You wouldn’t climb Mount Everest without being sure you are physically up to the task, so why would you attempt a challenging new project without knowing if you have what it takes to succeed?
While it can be tempting to jump straight in while levels of excitement and motivation are high, taking the time to evaluate and prepare will greatly increase your chances of success. Given the risks involved in a new initiative, it is important that you know where you are going, how you are going to get there and what you need to achieve your goal. You must ensure that you are fundraising fit and have both the stamina and support to make it to the top of your “mountain”.
A Feasibility Study is a crucial starting point for any organisation looking to invest in a major new initiative – whether it be a new project, a new approach, a new campaign, a new income stream or an organisational restructure. It is essentially a market research tool used to;
- Test an idea/plan in the marketplace
- Highlight key opportunities and challenges
- Learn more about stakeholders
- Determine a strategic program of action
A Feasibility Study is also an excellent way to engage stakeholders and take them on your journey. It can help get a reluctant or cautious leadership over the line and give them the confidence needed to take a risk or commit to an investment.
Undertaking a Feasibility Study will give you a fresh perspective on both your new initiative and your organisation, strengthening your business and building your capacity for success. It will help you see the bigger picture and take into account environmental factors that may help or hinder your progress.
Sometimes, a Feasibility Study can raise a red flag that prevents an initiative from proceeding. We have seen a number of cases where costly or damaging mistakes have been avoided.
While it is certainly possible to conduct a Feasibility Study in-house, it is often more beneficial to engage an impartial third party, like OKP, with the expertise and experience to conduct a thorough examination. Conducting Feasibility Studies is one of O’Keefe and Partners core services and we have an excellent reputation for reports that are insightful, relevant and most importantly honest. In preparing a Feasibility Study we work closely with our clients and their key stakeholders to gather the relevant information, which we then combine with an external perspective gained through our Giving Trends research.
“As we commence our fundraising efforts it is important for us to understand our community’s inclination and capacity to contribute. The feasibility study conducted by OKP provided us with great insights into the philanthropic profile of our community. It exploded a few myths and preconceived notions about who might or might not be involved and it provided us with a starting point from which to begin a sustainable fundraising campaign.”
Dr. Mark Merry, Yarra Valley Grammar
If you have a new idea or project in the pipeline, please call OKP on 1300 721 799 or email email@example.com to find out how we can help get you started and see you succeed.