From small to medium enterprises to large international corporations, businesses rely heavily on public opinion polls and feasibility studies to learn more about their customers and competition as well as their products and services. Uncertainty is a daily problem faced by all businesses, locating customers, convincing them to make a purchase, and most importantly generating profit can sometimes prove to be basic objectives that are difficult to achieve. Adapting, changing and incorporating new ideas and products into your business mix are useful strategies to combat some of the uncertainties that you face; however, without efficient and adequate planning such seemingly helpful strategies may not prove viable. Opinion polls and feasibility studies provide you with the opportunity to ask questions and get the answers you need to assist in being able to predict whether or not new products or services will succeed or fail.
The word “feasible” describes an event or action that is probably, likely, or possible to achieve or happen. A feasibility study is the action taken by an organisation to determine whether or not a plan, thought or idea is likely to happen. An effective study will be capable of guiding you to either move forward with an idea, amend it or relinquish it completely and start again.
Opinion polls and feasibility studies are specific and focused. They begin with a single question asking whether the action, idea or event is workable forcing you to keep your focus on that question alone in order to explore all possible outcomes. Opinion polls and feasibility studies are investigative tools providing your organisation with the required information to proceed or to halt on an idea.
There are several benefits to administering opinion polls and feasibility studies.
Help you to see the bigger picture: Opinion polls and feasibility studies force you to look at the end result first and analyse from top to bottom. The first few questions are lead questions, and as you continue on the questions become more detailed and focused as you draw closer to the final answer. For example, asking if anyone will purchase your latest product and whether or not it will be profitable leads to additional questions that will cause you to consider competition, customer needs and to identify potential risks.
Alternative ideas: Opinion polls and feasibility studies provide you with the opportunity to make the right decisions prior to investing money, time and business resources into an idea that could potentially fail. Opinion polls and feasibility studies can also point you in the direction of new possibilities, solutions and opportunities that you may not have considered otherwise. There are no wrong or right answers to the questions asked, but an answer you may not have expected can create new potential for profit.
Benefit analysis: Despite the fact that your organisation might be able to take on and finish a project does not give you the green light to go ahead. What appears to be a profitable project might place a strain on your resources in other areas, or prevent you from embarking on another project that would give you a larger return on your investment. A feasibility study will reveal the overall return and opportunity costs as well as your risks and rewards.
Identifying optimal timing: A project that might be easy to execute during the summer months might cause a substantial amount of stress on your company if you attempt to do it in spring. This is dependent upon production capacity, labour, supply chain, financing options and cash flow.
Cash flow projections: You may need to delay starting a project until you have sufficient cash to finance the project. Your sales might be great in January but if you offer creditors 60 day terms those funds will not be available until March. A feasibility study will measure your cash flow projections to ensure that you can fund your project adequately.
Supply chain management: A project that may appear simple can put too much pressure on other areas causing more harm than good to your organisation. For example, a project may look good in theory, but require significant planning, marketing and execution. If you’re marketing team is already working at full capacity you will need to get them to take their attention off other profitable efforts or accept less of an effort on your new project. Constructing and selling new products and services can also put a strain on your sales, production, shipping and warehousing functions.
Labour analysis: A good feasibility study analyses the quality as well as the quantity of your staff. Sometimes it is necessary to replace staff if you want the job done properly.
Here is how ZacRac’s public opinion polls and feasibility studies can assist you in making the right decisions concerning the launch of new products and services.
• Our public opinion polls and feasibility studies are guaranteed to push you in the right direction: Our surveys are designed so that your customers understand exactly what is required of them in their answers. There is no ambiguity; our questions ensure that the most accurate information is gathered from your customers. Our feasibility studies dig deep into the structure of your organisation to ensure that you are making the right decision.
• We will analyse your results: When it comes to your results you need an opinion that is objective, free from emotion and honest. Our trained professionals will provide you with a comprehensive overview of your results.
• We make recommendations on your behalf: After we have analysed your data, we will make recommendations that will assist in achieving your main objective. Our team will provide you with a detailed strategy that will propel your organisation to the forefront.
The main aim of ZacRac is to provide you with the information that you need to achieve your objectives. When you enter into a contract with us we guarantee to revolutionise your company, and eradicate the challenges that you face within your organisation.
Regardless of the extent of the challenge our clients can be confident of our unrivalled expertise acquired through our shared experience.