Throughout my business consultancy, I have often had to explain to my clients the difference between a business plan and a feasibility study. Many Filipinos seem to get those two terms confused. As such, I have decided to share the knowledge and experience I have on the subject with aspiring entrepreneurs and business owners.
Why is there some confusion between a feasibility study and a business plan? Some say they’re one and the same, whereas others will argue that they’re not. So, which is it?
Actually, it is quite understandable why people are confused. The process that goes through writing a business plan is also the same process we go through when writing a feasibility study. Yet, though the processes involved are similar, there are some basic difference between a feasibility study and a business plan.
Here are some basic differences:
To sum it up, a feasibility study is all about business idea viability; whereas, a business plan deals with business growth and sustainability.
is the Managing Director of Our-Knowledge Asia and a Business Consultant for Local and Foreign Start-ups, SMEs and Organizations based in the Philippines.