Business growth requires planning and evaluation at every stage of development. From concept to launch, critical analysis is required to ensure success and profitability. s feasibility analysis takes a careful look at market factors, industry trends, and revenue projections.

Proactive Patient Services recommends a feasibility analysis to address functional business factors prior to embarking on a new business venture.  A feasibility analysis will help businesses and medical practices to determine if a project will offer the anticipated growth and opportunity.

According to Karen Carr-Crawford, Senior Business Consultant and SBA Specialist, “a feasibility analysis differs from a business plan in that it evaluates the proposed project in terms of viability.”  Whereas, a business plan is just that - a plan of action based on a pre-determined model, products or services, and location. 

Proactive Patient Services’ process involves the development of a “viability blueprint” based on an analysis of select business criteria including:

1. Costs and expenses
2. Labor and work-force data 
3. Business incentives
4. Optimal business modeling
5. Alternative business strategies

This analysis will then serve as the platform for a comprehensive business plan that can be taken to a bank to secure the necessary funds. 

To read more about access to capital to fund business start-ups and growth and expansion, click here.

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