Definition of Business Feasibility Study, Business Plans, Components and Aspects of Business Feasibility Study, Stage of Preparation of Business Feasibility Study
Business Feasibility Studies
Definition of Business Feasibility Study
Do you know what a Business Feasibility Study (SKU) is? SKU or also mentioned business feasibility study (SKB) according to Husein Umar (2003) is a research on a business plan that not only analyzes whether it is feasible or not for a business to be built, but also when it is operated regularly in order to achieve maximum profit for an unspecified time. e.g. new product launch plans.
In other words, SKU is a study of the feasibility of a business idea, whether it is feasible to be developed or not. not worth implementing. The business idea to be implemented is either the establishment of a new business, the development of an existing business, or the acquisition/purchase/merger of a business activity.
Benefits of Business Feasibility Study
There are several parties who will benefit from the existence of an SKU, including the following.
Investors
If the SKU that has been made turns out to be feasible, the search for funding needs can be started. For example, by looking for investors who will participate in investing their capital in the business to be carried out. Investors definitely need SKUs to know the estimated profit to be obtained and the safety of the funds to be invested.
Creditors
Business funding can. also provided by the Bank. The Bank before providing credit, needs to review the SKU that has been made to ensure the ability of the business manager. in repaying loans when they fall due and ensuring future business prospects.
Company Management
SKUs can be made by the company's internal parties or external parties, the SKUs are made in order to realize business ideas so that they can encourage an increase in operating profits obtained by the company. The management requires the SKU in order to map the management of the funds to be used, for example how much funds are from own capital, how much is funds from investors and from creditors.
Government
The government knows SHU in order to make policies related to the development of the business world. Government policies will certainly have an impact on company policies carried out by company management, such as policies on taxation, of course, will affect the calculation of production costs and the determination of prices for manufactured goods, as well as policies on employment such as the minimum wage, of course, will have an impact on companies in determining policies. remuneration for their employees.
Public
The SKU for the community will provide information about the future prospects of the business and its opportunities in providing job opportunities. In addition, it is a consideration for the community to remain loyal customers of the company or switch to other companies.
Components and Aspects of the Feasibility Study
The following table provides an overview of several components and aspects that are considered in the preparation of SKUs.
Stage of Preparation of Business Feasibility Study
In general, the stages of preparing the SKU are as follows.
Idea Determination Stage Determining
the business idea to be developed must be based on market needs. Thus, when the business is carried out it can really meet market needs and sell well in the market so as to provide maximum profit for the company. To find the business idea, it is necessary to conduct a survey of market needs and analysis of market needs, so that it is found what goods and services are most needed by the market and are not yet available in the market.
Research Phase
After the business idea is determined, research is needed using the scientific method. Starting with collecting data and information from the field, processing and analyzing data using appropriate theories, interpreting data and concluding and reporting research results, so that the business idea to be developed is truly in accordance with market needs and allows it to be developed properly.
Evaluation Stage Evaluation
Means comparing something with one or more criteria, both qualitative and quantitative. What is compared in the evaluation of a business is all the costs that will be incurred by the proposed business as well as the benefits that are expected to be obtained from the business.
If there are several choices of business ideas to be developed, then the stage of sorting feasible business proposals
to be developed is important, the business idea that will be selected is of course the one that has the highest score based on the established criteria, or the one that provides the highest profit. for the company.
Implementation Plan Stage
After the business plan is selected to be realized, it is necessary to make an implementation work plan, starting from determining the type of work, the time required for each type of work, the number and qualifications of the workforce, the availability of funds, the readiness of the manager, and so on. At this stage, all SKU components with their aspects as described in the previous section are arranged in such a way that they become an SKU proposal.
Implementation Stage
After all the implementation preparations are done well, then the last stage is to carry out routinely according to the plan that has been prepared. As long as business activities are carried out, continuous evaluation activities must be carried out so that business operations are in accordance with the plans that have been designed. Each evaluation result must continue to be followed up to ensure that the business being carried out provides benefits in accordance with what has been calculated.