Feasibility Assessments
We can help you perform a sound feasibility assessment.
Four questions…
A sound feasibility assessment should seek to answer four key questions:
Will it make the right impact?
Clarifying and confirming that the enterprise will directly and substantially contribute to the fulfilment of the organisation’s mission and social impact goals.
Will paying customers choose us?
Confirming that a market opportunity exists for this expanded enterprise, which: a) is significant enough for the enterprise team to want to proceed, and b) for which there is a reasonable expectation that the enterprise can present a competitive value proposition.
Can we really do it?
Confirming: a) what will be required of the enterprise team, in terms of human resources, systems and procedures, supply chain, equipment and facilities, and b) whether there is a reasonable expectation that the team could meet these requirements.
Will we be able to get and make the money we’ll need?
Confirming a) what it will cost to scale up this enterprise, and whether there is a reasonable expectation of financing; and b) potential profitability, and whether it will be enough to warrant the required investment of time and money.
…four levels…
There are four, increasingly-rigorous levels of assessment through which you can explore these questions:
Judgement
Asking the four questions and deciding whether the opportunity warrants more consideration (i.e. a level 1 assessment).
Screening
Using a simple, one-page assessment checklist to explore your opportunity in more detail (i.e. a level 2 assessment).
Testing
Testing a “minimum viable” version of your enterprise.
Formal Study
Engaging a consultant to conduct a formal feasibility study on the elements of your enterprise that your level 1-3 assessment couldn’t determine.
…two outcomes.
When it’s all said and done, it’s our experience that questions of feasibility are often not answered with an absolute “yes” or “no”. Rather, they are more appropriately answered with “Yes, at a certain scale, if certain conditions can be met…” With this in mind, we envision two potential outcomes of the feasibility assessment process:
The Enterprise is Not Feasible or the Best Use of Our Resources
The enterprise team may decide that it a) cannot reasonably meet the conditions required for success, or that b) for factors beyond their control the enterprise is simply not feasible. Alternatively, they may find that c) they could meet the required conditions, but that doing so would not translate into results (social and/or financial) sufficient to warrant the required investment of time and/or money. Should the team arrive at one of these three conclusions, we recommend that the enterprise be put on the back burner for the time being and reviewed in the future when conditions have changed.
We’re Able and Willing
The positive conclusion we will hope for is:
“The enterprise team can meet the conditions required for success and the financial and social returns will be such that we will want to proceed.”
SUCCESS STORIES
Here’s what our clients have to say.
We have worked with leaders of social enterprises at every stage.
WFM2Go
(an enterprise of the Wolfville Farmers’ Market Co-operative)
“The Wolfville Farmers’ Market was looking for support as it assessed its online store and delivery service, WFM2Go which had grown during COVID, to see what improvements could be made to build it in a post-COVID environment. Andy helped us analyze the service from a number of perspectives, including financial, giving us a more clear idea of what we would need to do to thrive. Andy was responsive to our evolving needs and brought a suite of skills from facilitation, to market research, and business plan development, teaching our team skills and building capacity in our cooperative along the way.”
– Kelly Marie Redcliffe, Manager
FUNDING
Find funding so we can help you start assessing the feasibility of your enterprise idea.
We have curated funding resources that can cover the costs of this specific service.
CBDC
$5,000
Consultant Advisory Services (CAS)
Up to $5,000 (75% of a total project cost of $6666). The applicant is responsible for the remaining 25% ($1666).
ACOA-funded, CBDC-managed grants to enable small and medium-sized businesses and non-profits to access technical and financial assistance.
*These numbers are exclusive of HST, HST is not considered an eligible expense.
INNOWEAVE
$11,250
Up to $11,250 (75% of a total project cost of $15,000). The applicant is responsible for the remaining 25% ($3,750).
This coaching stream helps participants explore ideas for how they can further their social impact goals and generate revenue through an enterprise model.
RESOURCES
We have curated a list of learning resources about this topic.
ARTICLE
Just Enough Feasibility Assessment
BY: ANDY HORSNELL
An 11-page article that introduces Social Enterprise Solutions’ approach to assessing the feasibility of enterprise ideas.
WORKSHEET
Level 2 Feasibility Assessment
BY: ANDY HORSNELL
A simple, one-page tool to assess the feasibility of your enterprise ideas.
Social Enterprise Coaching