial Evaluation Approach
It is our determined objective to build trust with our client. Thus, we ensure that our clients can rely on our feasibility assessments to be impartial and unbiased. We offer a fair evaluation of the feasibility of your project so that you may base decisions on factual facts.
Post-Service Support
Our final feasibility services report or recommendations is just not the end of our commitment. We go ahead to avail ourselves the room to be able to assist our client practically installing our recommendations into practice.
Industries That We Serve
We provide feasibility study service to various industries in Nigeria, below are some of them:
Retailing Industry: Our main feasibility offering in the industry is the area of supply chain management or logistics management, market saturation assessment, customer behaviour assessment and financial viability. This offering helps clients in this industry with the most operational needs of the business.
Manufacturing Industry: We provide industrial manufacturers be it production facilities, process enhancement or new product lines with feasibility service geared towards cost analysis, market demand, operational efficiency, and regulatory compliance.
Logistics and Transportation Industry: For the industry of logistics and transportation we look to provide feasibility service in the areas of fleet expansions, new infrastructure, and logistics tracking. We also analyze financial viability, regulatory requirements, operational efficiency, and market demand.
Banking and Financial Services Industry: This industry is replete with feasibility services such as potential investments assessment, branch expansions assessment, fintech solution assessment, and new banking products or offering assessment. Business Depot Consulting focuses on financial projections, risk assessment, market trends, and regulatory compliance in this pivotal industry.
Hospitality Industry: Our feasibility service offering in this industry is geared towards new restaurants assessment, food processing facilities compliance, and beverage branding assessment. We ensure to analyze consumer preferences, supply chain logistics, market trends, and financial sustainability.
Frequently Asked Questions
These are some of the most common queries we receive from clients, along with customized answers that shed light on our viability services.
How is the relevance of the feasibility study to the Nigerian market ensured by Business Depot Consulting?
Kunle Onoja
Every feasibility study we do at Business Depot Consulting follows a locally focused methodology. Experts with in-depth knowledge of Nigerian market dynamics, cultural quirks, and local legislation make up our team. This guarantees the immediate applicability of our conclusions and suggestions to the Nigerian setting.
What information will you need from us to begin the feasibility study?
Amina Idubor
Normally, we need access to financial records for your company, reports from market research, and any evaluations from earlier projects. We also require comprehensive details regarding the objectives of your project, the target market, and your operating capacity. This enables us to customize the study to your unique requirements.
What is the duration needed to finish a feasibility study?
Taiba Ndoka
A feasibility study’s length can vary based on the project’s complexity and the data’s accessibility. A thorough feasibility study typically takes six to twelve weeks to complete. During our first appointment, we give you a comprehensive timeline so you know precisely what to anticipate.
Could your feasibility study assist us in obtaining financing?
Ngozi Chukwu
Certainly. We may provide investors or financial institutions with our thorough market assessments and financial estimates from our feasibility studies. These studies are intended to prove your project’s feasibility and improve your prospects of getting the required finance.
What occurs if the project’s viability is determined to be unfeasible by the feasibility study?
Tunde Oni
We’ll offer thorough suggestions on different strategies or changes to make the project workable if our analysis shows that it is not feasible. Our objective is to make sure you have all the knowledge required to make wise choices, even if that involves reevaluating the project’s initial concept.
Client Testimonials
Here are some endorsements from customers who have profited from Business Depot Consulting’s feasibility services:
Olumide Ayende.
“Business Depot Consulting surpassed our anticipated results.” Their feasibility report was comprehensive, well-researched, and exactly in line with our corporate objectives. We were able to obtain money and proceed with our project with confidence because of their insights. Without them, we would not have succeeded.”
Ijeoma Nnaemeka.
“Business Depot Consulting’s breadth of knowledge and proficiency with our agricultural project was impressive. We hadn’t thought of risk assessments or important market insights before the feasibility research. Their group is dependable, competent, and interested in our success.”
Emeka Orjiakor
Real estate developers need to possess a comprehensive comprehension of market dynamics before investing in a new project. The feasibility analysis from Business Depot Consulting assured us that all potential risks had been carefully considered and we could move forward with our development. They pay unparalleled attention to detail.”
Zainab Shehu.
“Business Depot Consulting’s assistance changed everything for our healthcare expansion initiative. The feasibility study was thorough and specially designed to meet our requirements. The team’s ability to combine global best practices with local market understanding was crucial. We heartily endorse using their services.”
Ahmed Tunde
“Business Depot Consulting’s feasibility assessment was crucial in assisting us in determining whether our logistics hub project would be feasible. We were able to maximize our investment and make well-informed judgments thanks to their data-driven approach and concise advice. Every facet of their work demonstrates their level of knowledge.”
Pricing Methodology for Feasibility Service
We at Business Depot Consulting understands that pricing is pivotal and thus have over-time developed a cost-effective methodology that promotes clarity and understanding:
Factors Influencing Pricing
Here are the primary criteria that determine the pricing of our feasibility services:
Analysis’s breadth and depth
A major factor in deciding the cost is the scope and depth of the feasibility study. Extensive research covering a variety of topics, including risk assessment, technical appraisal, financial forecasts, and market analysis, will cost more overall because they need more time and resources.
Industry-Specific Points to Remember
Various sectors may need specific knowledge and analysis due to their own set of problems, laws, and market dynamics. Projects in the energy, healthcare, or technology sectors might require a more thorough approach, which would affect the cost.
The Project’s Size and Scope
The cost of the project will vary depending on its scale, which includes the covered geographical region, the number of stakeholders, and the operational complexity. More in-depth investigation and analysis are necessary for bigger, more comprehensive projects.
Quality and Availability of Data
Throughout the feasibility study process, data quality and availability are vital. The cost may go up if the necessary data is hard to come by or if in-depth primary research is required because it will take more work to collect and interpret the data.
Completion Timeframe
The cost may vary depending on when the feasibility study is finished. Tight timelines may necessitate the use of more resources and accelerated procedures, which could raise expenses.
Geographic Range
The complexity and logistical issues will rise and impact the overall pricing if the feasibility study encompasses many locations, particularly across various nations or regions.
Related Services
We don’t offer feasibility service we go beyond that in offering related service which are listed thus:
Due Diligence Service
“Examine the Entire Scene with Confidence”
Our due diligence services are essential for making well-informed decisions. We thoroughly examine every facet of your intended investment, identifying any possible dangers as well as advantages. Our methodical approach guarantees that you have a clear and thorough understanding of your investment before you commit, from financial audits to regulatory compliance inspections.
Analysis and Research on the Market
“Unleash the Power of Data-Driven Insights”
Navigate your market with precision using our advanced market research and analysis services. We give in-depth insights into market trends, consumer behavior, and competition dynamics, helping businesses to make strategic decisions that capitalize on new opportunities and mitigate risks.
Strategic Planning and Consulting Chart
“Your Route to Achievement”
Our goal with our strategic planning and consulting services is to make your idea a reality. Together, we design sound business strategies, realistic targets, and workable plans that promote expansion and operational excellence. Our expert guidance ensures that your business is well-positioned for long-term success.
Mitigation and Risk Management Service
“Keep Ahead of Implicit Cautions”
With the help of our extensive risk management and mitigation services, you can anticipate and manage possible hazards. We recognize, evaluate, and create plans to deal with different risks so that your project stays on course and your capital is safeguarded. Our proactive approach gives you the confidence to face issues head-on.
Evaluation and Modeling of Finance Service
“Reach Your Full Financial Potential”
You may get the insight you need to make wise financial decisions with our financial modeling and valuation services. We create thorough financial models and assessments to back up your strategic strategies, investment choices, and business plans. Our experience guarantees precise, trustworthy, and useful financial insights.
Contact us to get started right now
Phone: Tel: (+234) 802 320 0801, (+234) 807 576 5799
Email: Info@Businesscardinal.Com
Office Address: 5, Ishola Bello Close, Iyalla Off Street, Alausa, Ikeja, Lagos, Nigeria