What is the benefit of having an Annual Spending by Region analysis in a business plan for A Touch of Tuscany?
The Annual Spending by Region analysis gives a small business owner like Jack Gordon a very clear idea of just how muchmoney is being spent on the Full Service Restaurant in various parts of the country. This analysis covers a 10 year periodand is able to present a good summary view of spending on an industry sector like Full Service Restaurant over time.
When conducting an analysis like this we recommend that even if one is not able to obtain data for the exact industry sector that a small business like A Touch of Tuscany is involved, we should use the data for the industry sector that most closelyresembles the products and services that the small business is involved in. Thus if were looking to analyze the annualspending by region for the fast food industry and the only data we are able to access is data on the food industry in generalwe recommend that the later data be taken and presented in this analysis - is is always better to have a proximate analysisof the annual spending by region with notes to its limitation of interpretative and conclusive ability, than not have any analysis at all.
The 4 categories that we have used for this Annual Spending by Region analysis are as follows:
Why should a small business like A Touch of Tuscany care about what the spending patterns are like in the rest of the country?
All small businesses like A Touch of Tuscany will be located in at least one of the four major regional areas covered in this analysis.The reason we think that every small business owner like Jack Gordon should concern themselves with this analysis is the that this is the only wayto really understand what the market place is like beyond the immediate target market like Westchester County. We can learn valuablethings when we observe the behavior and spending patterns of others. Lets say that our business is located in in the Mid-West and asmall business owner conducts this analysis and finds out that folks are spending a lot more on the products and services that he offersin the North East - this analysis will yield many possible ideas and options to this business owner. For one, he or she may try and findout what the small business owners of their industry located in the North East are doing to generate more sales. Are they doing somethingdifferent? Do they have a newer product or technology?
Yet another major reason for understanding what the annual spending patterns are like in the different parts of the country for your productor service is of course the internet. The internet has made it possible for the smallest of businesses to have a global reach and it isgetting to be increasingly common to see a small business use their web presence and be able to offer their product and services nationally.
Cleary just having a web presence is not enough - one also needs to have some insight into the tastes and preferences of the local orregional market and we feel that the annual spending by region analysis is a great way to start getting that insight.
Annual Spending by Region has changed a lot in the region in which my small business is located - what should I make of that?
A substantial change in the Annual Spending patterns over time may indicate a major shift in the attitudes and preferences of the consumer.Thus for example if we find that consumers in the North East have been spending a lot less on fast food than they used to years ago, it may indicate a preference for healthier food options. It is generally well known that tastes and preferences are different in different parts of the country. If you happen to be in the South, you will notice that there are certain fast food chain restaurants there that just do not exist in the North East.
The Foundation Grant Directory is a free listing of sources for grants by state. Why not look if there is some free money out there for your business. Hey - you never know!
The Business Loan Application covers every item you will need in your loan package and tells you how to get approved for business loans.
Fire your loan broker and use our Free Business Loans Bank / Lender Directory to find every bank in the country lending to small businesses.