Josh Hughes
Guide to Letter Feasibility Reports
VIDEO 1 “What is a feasibility report?”
A feasibility report is an important part of the business and marketing world. Feasibility reports analyze whether a plan will be able to become implemented accordingly as originally proposed. For a business to be successful, the amount of money, functionality, and actual potential for the intended audience must be understood. Oftentimes, feasibility reports are short analytical reports sent in the way of email, memo, or even letter form. There are several different ways to make up a feasibility report, but here are some of the main points to keep in mind while creating one:
Understand the Plan
Before beginning the composition of a feasibility report, one must first understand what the previous discussions were held on the product or implemented plan. Has the plan been presented to the finance, marketing, and corporate teams? Will the head of the company understand the plan and see the result as being positive? Every single individual presented with the plan will come up with new ideas, or even potential issues that may have been overlooked. All individuals, president of the company, marketing team, and financial advisers need to see and understand the same information and figures. Based on this, addressing different aspects of the plan can commence.
The following tutorial explains how to complete a letter form of a feasibility report:
VIDEO 2: “How to Make a Letter Feasibility Report”
Below is an example of the letter feasibility report I made how one may essentially be setup:
Know What Information to Include
The first step is to include the identifying information. This information will identify the recipient of the letter, including their name, position in the company, and address. Next is to include the subject line, utilized as the report title. It allows the recipient to gather what the report is about within one glance. After addressing the recipient in an appropriate manner, there should be a quick introduction, or preview. This preview should address the purpose of the report and the criteria utilized to determine if the project, or problem, presented is feasible. Included in the letter report should be headers, visual aids, and data tables. Displayed within data tables are the quantitative data gathered. There should be a conclusion which explains the feasibility in more detail by referencing the findings from research. The letter report should be signed, and all attachments utilized should be listed following the signature.
Include Attention Grabbers
The goal of the feasibility report is to sway decision makers in one direction or the other. Many times, the individual typing up the report is assessing the proposed project or problem and is giving the individual’s “best” solution to the proposed problem. If the report looks boring or sounds unprofessional, then it will not keep the attention of the intended audience. Adding visual aids and videos, such as the ones utilized in this post, will keep people reading. It also helps assume a sense of confidence and intelligence about the topic. When someone states their opinion in a strong, matter-of-fact manner, and without knowing all the different solutions, then respect is lost. Being confident and stating copious options and why the solution chosen is the best will ultimately keep the attention of the desired audience longer. Respect will be gained from among those individuals.
Image Source: https://frontlineenvironmental.blogspot.com/2015/06/3-differences-between-feasibility-study.html
Include the Correct Data
Quantitative data should always be shown in a labeled data table. This allows the intended audience to reference the feasibility report and understand the problem and proposed solution. A feasibility report should be sure to include any information that will make a stance more solid, such as materials needed and the total cost. Does the report include:
- introduction,
- background information,
- requirements,
- evaluation,
- conclusions, and
- final recommendation?
Within each of the sections, questions are answered and the formation of ideas and questions begins. Below is an example of a quantitative data chart utilized in the letter feasibility report discussed within the videos.
The following is another way in which data may be shown within the feasibility report based on what the intended audience may find most important.
Keep an Open Mind and Accept Critique
Once the letter report is sent, an individual may receive a response and further questions. It is important to not give up or get frustrated. Many times individuals will play devil’s advocate to ensure the individual with the idea or solution knows enough to back it up and has thought about every single possibility. If this occurs, do not get flustered or frustrated. Instead, thank the individual for bringing it to the playing ground, and then explain how that avenue has been exhausted or how it will be further looked into.
Differences Between Reports
After researching letter feasibility reports, you may have noticed that they are often setup differently and in many ways. Some include bold headers, while some are more subtle. Essentially, it is up to you and how you believe your intended audience will want it setup. It is important to remember the goal is to persuade your audience to but into your idea and solution. Some audiences may want bullet points, some may want data tables, and some will expect an entire report in paragraph form. How you win over and individual, or group of individuals’, opinions is speaking to them in a way they understand and enjoy. Hopefully, everyone is fighting for the best outcome for the company.
Final Thoughts
Remember, when composing a letter feasibility report to gather as much information as possible. Do not forget who your audience is and why the letter report is composed and sent. Effective communication is essential, as is gathering applicable information and data. Data tables and visual aids increase the responsiveness of the audience. The report will gather maximum success when accessible and easy to follow.
References
- https://study.com/academy/lesson/how-to-write-feasibility-reports-purpose-structure-content.html
- Shwom, B., & Snyder, L. G. (2019). Preparing business reports. In Shwom, B., & Snyder, L. G. (4th ed.), Business communication: polishing your professional presence (346-411). New York, NY: Pearson.
