Whether you call it a feasibility study, a needs assessment, or a readiness assessment, you typically need one when your organization is looking to take on a large initiative such as a capital fundraising campaign, adding a new program or service, or expanding into a new market.
At Transform Consulting Group (TCG), we perform feasibility studies that often include the following steps: gathering stakeholder feedback, surveying the board of directors, scanning the environment, completing a financial analysis, and conducting a community assessment. There is a lot to consider when taking on a large initiative, and each feasibility study is going to look slightly different depending on what is being considered and how your organization operates.
Our team has served numerous clients during their feasibility study process. Here’s a look at those projects and how the client decided it was time for a feasibility study:
- Meeting Community Need
Community leaders in Jay County wanted to investigate the feasibility of converting an old elementary school building into an early childhood center. The Portland Foundation hired our team to facilitate a site analysis of existing school buildings, assess the existing early childhood education landscape, and create a marketing and business plan for implementation.
- Launching a New Program/Service
Shepherd Community Center wanted to see if their organization and service area were a good fit before adopting the Center for Working Families program model. For this engagement, we held focus groups, facilitated internal and external assessments, and completed a logic model to identify the resources, inputs, outputs and outcomes aligned to support the implementation of the Center for Working Families program.
- Assessing Annual Performance
All Head Start organizations are required to submit annual needs assessments to inform their strategic plan goals and objectives. The Indiana Head Start State Collaboration Office hired our team to perform their report that shows how Indiana Head Start grantees compare locally and nationally and how well the state is responding to federal priority areas.
- Relocating or Opening a New Location
Before you consider relocating or opening an additional location in a new community, we recommend 3 steps to determine feasibility in this blog.
Our funding analysis and fund development plan are two fundraising strategies that might be part of your feasibility study. If you’re looking to launch a capital campaign, they are two strategies that should definitely be incorporated as well as interviews with major donors and staff and surveying the board of directors.
Completing a feasibility study isn’t a quick task, nor should it be. Make sure your organization is ready to go before committing valuable resources to a project or campaign. Need assistance with one or more elements of your feasibility study? Not sure where to start? Contact us today to see how we can help!