Whether you are expanding, shrinking, moving or remodeling...
However you are planning to emerge from 2020, whether expanding, shrinking, moving or remodeling, an effective approach is to start by having a professional construction feasibility study prepared. The physical needs of your business, your plant, your laboratory, and your office are always changing, but probably never more than this past year. Most companies are moving ahead to develop plans and capital budgets for next year.
What Is a Feasibility Study?
A feasibility study is an analysis that takes all a project's relevant factors into account—including economic, technical, legal, and scheduling considerations—to ascertain the likelihood of completing the project successfully. Project Managers use feasibility studies to discern the pros and cons of undertaking a project before they invest a lot of time and money into it.
A construction feasibility study prepared by design professionals will have several key steps, each informing several options.
PHASE 1 is all about discovery. Learning about how you work, how your business flows, and any space needs or pinch points in your operation is essential. We identify your short- and long-term market forecasts and projected growth areas, while collecting and creating floor plan drawings of your current facilities and property. Any easements, restrictions or covenants are indicated since these may affect future decisions.
During Phase 1, staff is often engaged for input about what currently works well and what is not working well. Staff interviews are a good way to show that management is sincerely interested in improving conditions to make the workplace attractive for retention.
PHASE 2 tests concepts for improvement. A good feasibility study starts with an open-minded approach that encourages out-of-box thinking. The goal is to stimulate big thinking. Questions here are always, What if, and Why not? In the end, the group may vote on the 3 best overall ideas.
PHASE 3 refines conceptual ideas into schematic design solutions. Construction phasing, existing building system capacity issues, lease terms, and on-going business operations all factor into the pros and cons ledger for each solution. Construction cost estimates at this point are critical, and a qualified general contractor or construction manager will be an important advisor to the team at this point.
PHASE 4 is the executive summary. It will briefly explain the process, the options that were explored, and the pros, cons, and costs for each option. It could recommend the solution that best serves the intended objectives of the company, or it may be used as the basis for board-level or C-suite discussion and action.
The cost of a feasibility study is a modest. For a relatively low investment, a good feasibility study demonstrates an objective, methodical approach to change management and capital improvement budgeting. Interested in learning more about how EUA can help your company conduct a feasibility study? I’d love to connect with you to discuss your business needs and goals.
S+T Expert Contributor