The University of Georgia SBDC recently acquired access to data from the largest provider of industry information in the U.S. known as IBISWorld. With over 40 years of experience, IBISWorld has constructed economic, demographic, and government data into 700+ industry reports and profiles. Each report is updated at least annually so that the most current facts and figures are included.
The UGA SBDC has access to several products from IBISWorld, including the very popular Full Industry Reports. Those reports offer an overview of the industry, current industry performance and outlook, markets, competitive landscape, major companies, operating conditions, and key statistics. Graphs and tables complement the reports with visual displays to easily comprehend the data.
Chris O’Brien from IBISWorld explains how their products benefit business. “IBISWorld is a valued resource for many entrepreneurs and small business owners. Understanding your industry is vital to business planning. Our industry research has helped thousands of professionals, as it provides timely data on industry trends, market sizes, segmentation, and key drivers. When trying to see how your business fits into the larger market, IBISWorld is an important piece of the puzzle.”
UGA SBDC consultants have already witnessed the advantages of IBISWorld while working with clients. Benny StaRomana from the UGA SBDC office in Gwinnett says, “The first crucial question IBISWorld answers for the business owner and consultant is, ‘How will my industry perform in the next five years?’ This guidance sets the tone for strategic planning, which IBISWorld provides in its Key Success Factors section. These are business initiatives the business owner needs to have. The year-on-year performance forecast is equally important, as it previews the type of preparation needed in years preceding an expansion or contraction. The overall competency of IBISWorld reporting creates a considerable level of confidence for creditors, investors, and the owners themselves when making strategic decisions about the business.”
Laura Katz of the UGA SBDC office in Athens uses IBISWorld for marketing and financial analysis: “I have used IBIS reports to help me better understand an industry when I am meeting with a client for the first time. The IBIS reports can show market trends for the client’s business or business concept, so they are very helpful when working on business plans or determining market potential. The Key Success Factors function is a set of benchmarks that clients can use to grow their businesses.”
To find out how your business can benefit from IBISWorld industry reports, contact any of our 17 local UGA SBDC offices across the state. To view more information about research resources available to you through a local office, please CLICK HERE.