SizeUp, a tool created to help small businesses learn and grow, is now available free of charge through the Small Business Administration. The widget shows businesses how they stack up against the competition in their area, and is available both on the SBA’s website, and the SizeUp website.
The tool can help businesses create a strategic plan for growth through by analyzing competition, seeing how their business currently stacks up in the market, and finding the right advertising markets to reach their target market.
Upon visiting the site, business owners can enter their type of business (e.g. beauty salons) and metropolitan area. You can then view the top three businesses listed in that category, along with how their own business competes in terms of revenue, years in business, and employee salary. You can also view zip codes with the highest combined business revenue in the selected industry, so that they can better choose which markets will be the best advertising match.
Many larger businesses have the resources and ability to do this kind of research in-house or by way of a market research firm. For small businesses with fewer resources, this type of service is not always within reach.
SizeUp, which launched in 2011, was created with the intention to level the playing field for small and medium sized businesses that are at competitive disadvantage because of the lack of free and affordable tools available. The site operates with the hope that the knowledge provided to small businesses can help them choose the best location, find the right customers and vendors, save money, find opportunities, prevent failure, and outperform the competition.
SizeUp donated the license to the SBA so that the widget could be used on the site free of charge. However the SBA has no control over the information provided by SizeUp.