Understanding your competitive environment is essential to helping your small business succeed. Large companies spend considerable time and money on business intelligence, but small companies often do not have the resources required to undertake this type of comprehensive research. To address this gap, the U.S. Small Business Administration (SBA) contracted with SizeUp, a business intelligence company, to offer its users free access to the SizeUp Business Analysis Tool.
This tool enables small business owners to benchmark their company against competitors in their region, locate new customers and suppliers, and identify the best markets for advertising.
To begin using SizeUp, type phrases that describe your business category into the “Industry” field, then select the best fit from the search results. Next, enter your city name and select the correct city/state combination from the search results. After submitting your search, you can view results from each of three modules:
- My Business, which enables you to enter information about your company and compare it to other businesses in your region based on annual revenue, year started, and average annual salary.
- Competition, which enables you to view a regional map displaying your competitors and map locations of potential customers and potential suppliers.
- Advertising, which enables you to identify target advertising markets on a regional map by filtering for your industry by revenue-per-capita, most underserved market, highest average revenue, highest total revenue, and highest household income.
You can get limited results sets for all the above reports without entering any personal information. If you set up a free account using your email address, you will get access to complete data sets for all of the above reports. You will also see comparative analysis in the My Business category for number of employees, cost-effectiveness-per-employee, revenue-per-capita, local turnover, and healthcare and workers’ comp premium costs.
Understanding your competitive landscape leads to better strategic planning and smarter marketing for your small business, so SizeUp your company today.
This Small Business Tip from PaySimple offers one more way to empower and fuel your business.