30 percent divided by 4 years equals an average of 7.5% of businesses failing each of these years. 20 percent of businesses fail in the first year, but an additional 30 percent fail in years 2, 3, 4, and 5 (Source: US BLS). It is common to hear the failure rate of new businesses is high, but the data is insightful because it tells you when businesses tend to fail. SizeUp LBI addresses these critical changes with four market intelligence tools: Business and Industry Analysis, Competitive Intelligence, Advertising Analysis, and Demographic Analysis. They help these companies know things about themselves they would never otherwise know without access to this powerful business intelligence.Īccess to this kind of online market data changes the playing field for small business owners. By implementing the service on government, chamber of commerce, Small Business Development Center, and library websites, communities are able to help their local businesses make better decisions. These places are actively enabling their small businesses to make data-driven decisions for success using an online service called SizeUp LBI (Local Business Intelligence). This approach makes their community a better place, with more successful businesses that foster job growth and taxes that create quality amenities, including parks, libraries, schools, public safety, and more. Organizations like the Colorado Springs EDC, Town of Gilbert in Arizona, Jackson Chamber in Tennessee, and the Small Business Development Center at Dallas College in Texas are just a few examples of those who recognize the importance of fostering an online strategy to support local businesses.
This enables local businesses to make smarter decisions through data, upgrading the ability of small businesses to be more successful and grow as modern companies. This levels the playing field so that their small businesses can access the same types of intelligence that big companies use.
Smart communities are empowering their local businesses to succeed with information.
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