A useful, lower investment alternative to Business Plans, Feasibility Studies are typically used to explore potential business opportunities, including:

• New Services or Products
• Changes in a Core Process
• Process or Quality Improvement Efforts
• New Customer Markets

Though more limited in scope and detail than a full Business Plan, Feasibility Studies contain several key components also found in Business Plans, including an overview of the opportunity, a description and quantification of the target market/customer, and an assessment of risks. Financial analysis is often high level. In cases where the findings are very promising and more or less conclusive, Leadership may proceed directly to implementation. In other cases, they may opt to proceed to the development of a Full Business Plan.