Business Owners in Washington County Can Access Free Insights With SizeUp

Entrepreneurs, business owners, and industry leaders can take advantage of the SizeUp Small Business tools offered by the Washington County Community Development Agency (CDA). These tools can help decision-makers better understand local demographics, identify competitors, and identify advertising opportunities.

“We invested in these tools to provide businesses with essential insights to guide their strategic planning,” says Chris Eng, Economic Development Director for the Washington County Community Development Agency (CDA). “Instead of paying for expensive insights on their own, entrepreneurs can access this data for free.”

SizeUp allows businesses to conduct research on a local and regional level. Entrepreneurs across East Metro MSP can focus on their neighborhoods, or evaluate the market in greater Minneapolis-St. Paul. Learn more about these tools and how they can help your organization. 

See How Your Business Stacks Up Against Competitors

One of the main benefits of the SizeUp tools is that you can add as much or as little information about your business as you want. You are not required to share information to gain regional insights. The only two things you need to tell us are your industry and your location. The SizeUp software will then provide the data you need.

However, the more information you share, the better the insights will become over time as the datasets grow. The information will become more accurate because more local business owners are willing to participate.

Here are just a handful of insights to help you understand how your business compares to others in the region:

• Annual revenue 
• Average worker salary
• Average number of employees
• Retention rates
• Workers compensation rates 

For example, using the data above, you can evaluate whether your retention rates are normal for your industry or if you have a turnover problem. You can then evaluate other metrics like average salary to see if your pay rates potentially contribute to employees leaving. 

Meet Your Competition

SizeUp is a useful tool for seeing how your business stacks up against local and national trends, but it can also provide detailed insights into your direct competitors. Look up names of other businesses within your industry that customers might call instead. You can then use this data to research what sets your competitors apart – whether they offer better prices, have more customer reviews, or invest more in marketing.

“SizeUp won’t tell you how to run your business, but it will provide clear insights related to your specific industry,” says Eng. “It’s a useful jumping-off point for additional research that can then guide your business decisions.” 

Learn About Your Audience With Demographic Research

Even the best small businesses can’t be everything to everyone, and SizeUp can help you learn about your target audiences so you reach the right people. Start with the total population in the region and filter by various demographics like gender, age, race, household income, and education. This can help you understand the size of your target audience and the location of these potential customers.

Not only can you review the demographics of the entire region, but you can also focus on the residents who live around a specific address or within a certain boundary. If you already have an established storefront, you can get to know the people around you and learn how to market to them. 

Develop an Advertising Plan

Discover where your services are needed with advertising insights. Learn how different communities vary and identify the best places to advertise based on specific demographics. For example, you can search for affluent neighborhoods if you offer high-end services to homeowners. You can identify underserved neighborhoods that your business could better support.

SizeUp is also a valuable tool for business expansion planning. If your business is currently successful and you’re ready to grow, use these tools to consider various towns and neighborhoods in East Metro MSP to expand to. 

Use SizeUp As Your Business Evolves 

Entrepreneurs know that evolution and growth are essential for success. As your business changes – or as you prepare for change – return to SizeUp to discover new opportunities in the area. Consider the changing demographics of East Metro MSP and how new residents can increase demand for your products or services. As you grow, the Washington County CDA will continue to invest in tools and resources to help you succeed. We are here for you.

Explore other business services offered by the CDA, including the Open to Business program and our Guide to Starting a Small Business in Minnesota. The right resources can give you the tools you need to grow your business in the next six months through the next six years.