If you are like most small business owners during these trying times you are doing something that does not come naturally. The profile of a true entrepreneur is someone that understands hard work, extra hours, and dedication. NOW, the United States Government is asking you to do something that does not come naturally, stay home don’t work, and shelter in place.
While you are at home with your families it may be a good time to do some research on your industry and make some adjustments to your business that might make the difference between success and failure when this economy reopens.
Market research and Competitive analysis. (1)
|General business statistics||Find statistics on industries, business conditions||NAICS, USA.gov Statistics, Statistical Abstract of the United States, U.S. Census Bureau|
|Consumer statistics||Gain info on potential customers, consumer markets||Consumer Credit Data, Consumer Product Safety|
|Demographics||Segment the population for targeting customers||American FactFinder, Bureau of Labor Statistics|
|Economic indicators||Know unemployment rates, loans granted and more||Consumer Price Index, Bureau of Economic Analysis|
|Employment statistics||Dig deeper into employment trends for your market||Employment and Unemployment Statistics|
|Income statistics||Pay your employees fair rates based on earnings data||Earnings by Occupation and Education, Income Statistics|
|Money and interest rates||Keep money by mastering exchange and interest rates||Daily Interest Rates, Money Statistics via Federal Reserve|
|Production and sales statistics||Understand demand, costs and consumer spending||Consumer Spending, Gross Domestic Product (GDP)|
|Trade statistics||Track indicators of sales and market performance||Balance of Payments, USA Trade Online|
|Statistics of specific industries||Use a wealth of federal agency data on industries||NAICS, Statistics of U.S. Businesses|