A business feasibility study in Qatar is defined as a business description or a detailed project. It is a guideline that describes both financial and non-financial objectives and plans. It evaluates a business or project's possibility, capability, and suitability. BMS Auditing Qatar is offering reliable business feasibility study services in Qatar and determines the viability of the project after conducting thorough market research.
Feasibility Study in Qatar
The information about the internal environment could be functional, commercial, technical, or financial. However, non-financial information refers to the fundamental and core aspects of the business or the project. Here are a few key aspects of a Business feasibility study:
- Important activities
- Channels of distribution
- Important resources
- Major partners
- Customer classification
- Cost structuring
- Value propositions
- Customer relationships
- Revenue categories
The financial part, on the other side, defines the summary of income and expenses on - a monthly, yearly or quarterly basis. The feasibility study creates the initial budget for the business or project. It acts as the base for comparing the results during the initial stage of operation. The decisions are taken based on the difference between the budget and the real reports.
Following are the key drivers and connections:
- Demand & Supply
- Public - competitors
- Legal aspects - partners
- Social - controllers
- Demographics - Traders/ sellers
Types of Feasibility Study Qatar
These are the significant types of feasibility studies and documents related to a business plan:
- Pre-feasibility studies
- Business models
- Financial feasibility studies
- Technical feasibility studies
- Total feasibility studies
- Business cases
- Operational business plans
- Tactical business plans
- Strategic business plans
Feasibility Study Services in Qatar
Business feasibility is defined as the detailed study conducted by businessmen and entrepreneurs to identify the requirements of businesses and help the business owner in ensuring proper business planning and commercial activities.
Take a look at the most important advantages:
- Helps to understand the current requirements of clients, thus taking them to greater heights
- Helps greatly in analyzing the market condition of the specific region
- Helps different entrepreneurs and businessmen to plan their businesses by preventing irrelevant issues
Market Research & Business Plan
You may consider expansion, diversity, or an entrepreneurial venture, whatever you choose, you require reliable, and precise information, for instance- costs, promising markets, obtaining products, and finding distribution channels.
BMS has extensive experience in Qatar, and its international affiliation provides the access to the latest information and reports, enabling in make valid recommendations. BMS has conducted market research and feasibility studies in retail, manufacturing franchising, and trading sectors.
BMS works on market research for real estate, retail, and trading sectors. The team has worked on amazing projects from startups to established companies, from the companies of the same region to covering various other countries.
BMS has a qualified team of consultants who helps you to conduct Market research and create an effective business plan.
Business owners conduct market research, wherein the outcomes are used in setting suitable business plans or measuring the impact and success of the current plans. Hence, it is essential to consult the right people and ask the right questions, as low-quality research brings down the business.
For proper market research, BMS provides significant elements and ways to evaluate the findings, thus helping you to launch your business the right way, and prevent unnecessary errors or issues.
Types of Market Research
The two types of Market research offered by feasibility study services are,
The main purpose of this research is to collect data from the analysis of current sales and the impact of business practices. This research type considers competitors’ plans providing adequate information about them.
Collecting information comprises the following:
- Conducting interviews- face-to-face or telephonic
- Polls for opinion (E-mail or online)
- Questionnaires (E-mail or online)
- Detecting samples of potential customers and directly requesting feedback
Certain questions could arise during this research, here are the following:
- What are the factors to be considered while purchasing the product or accessing the service?
- What do you like or dislike about the products or services available currently in the market?
- On what aspect do you recommend improvements?
- What price would you recommend for this product or service?
The main purpose of this research is to analyze the published data. This research helps to detect competitors, set standards, and identify focused groups.
No enterprise succeeds without understanding its customers, products or services, and market. Competition in the business is intense; hence starting a business activity without conducting necessary research would be an advantage to reach a better position.
Here are the two methods of data collection:
- Quantitative methods
- Qualitative methods
You may note that most business owners lack time and money, which makes them shorten the research process. This results in negative impacts. The owners need to be careful to not fall for such marketing mistakes. Here are the mistakes:
- Conducting secondary research
- Using available resources on the Internet
- Depending only on the opinion of familiar people
Feasibility Study Consultants in Doha, Qatar
BMS has extensive experience in handling feasibility studies in different industries, helping clients to make wise decisions on the expected success of the project, both financially and non-financially. They aim to fairly and rationally reveal the strengths, weaknesses, opportunities and threats (SWOT analysis) presented by the project, through available resources and finally determine the success or failure of the project.
The feasibility study at BMS includes both quantitative and qualitative research to evaluate the conclusions, thus providing the result to the concerned managers to review the possible outcomes before investing.
The strategic consulting team at BMS works on in-depth market research to identify suitable market opportunities for clients. The in-house research team dedicatedly works through various streams such as One-on-one meetings, telephonic interviews, focus groups, and online surveys.
The financial feasibility study includes preparing extensive and flexible financial models to deliver medium to long-term financial forecasts, greatly influenced by the assumptions from the market research as well as a proper understanding of the industry dynamics.
The financial experts and the strategic consultants at BMS are quite professional in complex financial modeling across various industries with analytical skills and knowledge that significantly benefit the clients.
BMS Auditing Qatar is the biggest audit firm in Qatar for Feasibility services in Qatar you could always rely on. You may be a startup company or a flourishing enterprise, irrespective of the industry; BMS Qatar has experts to assess your business requirements and help you with the right Feasibility study and effective business plan. We help you create the feasibility report that is most efficient and precise for your business.
BMS Auditing in Qatar is always at your service for any business assistance.