What is Business Viability?
In a commercial context, viability refers to the ability of a business to exist, be profitable and to grow. It focuses on the business’ ability to sustain itself, grow, meet its objectives and offer the expected returns to its investors over time in a sustainable way. In other words, Business Viability investigates the best financially viable options that can ensure the overall operations and sustainability initiatives can be achieved.
Why is Business Viability important?
Business Viability helps the organisations management team to systematically analyse various focus areas within the organisation and build a robust formalised framework of business rules and processes. This allows the organisation to be run effectively and sustainably. A viable business is more likely to attract management and financial support for its growth. It also develops resilience in the organisation to withstand changes and challenges in the economic environment.
Reference Source: Business Viability Educational Guide
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